Research analysts covering Eaton Vance Senior Floating-Rate Trust.
Recent press releases and 8-K filings for EFR.
Energy Fuels Announces Acquisition of Australian Strategic Materials
EFR
M&A
New Projects/Investments
Takeover Bid
- Energy Fuels (EFR) announced a scheme implementation deed to acquire 100% of ASX-listed Australian Strategic Materials (ASM).
- The total offer price is AUD 1.60 per share, implying a value of AUD 447 million for ASM, which represents over a 100% premium.
- The payment terms include 0.053 shares of Energy Fuels common stock (or CHESS Depositary Interests) for each ASM share, plus a cash dividend of AUD 0.13 per share to ASM shareholders.
- This acquisition is highly strategic, aiming to create a mine-to-metal and alloy rare earth champion by strengthening Energy Fuels' critical mineral positioning and adding downstream metals and alloys capabilities, thereby enhancing vertical integration and margin capture outside of China.
- The transaction is anticipated to close around mid-June of 2026.
Jan 21, 2026, 4:00 PM
Energy Fuels to Acquire Australian Strategic Materials
EFR
M&A
New Projects/Investments
- Energy Fuels (EFR) announced a proposed acquisition of 100% of ASX-listed Australian Strategic Materials (ASM) through a scheme implementation deed.
- The acquisition, valued at AUD 447 million or AUD 1.60 per share, aims to create a mine-to-metal and alloy rare earth champion and a fully integrated rare earth metal and alloy producer outside of China.
- ASM's assets include an operating metal and alloy plant in South Korea, the Dubbo Project in Australia, and plans for a U.S. metal and alloy plant.
- The payment terms involve 0.053 share of Energy Fuels common shares and a AUD 0.13 cash dividend per ASM share, with ASM shareholders holding 5.8% of Energy Fuels post-closing.
- The transaction is expected to close in the second quarter of 2026, ideally before June 30th.
Jan 21, 2026, 4:00 PM
Energy Fuels Announces Acquisition of Australian Strategic Materials
EFR
M&A
New Projects/Investments
- Energy Fuels (EFR) announced the proposed acquisition of 100% of ASX-listed Australian Strategic Materials (ASM) through a scheme implementation deed.
- The acquisition aims to create a mine-to-metal and alloy rare earth champion, solidifying Energy Fuels' plans to become an ex-China Western integrated rare earth platform, and strengthening its critical mineral positioning across various elements.
- ASM's assets include an operating metal and alloy plant in South Korea, the Dubbo Project in Australia (containing light and heavy rare earths, zirconium, niobium, and hafnium), and plans to build a metal and alloy plant in the United States.
- The total offer price for ASM is AUD 1.60 per share, implying a value of AUD 447 million, with payment terms including 0.053 shares of Energy Fuels and a AUD 0.13 cash dividend per ASM share.
- The transaction is anticipated to close in the second quarter of 2026, with a target implementation date around mid-June.
Jan 21, 2026, 4:00 PM
Energy Fuels to Acquire Australian Strategic Materials
EFR
M&A
New Projects/Investments
Takeover Bid
- Energy Fuels Inc. (EFR) has entered into a Scheme Implementation Deed to acquire 100% of the issued share capital of Australian Strategic Materials Limited (ASM).
- The transaction values ASM at US$299 million and aims to create the largest, fully integrated rare earth elements (REE) "mine-to-metal & alloy" producer outside of China.
- ASM shareholders will receive 0.053 Energy Fuels shares or CHESS Depository Interests and an unfranked special dividend of up to A$0.13 per ASM share, for a total implied value of A$1.60 per ASM share.
- The acquisition is expected to close late in the first half of 2026, subject to shareholder and regulatory approvals.
Jan 20, 2026, 9:35 PM
Energy Fuels Releases Bankable Feasibility Study for Rare Earth Processing Expansion
EFR
New Projects/Investments
Guidance Update
- Energy Fuels released a Bankable Feasibility Study (BFS) for its Phase 2 circuit expansion at the White Mesa Mill, projecting an initial capital cost of $410 million and an estimated all-in production cost of $29.39/kg NdPr equivalent from the Vara Mada project, which is believed to be among the lowest globally.
- The BFS indicates an after-tax Net Present Value (NPV) of $1.9 billion (or $7.96 per share) and an Internal Rate of Return (IRR) of 33% for the Phase 2 Circuit alone. When combined with the Vara Mada project, the NPV increases to $3.7 billion (or $15.26 per share).
- The expansion is expected to generate $311 million in average annual EBITDA for the first 15 years from the Phase 2 Circuit standalone, increasing to $765 million when combined with the Vara Mada project.
- Upon commissioning by Q1 2029, the Phase 2 Circuit will significantly increase NdPr oxide production capability to over 6,000 tonnes per annum (tpa), positioning the company to supply a substantial portion of U.S. rare earth demand, including 100% of heavy REEs like terbium and dysprosium by 2030.
