Energy Fuels is a U.S.-based critical minerals company that mines and processes uranium, separates rare earth elements (REEs), and develops heavy mineral sands (HMS) projects. All three businesses converge at the White Mesa Mill in Blanding, Utah — the only operating conventional uranium mill in the U.S. and the only U.S. facility licensed to process radioactive monazite sand for REE recovery. Uranium is the current primary revenue driver: Energy Fuels mines high-grade ore from conventional mines on the Colorado Plateau, processes it into uranium concentrate (U3O8), and sells it to nuclear utilities under a mix of long-term contracts and spot market sales. The Pinyon Plain mine in Arizona is exceptionally high-grade, giving Energy Fuels among the lowest production costs of any U.S. uranium producer. REEs are the growth business: Energy Fuels processes monazite sand — a byproduct of HMS mining that is rich in neodymium-praseodymium (NdPr) and heavy REEs like dysprosium and terbium — at the White Mesa Mill, recovering both separated REE oxides and uranium. The uranium recovered from monazite acts as a cost credit, improving REE economics. Energy Fuels is developing three HMS projects in Madagascar, Australia, and Brazil to supply the Mill with monazite at scale. The company's strategy is to build a fully integrated, ex-China REE supply chain from mine to separated oxide, and ultimately to metals and alloys, anchored at the White Mesa Mill. A pending acquisition of Australian Strategic Materials would add a Korean facility producing REE metals and alloys, completing that chain.