Energy Fuels shares climb on record uranium output

Energy Fuels (NYSE: UUUU; TSX: EFR) shares rose more than 8% on Tuesday after the company reported its highest-ever monthly uranium production.

In May, the company’s Pinyon Plain mine in Arizona produced nearly 260,000 lb. of uranium oxide (U?O?), a new monthly record. The strong output pushed Energy Fuels’ share price to C$7.23 ($5.27), up 8.2% on the Toronto Stock Exchange, giving the company a market cap of nearly C$1.1 billion ($770 million).

So far this year, Pinyon Plain has yielded 478,384 lb. of U?O? from approximately 12,461 tons of ore, averaging a grade of 1.92% U?O?. That translates to a five-month production rate of about 96,000 lb. per month, with output surging to over 200,000 lb. per month in April and May.

However, the company cautioned that such high production levels are unlikely to continue.

Energy Fuels cited constraints including a shortage of ore haulage trucks, compliance requirements under its agreement with the Navajo Nation, stockpile limits, and the need for further underground development and exploration to access new ore zones.

In addition to its production update, Energy Fuels released a new technical report for its Bullfrog project in Utah, currently in the permitting stage.

The report, dated May 2025, outlined an indicated resource of 10.5 million lb. in U?O? equivalent at an average grade of 0.30%, and an inferred resource of 3.4 million lb. at 0.28%. Compared to the previous report from February 2022, this marks a 15% increase in the indicated category and a 70% jump in inferred.

Energy Fuels also owns the White Mesa Mill in Utah, the only fully licensed and operating conventional uranium mill in the United States.