Zack Perry's questions to Energy Fuels Inc (UUUU) leadership • Q1 2025
Question
Zack Perry of Robertson Stephens asked about Energy Fuels' rare earth cost structure at scale compared to global competitors. He also inquired about the potential speed to market for a separate rare earth production line if the company received full government support and funding.
Answer
CEO Mark Chalmers asserted that at scale, Energy Fuels expects to be one of the world's lowest-cost rare earth producers outside of China. This is largely driven by the Toliara project, which can supply monazite feedstock at a very low allocated cost because the project is highly profitable from its mineral sands alone. Regarding timelines, Chalmers stated Phase 1 (NdPr) could be operational in a couple of months, specialty heavies in 6-12 months, and the full-scale Phase 2 plant is targeted for 2028, though it could be expedited.