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MP Materials MP reported second-quarter 2026 results on Aug. 6, with revenues surging 89% year over year to $108.5 million and beating the Zacks Consensus Estimate. NdPr production and sales also continued to show strong momentum. MP reported an adjusted loss of one cent per share, which missed the Zacks Consensus Estimate of earnings of two cents, but showed significant improvement from the loss of 13 cents in the year-ago quarter. MP shares have gained 15% since the earnings release. However, despite this climb, the stock’s performance over the past year has remained lackluster with a decline of 26.8%. It has trailed the Zacks Mining - Miscellaneous industry’s growth of 42.4%, the Zacks Basic Materials sector’s 29% gain and the S&P 500’s rise of 22.5%. The stock has also lagged other players in the rare earths space like Lynas Rare Earths Limited LYSDY and Energy Fuels UUUU, which advanced 55.4% and 29.8%, respectively, in the same timeframe. Image Source: Zacks Investment Research Before addressing the critical question of how investors should position themselves regarding the stock, let us first review the company’s second-quarter results. MP Materials produced 840 metric tons of NdPr, up 41% year over year, while NdPr sales volumes surged 127% to 1,006 metric tons. However, MP reported no rare earth concentrate sales reflecting its decision to halt these sales to China in July 2025. The Materials segment generated revenues of $95.6 million, up 155% year over year, driven by stronger NdPr sales volumes and pricing, partially offset by the absence of concentrate sales. The Magnetics segment generated revenues of $16.5 million in the second quarter, down 17% year over year. While the segment benefited from an increase in the production of magnetic precursor products at the Independence Facility, revenues were down due to the start-up of magnet production and related pricing mechanisms. Total revenues rose 89% year over year to $108.5 million. MP also recorded $17.58 million in income tied to a price protection agreement (PPA) with the Department of War (DoW). Cost of sales climbed 43% in the second quarter due to higher sales volumes of NdPr oxide and metals. Selling, general and administrative expenses rose 28%, due to higher personnel costs to support its downstream expansion. Start-up costs surged to around $14 million from $0.76 million in the year-ago quarter due to the ramp-up of start-up activities for magnet production and chlor-alkali facilities, and costs associated with initial production of magnets at Independence. Despite higher costs, adjusted EBITDA improved sharply to $28.5 million from a loss of $12.5 million in the year-ago quarter, supported by higher revenues and PPA income. The company’s adjusted loss narrowed to one cent per share from 13 cents. Higher adjusted EBITDA and interest income benefited earnings, partly offset by amortization related to the PPA upfront asset and higher interest expense mainly due to the July 2025 DoW loan to support the buildout of samarium oxide production. Costs are likely to remain elevated as producing separated rare earth products and magnetic materials involves significantly higher costs than concentrate production, due to additional processing requirements, chemical inputs, labor and maintenance. Costs associated with magnetic precursor products and start-up costs are also likely to increase further in the coming quarters. The Zacks Consensus Estimate for MP Materials’ 2026 revenues indicates a 102% increase year over year. The consensus estimate for 2026 earnings is currently pegged at 18 cents per share, suggesting a solid improvement from the loss of 24 cents reported in 2025. The consensus estimate for MP’s 2027 revenues suggests year-over-year growth of 72% with earnings expected to surge 445%. Image Source: Zacks Investment Research The Zacks Consensus Estimate for earnings for both 2026 and 2027 has moved down over the past 60 days. Image Source: Zacks Investment Research MP Materials stock is trading at a forward 12-month price/sales multiple of 14.91X, a significant premium to the industry’s 1.42X. MP’s Value Score of F suggests that the stock is not so cheap and a stretched valuation at this moment. Energy Fuels trades at an even steeper multiple of 19.26X, while Lynas Rare Earths appears comparatively cheaper at 10.49X. Image Source: Zacks Investment Research MP Materials continues to benefit from strong demand for domestic rare earth materials and magnets. NdPr sales exceeded 1,000 metric tons for the second consecutive quarter, and the company expects production to exceed 1,000 metric tons in the third quarter. The company remains on track to begin producing terbium and dysprosium later this year and expects first samarium production in 2028. MP recently entered into a multiyear agreement to supply gadolinium oxide to a leading U.S. aerospace and defense manufacturer. The deal is expected to be worth a sizable nine-figure amount. During the second quarter, MP Materials delivered magnets to General Motors for in-vehicle qualification testing and expects to begin commercial shipments in