Energy Fuels Produces First Kilogram of Terbium Oxide in Utah

Energy Fuels announced it has produced its first kilogram of terbium oxide at its White Mesa Mill in Utah. Using monazite ore sourced from the United States, the team achieved a purity of 99.9% at pilot scale, which meets the specifications of global manufacturers of rare earth permanent magnets. The company said, "Energy Fuels believes it is the first U.S. company in many decades to produce high-purity Tb oxide from a primary mineral feedstock and publicly disclose actual production volumes and purities that are sufficient for downstream metal/alloy validation. Like the Company's Dy oxide, its Tb oxide has been requested by multiple magnet manufacturers and OEMs around the world to begin product validation. Both Dy and Tb are subject to Chinese export controls highlighting the need for secure, western supply chains. Adding Dy and Tb to permanent magnets makes a superior product for electric vehicles/hybrid EVs, drones, robotics, and defense technologies by improving operational capabilities in high heat conditions and enabling smaller, lighter, and more powerful motors and actuators. The Mill expects to continue producing terbium oxide at an approximate rate of one kilogram per week in its existing pilot circuit, followed by pilot production of Sm, Eu, and Gd oxides. The Company also plans to expand its heavy rare earth element production capability at its existing Mill circuits for the planned commercial-level recovery of Dy, Tb, Sm, Eu and Gd, with the ability to separate other heavy rare earth elements such as Y and Lu if market conditions warrant. Subject to the receipt of required regulatory approvals and sufficient quantities of monazite sand feedstock, the expanded commercial circuit is expected to be operational as early as 2027, with planned production recovery of up to approximately 35 tonnes of Dy, 12 tonnes of Tb per year and potentially other heavy rare earth elements, in addition to the 850 - 1,000 tonnes of NdPr, from processing up to approximately 10,000 tonnes of monazite per year through existing circuits. The Company also plans to further expand its NdPr, Dy and Tb production capability and potentially other REE material production capability through the development of its stand-alone Phase 2 Circuit as early as 2029, subject to the receipt of regulatory approvals and sufficient feed materials. Upon commissioning, the Phase 2 Circuit is expected to increase the Mill's rare earth oxide production capacity to over 6,000 tpa of NdPr oxide, along with approximately 80 tpa of Tb and 288 tpa of Dy oxides. This would provide the capability to produce sufficient NdPr for up to approximately 7.0 million EVs/hybrid EVs per year."