11:51 AM EDT, 08/26/2025 (MT Newswires) -- (Updates shares.)

Energy Fuels ( UUUU ) on Tuesday said it signed a memorandum of understanding with Vulcan Elements to advance a domestic supply chain for rare earth magnets.

Under the partnership, Energy Fuels ( UUUU ) will supply initial quantities of high-purity "light" and "heavy" separated rare earth oxides from its White Mesa mill in Utah to Vulcan in the fourth quarter.

Upon receipt, Vulcan will validate Energy Fuels' ( UUUU ) neodymium-praseodymium (NdPr) and dysprosium (Dy) oxides for production of rare earth magnet applications.

After validating the oxides, Vulcan and Energy Fuels ( UUUU ) plan to negotiate additional long-term supply agreements for both NdPr and Dy oxides.

NdPr and Dy are key raw materials for manufacturing of rare earth magnets, which are used in satellites, robotics, AI data centers, semiconductors, drones, electric vehicles, consumer electronics, and other applications.

Energy Fuels ( UUUU ) said its White Mesa mill processes monazite mineral concentrates from heavy mineral sand mines owned by The Chemours in the U.S. into separated rare earth oxides.

"Energy Fuels ( UUUU ) and Vulcan Elements are innovative companies with similar visions of creating a secure Western rare earth magnet supply chain," Energy Fuels ( UUUU ) CEO Mark Chalmers said. "We have both proven our capacity to deliver rare earth products that meet commercial specifications at scale from American-based facilities."

Energy Fuels ( UUUU ) shares were last seen up $2.49 to $17.62 on the Toronto Stock Exchaqnge.

Price: 17.49, Change: +2.36, Percent Change: +15.60