the fourth quarter, followed by a steady production ramp. The company delivered magnets to General Motors for vehicle qualification testing in the second quarter and expects commercial shipments to begin in the fourth quarter, followed by a production ramp. MP Materials has also worked with U.S. and allied drone manufacturers to launch Project Swarm, an industrial coordination initiative designed to aggregate and standardize future magnet demand. It has already signed subscription agreements with a number of participants. The company’s partnership with Apple on magnet recycling, magnet production and joint development also continues to advance. Meanwhile, construction of the 10X facility remains on track. The second U.S. rare earth magnet facility is expected to begin commissioning in 2028 and produce approximately 7,000 metric tons of magnets annually. Combined with the 3,000-metric-ton capacity of the Independence facility, MP’s U.S. magnet capacity is expected to reach 10,000 metric tons annually. MP Materials offers an attractive long-term growth story, supported by its strategic U.S. position, rising NdPr demand, expanding magnet production and partnerships with major industrial and technology companies. However, the stock’s premium valuation, weak recent performance, rising operating and start-up costs, and downward estimate revisions temper the near-term outlook. Existing shareholders may consider holding the stock, while new investors may want to wait for a more attractive entry point. MP Materials currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report MP Materials Corp. (MP) : Free Stock Analysis Report Energy Fuels Inc (UUUU) : Free Stock Analysis Report Lynas Rare Earths Limited - Sponsored ADR (LYSDY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Energy Fuels UUUU has gained 15% despite reporting weaker-than-expected second-quarter 2026 results on Aug. 5. Revenues surged 496% to $25 million but missed the Zacks Consensus Estimate by a margin of 16.9%. UUUU posted a loss of 13 cents per share, wider than last year's quarter’s loss of 10 cents as well as the Zacks Consensus Estimate of a loss of five cents. Despite the recent rebound, UUUU remains down 29.1% over the past six months. It has lagged the industry’s 7.2% decline and the broader Zacks Basic Materials sector’s 3.6% fall. In comparison, the S&P 500 has gained 12.8% in a year. Energy Fuels has also trailed peers Cameco Corporation CCJ and Centrus Energy LEU, which are down 12.2% and 5.7%, respectively, in a year. Image Source: Zacks Investment Research Energy Fuels’ Q2 revenues jumped 496% year over year to $25.1 million, primarily driven by higher uranium sales volumes and realized prices. The company sold 310,000 pounds of uranium at an average realized price of $80.48 per pound. This included 150,000 pounds sold in the spot market and the remaining 160,000 pounds under long-term contracts. In the year-ago quarter, UUUU sold just 50,000 pounds of uranium at $77 per pound, generating $3.9 million in uranium-related revenues. Heavy mineral sands contributed $0.28 million, bringing total Q2 2025 revenues to $4.2 million. HMS no longer contributes to results following the completion of mining at Kwale in December 2024. Costs applicable to revenues surged 192% to $10.7 million on higher uranium volumes sold, partially offset by lower weighted average cost per pound of uranium sold. Standby costs surged 61% year over year to $2.87 million due to higher permitting activities at Roca Honda and Whirlwind and increased maintenance activities at Nichols Ranch. Selling, general and administration were up 31% year over year, reflecting increases in general headcount, salaries and benefits. UUUU also incurred $10.7 million in transaction and integration costs related to the planned acquisitions of Australian Strategic Materials (ASM) and VAC Group. This, along with higher operating expenses, was partially offset by improved margins on uranium sales, leading to a net loss of 13 cents per share in the quarter, wider than the year-ago loss of 10 cents per share Energy Fuels mined approximately 315,000 pounds of uranium in Q2, taking first-half production to 740,000 pounds. The company produced 865,000 pounds of finished uranium during the quarter and 1.7 million pounds in the first half, already exceeding the low end of its full-year guidance of 1.5-2.5 million pounds. UUUU expects to mine 2-2.5 million pounds of contained uranium in 2026 and sell 1.5-2 million pounds through spot and contracted transactions. Production from the Pinyon Plain mine remains a key cost advantage. The company expects to blend low-cost Pinyon Plain ore with smaller quantities of lower-grade material from La Sal/Pandora and other sources. Mining and transportation costs for Pinyon Plain ore are approximately $14 per pound of recovered uranium, while milling costs are about $9 per pound, resulting in a total cost of roughly $23 per pound. This is at the low end of UUUU’s $23-$30-per-pound cost target. In July, the company announced that construction has begun on an expansion of its White Mesa Mill in Utah to enable the large-scale production of heavy rare earth oxides. This is a critical step in the execution of Energy Fuels' integrated mine-to-magnet platform.  