Jan 15, 2026, 11:15 AM
Energy Fuels Announces Updated Feasibility Study for Vara Mada Project
EFR
New Projects/Investments
Guidance Update
Revenue Acceleration/Inflection
- Energy Fuels Inc.'s Toliara Project has been renamed to Vara Mada.
- An updated Feasibility Study for the Vara Mada project confirms exceptional economics, including a $1.8 billion NPV (10% discount rate, post-tax, pre-debt, post FID) and $7.30 per share NPV.
- The project is expected to ramp up to over $500 million of annual EBITDA , with an expected average annual EBITDA of $387 million over its modeled life.
- The Vara Mada project has an initially modeled 38-year mine life and requires a Post-FID Stage 1 CAPEX of $769 million, with an additional $142 million for Stage 2 expansion.
Jan 8, 2026, 11:15 AM
Energy Fuels reports exceeding 2025 uranium production and sales guidance
EFR
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- Energy Fuels Inc. (EFR) exceeded its previously disclosed guidance for finished uranium production, mined uranium ore production, and uranium concentrate sales for FY-2025.
- The company produced over one million pounds of finished U3O8 and mined over 1.6 million pounds of uranium in 2025.
- Q4-2025 uranium sales are expected to reach 360,000 pounds of U3O8, representing a 50% increase over Q3-2025, with anticipated gross revenue of approximately $27.0 million.
- Energy Fuels completed two new long-term uranium sales contracts for 2027-2032 and expects to sell 780,000 to 880,000 pounds of U3O8 into long-term contracts in 2026.
- The company anticipates its cost of goods sold to decrease starting in Q1-2026 as low-cost Pinyon Plain uranium is added to inventory and sold.
Dec 29, 2025, 11:15 AM
Energy Fuels' Dysprosium Oxide Qualified for Permanent Magnets
EFR
New Projects/Investments
Product Launch
- Energy Fuels Inc.'s high purity dysprosium (Dy) oxide, produced at its White Mesa Mill in Utah, has passed initial purity and quality assurance and quality control (QA/QC) benchmarks of a major South Korean automotive manufacturer for rare earth permanent magnet production.
- The company has produced approximately 29 kgs of Dy oxide at pilot scale, achieving 99.9% purity, which exceeds the automotive specification of 99.5% purity.
- This achievement, following the qualification of its NdPr oxide in September 2025, makes Energy Fuels the first U.S. company to have both "light" and "heavy" rare earth elements (REEs) qualified for permanent magnet applications.
- Energy Fuels plans to begin piloting terbium (Tb) oxide production next week, with kilogram-scale samples expected in early 2026, and will subsequently pilot gadolinium (Gd) and samarium (Sm) oxide production.
- Commercial-scale "heavy" REE production is planned as soon as Q4 2026, with refining circuits designed for an annual capacity of up to 48 metric tons of Dy oxide and 14 tonnes of Tb oxide.
Dec 19, 2025, 11:15 AM
Energy Fuels Announces Q3 2025 Results
EFR
Earnings
Debt Issuance
New Projects/Investments
- Energy Fuels reported a net loss of $16.7 million, or $0.07 per common share, for Q3 2025, showing an improvement compared to Q2 2025.
- The company's working capital stood at $298.5 million as of September 30, 2025, and increased to nearly $1 billion post-quarter following an upsized $700 million 0.75% convertible senior notes offering that closed on October 3, 2025.
- Uranium sales in Q3 2025 amounted to 240,000 pounds of U3O8 for $17.4 million in gross proceeds, achieving a 26% gross margin. The company expects to produce up to 1,000,000 pounds of U3O8 for the full year 2025.
- In its rare earth segment, Energy Fuels successfully completed pilot production of 29 kilograms of 99.9% purity Dy oxide and qualified its NdPr oxide for use by major automobile manufacturers.
- The Donald Project received final government approvals and a conditional Letter of Support from Export Finance Australia for up to A$80 million in senior debt financing.
Nov 4, 2025, 12:06 AM
Energy Fuels and Astron Secure Conditional Debt Support for Donald Project
EFR
New Projects/Investments
Debt Issuance
- Energy Fuels Inc. and Astron Limited have received a non-binding and conditional Letter of Support from Export Finance Australia (EFA) for up to A$80 million in senior debt project financing for the Donald Rare Earth and Mineral Sands Project.
- The Donald Project has an estimated total funding requirement of A$520 million and is targeting a 50%:50% debt-to-equity gearing ratio.
- Production from the project is planned to commence as early as H2 2027, subject to securing project financing and a positive final investment decision.
- Phase 1 of the project is expected to produce 7.2 thousand tonnes of REEC per annum, including up to 1,000t of Neodymium-Praseodymium (NdPr) oxides, 92t of Dysprosium (Dy) oxide, and 16t of Terbium (Tb) oxides per year.
- Energy Fuels is committed to a staged equity investment of up to A$183 million in the project.
Oct 21, 2025, 12:22 AM
Quarterly earnings call transcripts for Eaton Vance Senior Floating-Rate Trust.
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