07:07 AM EST, 01/08/2026 (MT Newswires) -- Energy Fuels ( UUUU ) said Thursday an updated feasibility study for its Vara Mada project in Madagascar confirms a post-tax net present value of $1.8 billion.

The study estimates the project will generate over $500 million in expected annual EBITDA once operations reach full capacity, the company said.

The mining site contains high-quality rare earth, titanium, and zircon reserves supporting an initially modeled mine life of 38 years, the company said.

Total capital expenditures to establish and double the mining rate at the facility to 25 million tonnes per annum.

Shares of the company were up by over 2% in recent Thursday premarket activity.