Energy Fuels Shares Climb With Commercial Production of Separated Rare Earths at Utah Mill

Dow Jones06-10

By Robb M. Stewart

Energy Fuels' shares jumped after the resources company achieved commercial production of separated rare earth at its White Mesa Mill in Utah.

In morning trading, the shares were 4.4% higher at C$8.49 in Toronto, narrowing the decline so far this year to 11%. On the NYSE American exchange, the stock was up 4% at $6.18, and is now down 14% in 2024.

Energy Fuels said the neodymium-praseodymium produced at the mill meets the applicable product specifications of rare earth elements metal-makers, who specialize in manufacturing alloys required for the permanent magnets widely used for electric motors in both battery-powered electric vehicles and dual power hybrids.

The company said it expects to have commercial quantities of neodymium-praseodymium available for shipment by the end of June. Energy Fuels is extracting, refining and separating neodymium-praseodymium from monazite produced by Chemours at its heavy mineral sand operations in Florida and Georgia.

Energy Fuels said it is now able to produce "on-spec" neodymium-praseodymium at the full design capacity of the first phase of its rare earth elements separation circuit of 850 to 1,000 metric tons a year. It expects to produce about 25 to 35 tons from the monazite in its inventory during the second quarter of the year.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

June 10, 2024 10:56 ET (14:56 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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