The planned expansion is expected to be completed by the end of 2027, with respect to the addition of the Tb and Dy circuits, and by the end of 2028 depending on the addition of the Sm, Eu and Gd circuits. The company is also advancing its planned acquisition of ASM, which is expected to close this month. The transaction is expected to strengthen Energy Fuels' position across the REE value chain by adding mining, separation, metallization and alloy production capabilities. In June, UUUU announced plans to acquire Germany-based VAC Group for approximately $1.9 billion. VAC produces permanent magnets, including NdFeB and SmCo magnets, as well as soft magnetic materials. The acquisition would significantly expand Energy Fuels’ position across the rare earth and magnetics value chain. Energy Fuels is also advancing the Donald Project via its joint venture with Astron Limited. The Donald Project has received all major regulatory approvals required to construct and operate the project and is expected to provide a long term, large scale source of monazite feedstock to the company for processing into light and heavy REE oxides at the mill. Energy Fuels ended the second quarter with $996 million in working capital, including $58.4 million of cash and cash equivalents, $878.3 million of marketable securities, $15.1 million of receivables and $75 million of inventory. This strong liquidity provides the company with financial flexibility to fund its uranium and rare earth expansion plans and pursue strategic acquisitions. The Zacks Consensus Estimate for Energy Fuels’ 2026 revenues is $136 million, indicating 107% year-over-year growth. The estimate for earnings for the year is currently pegged at a loss of 25 cents per share. The estimate for 2027 revenues is pinned at $224.8 million, implying a 64.8% year-over-year upsurge. The consensus estimate for earnings is pegged at three cents per share. This will be UUUU’s first year of profit since it started trading on the NYSE in December 2013. Image Source: Zacks Investment Research Over the past 60 days, the estimates for Energy Fuels for both years have moved down. Image Source: Zacks Investment Research Energy Fuels is currently trading at a forward price-to-sales multiple of 19.26, well above the industry average of 4.92. UUUU’s Value Score of F suggests that the stock is not so cheap and indicates a stretched valuation at this moment. Meanwhile, Cameco and Centrus Energy are cheaper options, trading at price-to-sales ratios of 16.69 and 8.02, respectively. Image Source: Zacks Investment Research Energy Fuels has attractive long-term growth drivers, supported by rising uranium and rare earth demand. Its strong balance sheet, growing uranium production and expanding rare earth capabilities position it to benefit from increasing demand for critical minerals. The company’s standby projects, Nichols Ranch ISR and Whirlwind, could add up to 500,000 pounds of annual uranium production within six to 12 months of a go decision. Meanwhile, Roca Honda, Sheep Mountain and Henry Mountains-Bullfrog could collectively support up to 6 million pounds of annual production over the longer term. Energy Fuels has compelling long-term prospects, backed by a strong balance sheet, rising uranium production and an increasingly integrated rare earths and magnetics platform. However, the stock’s premium valuation, expected 2026 loss and downward earnings revisions temper its near-term appeal. Given these risks, investors may want to stay on the sidelines for now. UUUU currently carries a Zacks Rank #5 (Strong Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Energy Fuels Inc (UUUU) : Free Stock Analysis Report Cameco Corporation (CCJ) : Free Stock Analysis Report Centrus Energy Corp. (LEU) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Energy Fuels Inc.? Here are five stocks we like better. Energy Fuels posted a $33.6 million second-quarter net loss, though its uranium business generated $25 million in revenue, approximately $14 million in gross profit and a 57% gross margin. Uranium operations remain strong: the company produced more than 860,000 pounds of finished U3O8 in the quarter and 1.7 million pounds in the first half of 2026, already surpassing its annual production guidance midpoint. It ended June with 2.27 million pounds of inventory and expects to mine more than 2 million pounds during 2026. Energy Fuels is pursuing a vertically integrated “mine-to-magnet” rare-earth strategy, advancing the ASM acquisition expected to close in late August and the VAC acquisition targeted for early 2027. The company is expanding White Mesa processing capacity and plans to develop downstream metals, alloys and magnet manufacturing capabilities. Cameco Corporation Is the Only Uranium Play to Consider Energy Fuels (TSE:EFR) reported a second-quarter net loss of $33.6 million as transaction and development spending weighed on results, while its uranium business generated $25 million in revenue, approximately $14 million in gross profit and a 57% gross margin. President and Chief Executive Officer Ross