Energy Fuels (UUUU) Hits All-Time High on US Uranium Boost

We recently published All-Time High Fever: 10 Stocks Soaring and Breaking Records. Energy Fuels Inc. (NYSEAmerican:UUUU) is one of the best performers in last week’s trading.

Energy Fuels snapped a three-day losing streak on Monday to hit a new record high as investors loaded portfolios after the broader uranium sector received backing from the US government to ramp up expansion plans.

During the session, the stock soared to an all-time high of $14.12 before trimming gains to end the day just up by 15.84 percent at $13.82 apiece.

In an interview with Bloomberg, Energy Secretary Chris Wright said that the country hopes “to see rapid growth in uranium consumption in the US from both large reactors and small modular reactors.”

“The size of that right buffer would grow with time. We need a lot of domestic uranium and enrichment capacity,” he added.

Outside uranium, Energy Fuels Inc. (NYSEAmerican:UUUU) also produces rare earth elements and other critical minerals. Earlier this month, the company said that high-purity neodymium-praseodymium (NdPr) oxide, produced at its White Mesa Mill in Utah, has been manufactured into commercial scale REPMs by South Korea’s largest manufacturer of drive unit motor cores, pursuant to a previously announced MOU, and has passed all quality assurance and quality control benchmarks for use in EV drive unit motors sold to major automotive manufacturers.

The successful production of REPMs from Energy Fuels’ NdPr oxide marks a decisive breakthrough in building a “mine-to-magnet” supply chain independent of China, using rare earth oxides (REOs) produced in the United States.

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Disclosure: None. This article is originally published at Insider Monkey.