Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) announced it has secured a conditional $725 million financing commitment from the U.S. Office of Strategic Capital to support the expansion of critical minerals processing capabilities. The proposed 20-year loan, subject to due diligence and definitive agreements, would fund infrastructure at the company's White Mesa Mill in Utah and a planned rare earth metals and alloy facility in the United States.
The financing aligns with Energy Fuels' strategy to build a vertically integrated rare earth supply chain, reducing reliance on foreign sources for materials essential to clean energy technologies, defense systems, and electronics. The company also noted that the loan complements its planned acquisition of Australian Strategic Materials Ltd., which would add rare earth metal and alloy production expertise and facilities in South Korea.
Energy Fuels said the proposed financing, along with other project-level funding discussions, is expected to provide additional long-term capital flexibility as it advances rare earth, uranium, and critical minerals initiatives. The White Mesa Mill is the only fully licensed conventional uranium mill operating in the U.S., and it also produces rare earth element products and evaluates medical isotope recovery.
The company is also developing three heavy mineral sands and rare earths projects: the Vara Mada Project in Madagascar, Bahia Project in Brazil, and Donald Project in Australia through a joint venture. This expansion could strengthen domestic supply chains for materials critical to renewable energy, electric vehicles, and national security.
For more details, the full press release is available at https://ibn.fm/PrwZg.