Bhappu said the company is pursuing a strategy to build a vertically integrated rare earth supply chain, spanning mining, processing, separation, metallization, alloy production and magnet manufacturing. The company is advancing acquisitions of Australian Strategic Materials, or ASM, and Germany-based magnet producer Vacuumschmelze, or VAC. → No Hangover: Revisiting Microsoft One Week After Earnings Bhappu said Energy Fuels expects to close its ASM acquisition late in August, subject to final procedures, while the VAC transaction is expected to close in early 2027, subject to regulatory approvals. He described the planned combination as a “mine-to-magnet” platform designed to address supply-chain constraints in rare earth metals, alloys and permanent magnets. During the second quarter, Energy Fuels mined 365,000 pounds of uranium and produced more than 860,000 pounds of finished U3O8. The company ended June with 2.27 million pounds of uranium inventory. → MarketBeat Week in Review – 08/03 - 08/07 Chief Financial Officer Nate Bennett said the White Mesa Mill produced about 1.7 million pounds of finished U3O8 in the first half of 2026, reaching Energy Fuels’ full-year production guidance range of 1.5 million to 2.5 million pounds ahead of schedule. The mill has entered a planned maintenance period, with uranium processing expected to restart in the fourth quarter of 2026 or early 2027. Mining operations are continuing during the maintenance period. Energy Fuels maintained its expectation to mine more than 2 million pounds of contained U3O8 during 2026, with grades expected to improve during the second half as mining advances into higher-grade areas at the Pinyon Plain mine. → Why the Landlord of the AI Boom Could Outlast the Chipmakers The company reported weighted average uranium production costs of approximately $23 per pound of recovered U3O8 during the processing campaign, at the low end of its prior $23-to-$30-per-pound range. Bennett said mining and transportation costs averaged about $14 per pound, while milling costs averaged about $9 per pound. Finished uranium inventory carried an average cost of about $33.92 per pound at quarter-end, down from approximately $36 per pound at the end of the first quarter. Bennett attributed the reduction primarily to low-cost production from Pinyon Plain and said inventory costs are expected to continue falling as additional production moves through inventory. At June 30, Energy Fuels had approximately $996 million of working capital and $1.53 billion of total assets. Bennett said the quarterly loss included approximately $10.7 million in acquisition- and integration-related expenses tied to the ASM and VAC transactions. The company also recorded planned spending in its rare earth and heavy mineral sands businesses, including engineering, permitting, infrastructure development and organizational growth. Bhappu said Energy Fuels has access to several funding sources, including its balance sheet, potential government support and a $250 million Goldman Sachs term loan facility. Energy Fuels announced conditional support for a $725 million loan from the U.S. Office of Strategic Capital. Bhappu said the company is completing legal documentation and other conditions associated with the facility. He said the company likely would not need to draw on the financing until early 2027, with initial potential uses including the Phase I-B and I-C expansion at White Mesa. Bennett said the Phase I-B and I-C project is expected to cost $104 million, with about one-fourth of the spending anticipated in 2026 and the remainder in 2027. Energy Fuels has begun construction on its Phase I-B and I-C rare earth expansion at the White Mesa Mill, including a circuit to process mixed rare earth carbonate, or MREC. Bhappu said the expansion is intended to allow simultaneous commercial-scale processing of uranium and rare earth materials, rather than requiring the company to choose between the two. The company expects the facility to be able to produce heavy rare earth oxides, including dysprosium and terbium, in late 2027. Bhappu said Energy Fuels has completed pilot work on dysprosium and terbium and has moved on to gadolinium and potentially other heavy rare earth oxides. Energy Fuels is also advancing a Phase II expansion at White Mesa. The company previously released a feasibility study describing capacity of more than 6,000 metric tons annually of neodymium-praseodymium oxide, about 300 metric tons of dysprosium oxide and 80 metric tons of terbium oxide. Permitting is underway, and the company plans to commission the facility in late 2029. Bhappu said the company expects a final investment decision for its Donald Project as early as the third quarter of 2026, though he acknowledged that decision had been delayed while the company works on financing alternatives in Australia. If Donald is delayed, he said Energy Fuels could source monazite from its existing arrangement with Chemours, acquire MREC from third-party producers, or pursue supply discussions with heavy mineral sands producers. The company is also seeking government approvals and an investment agreement in Madagascar for its Vara Mada