Aaron Vadakkan's questions to Energy Fuels Inc (UUUU) leadership • Q3 2024
Question
Aaron Vadakkan from CU Boulder sought clarification on the $29.88/kg NdPr processing cost basis, the rationale for producing a combined NdPr oxide versus separating the elements, and the potential capital cost for the Phase 2 and 3 separation plants.
Answer
President and CEO Mark Chalmers clarified the ~$30/kg figure is the mill processing cost, which becomes highly competitive when paired with low-cost monazite sourced as a byproduct from its heavy mineral sands projects. An executive added via message that magnet makers specify a combined NdPr oxide, making separation unnecessary. For Phase 2/3, Chalmers referenced a previous ~$350M estimate for a smaller plant and expects the new, larger facility to cost more, but significantly less than competitors' due to operational advantages in Utah.