UUUU Ramps Up Uranium Output & Sets Bold 2025 Targets: What's Next?

Energy Fuels UUUU is gradually positioning itself as a leading force in U.S. uranium production, supported by strong operational momentum across its portfolio of conventional mines. The company significantly ramped up output in the second quarter of 2025, producing approximately 665,000 pounds of uranium from its Pinyon Plain, La Sal and Pandora mines. This marked a significant step up from the 115,000 pounds mined in the first quarter, driven by exceptional performance at Pinyon Plain. 

Backed by the year-to-date production of 780,000 pounds, Energy Fuels expects to produce 875,000-1,435,000 pounds of contained uranium from these mines in 2025. The uranium-bearing ore will be stockpiled at the mine sites or at the White Mesa Mill for processing, which will be aligned to market dynamics, contract commitments and mill availability. 

Energy Fuels also plans to purchase uranium ore from third-party miners, along with additional Alternate Feed Materials and mine cleanup materials. This could add around 160,000-200,000 pounds of additional contained uranium in ore inventories.

Processing activity will ramp up in the fourth quarter, with total uranium production projected at 700,000-1,000,000 pounds of finished uranium for 2025.
Energy Fuels, meanwhile, is trying to ensure that its other uranium projects, the Whirlwind mine and Nichols Ranch ISR project, are capable of producing within a year of a “go” decision. This could lift annual production to more than 2 million pounds by 2026. Advancing major projects like the Roca Honda Project, Bullfrog Project in Utah, which together with its Sheep Mountain Project, could expand the company’s uranium production to a run-rate of up to 5 million pounds of uranium annually in the coming years.

Year-to-Date Performances of Other Uranium Producers

Cameco Corporation CCJ holds a 69.805% stake in the McArthur River mine and 83.33% in the Key Lake mill. It holds a 54.547% stake in Cigar Lake. 
In the first half of 2025, Cameco’s share of combined production from McArthur River/Key Lake and Cigar Lake was 10.6 million pounds, down 18% year over year. This was mainly due to a 35% decline in the McArthur River mine’s output, reflecting its annual maintenance shutdown in the second quarter of 2025. Meanwhile, Cameco’s share from the Cigar Lake mine was 5.5 million pounds, 8% higher year over year. 

Recently, Cameco lowered its 2025 production outlook from the McArthur River/Key Lake operation. It is now projected at 14-15 million pounds of uranium concentrate (on a 100% basis and down from 18 million pounds projected earlier), suggesting Cameco’s share at 9.8-10.5 million pounds. This shortfall is due to development delays in transitioning the mine to new mining areas, as well as slower-than-anticipated ground freezing. The Cigar Lake mine’s production guidance for 2025 is maintained at 18 million pounds of uranium on a 100% basis, with CCJ’s share expected at 9.8 million pounds. 

Ur Energy URG is currently operating the Lost Creek project in south-central Wyoming, which has an annual capacity of 1.2 million pounds. Ur Energy produced 195,099 pounds of uranium in the first half of 2025. Ur Energy recently received final approval for the expansion of Lost Creek. The company is also progressing with construction at Shirley Basin, which will transform it into a two-mine operation. Shirley Basin has a licensed annual mine capacity of 1 million pounds.

UUUU’s Price Performance, Valuation & Estimates

Energy Fuels shares have gained 121.5% so far this year compared with the industry’s 7.6% growth.

UUUU is trading at a forward 12-month price/sales multiple of 26.42X, a significant premium to the industry’s 2.86X. It has a Value Score of F.

The Zacks Consensus Estimate for Energy Fuels’ 2025 loss is pegged at 33 cents per share. The bottom-line estimate for 2026 is pegged at earnings of one cent per share. The EPS estimates for both years have moved down over the past 60 days.

The company currently carries a Zacks Rank #3 (Hold).

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This article originally published on Zacks Investment Research (zacks.com).

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