project. At its Bahia project in Brazil, Energy Fuels restarted drilling after obtaining exploration permits in 2025 and expects a resource estimate later in 2026 or in early 2027. Bhappu said ASM operates metals and alloy-making facilities that Energy Fuels expects to supply with its rare earth oxides. ASM’s Korean metals plant is operating and is being expanded with eight new furnaces, according to Bhappu. The company is also planning to expand strip-casting capabilities, with an objective of approximately doubling the facility’s current 12,000-to-14,000-ton annual capacity. Following the planned VAC acquisition, Energy Fuels expects to supply VAC’s magnet manufacturing operations, including its 2,000-ton capacity facility in Sumter, South Carolina. Bhappu said the company anticipates increasing magnet-making capacity there sixfold to 12,000 tons annually through 2031. “Our story is about execution,” Bhappu said, adding that the company is staging investments across mining, processing and magnet manufacturing over the next five years. Energy Fuels is a leading U.S. -based critical materials company, focused on uranium, rare earth elements (REEs), heavy mineral sands, vanadium and medical isotopes. Energy Fuels, which owns and operates several conventional and in-situ recovery uranium projects in the western United States, has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels also owns the White Mesa Mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Energy Fuels Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Energy Fuels Inc. UUUU used its second-quarter call to shift attention from dealmaking to execution, outlining how the pending ASM and VAC acquisitions, White Mesa expansion and rare earth feedstock plans are intended to create a vertically integrated mine-to-magnet platform. Management paired that buildout with unchanged uranium guidance and a low-cost production message. The call also clarified funding priorities, Donald Project timing and feedstock contingency plans. The company reported a loss of 13 cents per share, wider than the Zacks Consensus Estimate of a loss of 5 cents. Revenues of $25.1 million also fell short of the $30.2 million consensus mark. Energy Fuels Inc Price, Consensus and EPS Surprise Energy Fuels Inc price-consensus-eps-surprise-chart | Energy Fuels Inc Quote President and CEO Ross Bhappu emphasized strategic execution. He expects the ASM acquisition to close in late August and the VAC transaction in early 2027, subject to required approvals. Bhappu said the combination would connect Energy Fuels’ resources and oxide processing with ASM’s metallization and alloy capabilities and VAC’s magnet manufacturing. Management plans to expand VAC’s Sumter magnet capacity from 2,000 tons annually to 12,000 tons by 2031. Bhappu said construction has begun on the Phase 1B and 1C expansion at the White Mesa Mill, including a mixed rare earth carbonate processing circuit. The project is designed to allow simultaneous uranium and rare earth processing. Management expects commercial production of terbium and dysprosium oxides in late 2027. Bhappu said Phase 2 permitting is underway, with commissioning targeted for late 2029. Chief financial officer Nathan Bennett said Phase 1B and 1C carry a $104 million capital budget. He expects roughly one-quarter of spending in 2026 and the remainder in 2027. Bennett maintained 2026 guidance for 2.0 million to 2.5 million contained pounds mined, 1.5 million to 2.5 million finished pounds processed and 1.5 million to 2.0 million pounds sold. The company produced about 1.7 million finished pounds in the first half. Bennett said White Mesa is in planned maintenance, with uranium processing expected to resume in the fourth quarter of 2026 or early 2027. A Canaccord Genuity analyst asked about second-half uranium sales. Bhappu said contract deliveries will continue and additional spot sales are planned, but management intends to remain selective. Bennett highlighted approximately $996 million of working capital at quarter-end. Bhappu also cited the conditional $725 million Office of Strategic Capital loan and a $250 million Goldman Sachs term loan facility as financing options. A B. Riley Securities analyst asked when OSC funding could be drawn. Bhappu said the nearer-term use would be Phase 1B and 1C, but the company probably would not need the funds until early 2027. A ROTH Capital analyst pressed management on future financing. Bhappu said his goal is to minimize dilution where possible and evaluate non-equity alternatives before turning to the equity market. A Goldman Sachs analyst questioned the Donald Project’s final investment decision after management shifted its wording to “as early as” the third quarter. Bhappu acknowledged the decision had been delayed while financing is finalized. Bhappu said Energy Fuels has backup feedstock options if Donald slips further, including its Chemours agreement, third-party monazite and mixed rare earth carbonate supply. He said the new MREC capability should be operational in late 2027 or early 2028. Management also continues to advance Vara Mada. Bhappu said field activity is ramping back up, while Chief Legal Officer Nathan Longenecker said the company is working toward an investment agreement with Madagascar. Bhappu’s closing message centered on sequencing capacity across feedstock, separation, alloy and magnet manufacturing. He framed the next phase around integrating acquisitions and completing announced projects. Bennett’s financial framework remains focused on preserving balance-sheet strength, generating cash flow from uranium and funding growth projects while maintaining commercial flexibility. UUUU carries a Zacks Rank #2 (Buy), placing it among the higher-ranked stocks under Zacks’ earnings-estimate-revision framework. Its Value, Growth, Momentum and VGM Scores are all F, the weakest grade in the Style Scores system. