Zack Perry's questions to ENERGY FUELS (UUUU) leadership • Q1 2025
Question
Zack Perry questioned how Energy Fuels' rare earth cost structure would compare to global competitors at scale. He also asked for the potential timeline to get a separate rare earth line operational, assuming full government funding was provided.
Answer
CEO Mark Chalmers and another executive stated their belief that at scale, they will be one of the lowest-cost producers outside of China. This advantage is driven by the Toliara project, which can provide monazite feedstock effectively for free. Chalmers outlined a timeline where Phase 1 (NdPr) could be ready in months, specialty heavies in 6-12 months, and the full Phase 2 plant by 2028, which could be fast-tracked with government support.