Energy Fuels Inc. (UUUU): Conditional financing commitment from US Government to advance rare earths processing capabilities; Buy

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Energy Fuels Inc. (UUUU): Conditional financing commitment from US Government to advance rare earths processing capabilities; Buy

Equity Research

18 June 2026 | 10:55AM EDT

Energy Fuels Inc. (UUUU): Conditional financing commitment from US

Government to advance rare earths processing capabilities; Buy

On 6/18, UUUU announced that it received a conditional $725mn financing Brian Lee, CFA

+1(917)343-3110 | brian.k.lee@gs.com

commitment from the Department of War (DoW), US Office of Strategic Capital, Goldman Sachs & Co. LLC

subject to further due diligence and closing conditions. The potential funding would Tyler Bisset, CFA

support the company’s critical minerals processing efforts at its White Mesa Mill and +1(212)357-5510Goldman Sachs & Co.| tyler.bisset@gs.comLLC

planned rare earths metals and alloy facility in the US. We view this proposed Keshav Choudhary

government loan as a positive step to support its project development efforts upon +1(332)245-7971keshav.choudhary@gs.com|

reaching FIDs while reducing the company’s capital burden. Importantly, the funding Goldman Sachs India SPL

amount is in line with the capital we forecasted UUUU raising during 2027, which

included $500mn in debt and ~$215mn in equity. We reiterate our Buy rating on

UUUU and highlight our takeaways within.

n Conditional government funding to enhance available capital. UUUU

announced that it has received a conditional commitment for a $725mn loan

with a 20-year tenor to support the expansion of its critical minerals processing

capabilities. The funding could also support its planned rare earths metals and

alloy facility, which is expected to be constructed in the US. Closing of the

funding remains subject to further due diligence as well as other closing

conditions and approvals.