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Zacks’ methodology favors pairing a Zacks Rank #1 or #2 with Style Scores of A or B. UUUU’s F scores do not reinforce its favorable Rank, and the Zacks Rank can change as analysts revise estimates after the just-reported results. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Energy Fuels Inc (UUUU) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Cameco CCJ reported second-quarter 2026 results on Friday. Total revenues were down 7% year over year to CAD 814 million ($588 million) on lower sales volumes despite higher prices. Adjusted earnings plunged 75% year over year to CAD 0.18 per share or 13 cents. While revenues beat the Zacks Consensus Estimate, earnings fell short. Alongside its earnings release, Cameco announced that Westinghouse Electric Company, jointly owned with Brookfield Renewable Partners, has confidentially submitted a draft Form S-1 registration statement to the U.S. Securities and Exchange Commission for a proposed initial public offering of its common stock. Investors looked past the earnings miss, sending Cameco shares up 7% following the results. In the past six months, Cameco shares have declined 21.9% compared with the industry’s 3.2% dip. Meanwhile, the broader Oils-Energy sector has moved up 7.1%, while the S&P 500 has climbed 10.8%. Cameco has outperformed peers like Ur-Energy Inc. URG and Energy Fuels UUUU, which have declined 22.6% and 46.1%, respectively. Image Source: Zacks Investment Research Let us delve deeper into the company’s second-quarter results and long-term prospects before assessing whether to buy, hold or sell the stock. Uranium production declined 15% year over year to 3.9 million pounds. Output at McArthur River/Key Lake increased 28% to 2.3 million pounds, but this was more than offset by a 43% decline at Cigar Lake to 1.6 million pounds following its scheduled annual maintenance outage. Uranium sales volumes fell 18% to 7.1 million pounds, reflecting normal quarterly delivery timing and Cameco's disciplined contracting strategy, which calls for lower planned deliveries in 2026. Cameco’s uranium revenues were down 7% to CAD 659 million ($469 million). The 18% decline in sales volumes was offset by a 15% increase in the Canadian dollar average realized price to CAD 93.13 per pound due to the impact of market-priced contracts on its portfolio. Fuel Services also posted weaker results. Production decreased 6% to 3 million kgU, while sales volumes fell 18% to 3.6 million kgU. Segment revenues declined 6% to CAD 152 million ($108 million), as higher realized prices were unable to offset lower deliveries. Overall, Cameco’s revenues were down 7% to CAD 814 million ($588 million) due to weaker performance in both segments. Total cost of sales inched up 1% to around CAD 624 million ($446 million). In the uranium segment, costs climbed around 3% due to a 26% increase in the average unit cost of sales, partially offset by lower sales volume. Costs were higher due to higher purchased material costs, product loan impacts and the Cigar Lake maintenance shutdown. Costs in the Fuel Services segment rose 1% as a 21% increase in the average unit cost of sales due to mix of products and services was offset by lower sales volume. Adjusted EBITDA was down 42% year over year to CAD 391 million ($279 million). Adjusted earnings declined 75% year over year to CAD 0.18 per share or 13 cents. The decline was due to lower uranium sales volumes and a sharp reduction in equity earnings from Westinghouse. In the prior-year quarter, Westinghouse recognized significant revenues from its participation in the Czech Republic's Dukovany nuclear project, contributing roughly $170 million to Cameco's share of Westinghouse's revenues and adjusted EBITDA. Cameco maintained its uranium production projection between 19.5 million pounds and 21.5 million pounds for 2026 despite temporary operational disruptions at Key Lake and McArthur River in May, and at Cigar Lake in July. Production guidance for the fuel services segment is 13 million to 14 million kgUs. Cameco expects uranium deliveries of 29–32 million pounds for 2026. Uranium revenue guidance now stands at CAD 2.7-2.9 billion, based on a higher realized price assumption of CAD 91-96 per pound. At the midpoint, uranium revenues would decline about 2% from 2025 due to lower delivery volumes. Fuel Services revenues are projected at CAD 610-650 million, implying roughly 12% year-over-year growth. Overall, Cameco expects total 2026 revenues of CAD 3.32-3.57 billion. The midpoint represents about a 1% decline from 2025. The Zacks Consensus Estimate for Cameco’s earnings for both 2026 and 2027 has moved up over the past 60 days, as shown in the chart below. Image Source: Zacks Investment Research The consensus estimate for Cameco’s earnings for 2026 indicates year-over-year growth of 27.2%. The same for 2027 implies growth of 55.8%. Image Source: Zacks Investment Research CCJ stock is trading at a forward price-to-sales ratio of 15.97 compared with the industry’s 4.99. CCJ’s Value Score of F suggests that the stock is not so cheap and a stretched valuation at this moment. Image Source: Zacks Investment Research Energy Fuels is trading higher at 16.20 while Ur-Energy is a cheaper option, trading at 4.70. Cameco continues to benefit from its strategic investment in Westinghouse, which helps broaden its exposure beyond uranium mining into nuclear technology and reactor services. In June, the U.S. Department of Energy announced a conditional commitment of up to $17.5 billion through its Office of Energy Dominance Financing to support procurement of long-lead components for up to 10 new Westinghouse AP1000 reactors in the United States. Westinghouse has a pipeline of 91 potential AP1000 reactor opportunities (105 GWe) globally, providing a significant long-term growth runway. Westinghouse’s proposed IPO, if completed, could unlock shareholder value, improve financial flexibility and increase visibility into the business, creating another potential catalyst for Cameco investors. Cameco continues to strengthen its long-term portfolio. It has long-term obligations to deliver an average 28 million pounds of uranium annually over the next five years. These agreements provide strong revenue visibility, stable cash flows and support future investment plans. Cameco’s uranium production capacity accounts for nearly 15% of global output and it is further investing to expand production to capture favorable market conditions. This includes extending Cigar Lake’s mine life to 2036 and ramping up output at McArthur River and Key Lake toward their licensed annual capacity of 25 million pounds (100% basis). The company recently increased ownership interest in Cigar Lake to 57.418%, which further supports its focus on proven tier-one assets. Growing energy security concerns, geopolitical uncertainty and the global transition toward low-carbon electricity continue to support long-term uranium demand. Combined with its exposure to Westinghouse's reactor business, Cameco remains well-positioned to benefit from the ongoing nuclear power renaissance. Cameco remains one of the strongest long-term investment opportunities in the uranium space, supported by world-class mining assets, long-term contracts and increasing exposure to nuclear technology through Westinghouse. However, new investors can wait for a better entry point, considering the premium valuation and the lower revenue expectations for the year. The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cameco Corporation (CCJ) : Free Stock Analysis Report Ur Energy Inc (URG) : Free Stock Analysis Report Energy Fuels Inc (UUUU) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Energy Fuels Inc (UUUU) achieved a strong operational quarter, mining 365,000 lbs and producing over 860,000 lbs of uranium, with a low production cost of $23 per pound. The company secured a conditional $725 million loan from the U.S. Office of Strategic Capital, bolstering its financial position for expansion projects. Energy Fuels Inc (UUUU) is advancing transformative acquisitions of Australian Strategic Materials and VAC, aiming to become the West's first fully integrated 'mine-to-magnet' rare earth producer. The company maintains a robust balance sheet with nearly $1 billion in liquidity, providing ample financial flexibility for its growth plans. Uranium inventory costs are declining, with finished U3O8 inventory cost dropping to $33.92 per pound, enhancing profitability and strategic flexibility. The White Mesa Mill expansion (Phase 1B and 1C) is underway, enabling simultaneous uranium and rare earth processing at commercial scale, which is a key strategic milestone. Energy Fuels Inc (UUUU) reported a net loss of $33.6 million in Q2 2026, partly due to $10.7 million in acquisition and integration costs. The Donald Project FID has been delayed, with financing still being finalized, potentially impacting feedstock supply timelines. The company faces uncertainty in securing feedstock for its rare earth expansion, relying on backup plans like third-party MRC and heavy mineral sands producers if Donald is delayed. Planned maintenance at the White Mesa Mill will pause uranium processing until Q4 2026 or early 2027, potentially affecting near-term production output. The VAC acquisition is subject to regulatory approvals and is not expected to close until early 2027, creating execution risk and delaying full integration benefits. Capital expenditures for the Phase 1B and 1C expansion are significant, with costs spread over 2026-2027, and the company may need to raise additional capital, potentially leading to dilution. Warning! GuruFocus has detected 4 Warning Signs with UUUU. Is UUUU fairly valued? Test your thesis with our free DCF calculator. Q: What are the remaining conditions to close the $725 million Office of Strategic Capital (OSC) loan, and when would the first disbursement be expected?A: Ross Bappoo (President and CEO) stated that several conditions precedent remain, including advancing the White Mesa Mill Phase 1B & 1C expansion, progressing permitting for the Phase 2 expansion, and advancing the construction of the American Metals plant. The company does not expect to need the funds until early 2027, when it hopes to draw down on them for the Phase 1B & 1C construction. Q: Can you provide an update on the Donald Project FID timing and what the backup strategy is for sourcing monazite feedstock if it is delayed?A: Ross Bappoo (President and CEO) noted the FID has been delayed slightly but is progressing well, with a focus on finalizing financing in Australia. He plans to visit Australia to advance the process. Backup plans include existing agreements with Chemours for monazite from Florida and Georgia, sourcing mixed rare earth carbonates (MRC) from ionic clay producers in Brazil and Asia for the new MRC circuit (operational late 2027/early 2028), and discussions with heavy mineral sand producers who currently send monazite to China. Q: With the uranium processing campaign complete and costs improving, should we expect the current low cost profile of ~$23 per pound to be the new norm going forward?A: Ross Bappoo (President and CEO) explained that costs have been declining as the company works through higher-cost inventory. He expects costs to equalize over the next couple of quarters but remains confident that near-term costs will stay in the current neighborhood due to the high grades at the Pinyon Plain Mine and the efficient operation of the White Mesa Mill. The mill is currently in a planned maintenance period, with processing resuming in Q4 2026 or early 2027. Q: What is your preference for capital raising to fund the remaining gaps in your growth plan, and how do you view dilution?A: Ross Bappoo (President and CEO) emphasized the company's strong balance sheet with ~$1 billion in liquidity and a $250 million standby term loan facility from Goldman Sachs. His goal is to minimize dilution, exploring all non-dilutive options first. He noted that any future equity raises would be viewed as accretive to the business plan, and the company will also generate cash flow from the ASM and VAC acquisitions to fund growth. Q: What steps remain to close the Australian Strategic Materials (ASM) acquisition, and are there any regulatory hurdles?A: Nathan Longenecker (Chief Legal Officer) outlined the standard Australian process: a scheme meeting for shareholder approval on August 12th, a court hearing on August 18th, and the implementation date on August 28th. He confirmed there are no major outstanding issues beyond these standard procedural steps. Q: Are there alternative sources of rare earth feedstock if projects like Donald or Bahia are delayed?A: Ross Bappoo (President and CEO) stated the company is confident in near-term FIDs for its projects but is actively exploring alternatives. These include partnering with heavy mineral sand producers who currently discard monazite or send it to China, and sourcing MRC from various producers. A key competitive advantage is the company's ability to process radiocleides contained in all rare earth feeds, making it a preferred buyer. Q: Can you provide an update on the Vamata (Madagascar) project and its development timeline?A: Ross Bappoo (President and CEO) said the company has ramped up activity, putting teams back in the field and gearing up for a drilling program. The key next step is signing the investment agreement with the government of Madagascar, which they hope to progress in the next few months. Nathan Longenecker added that they have support at the highest levels of government and remain optimistic about moving forward. Q: Does the Phase 2 expansion increase your capacity to process MRC, and would expanding that capability increase capital costs?A: Ross Bappoo (President and CEO) clarified that Phase 2 is primarily designed for monazite from captive mines, but the MRC capability will continue through Phase 2 and could be expanded if needed. He noted that MRC doesn't require the cracking step that monazite does, so it could be fed into the circuit after that stage. He indicated that expanding MRC capacity would likely be a minimal additional cost relative to the overall project. Q: What are the next steps for the Korean metals plant (ASM) after the acquisition closes?A: Ross Bappoo (President and CEO) expressed excitement about closing later this month and visiting the facility in early September. The facility is operating well, with 8 new furnaces added and plans to double capacity from its current 1,200-1,400 tons per year. The equipment has been purchased, and the integration is expected to be seamless, allowing the company to ship its oxide materials to its own facility. Q: What is the progress on the Juniper ore body at Pinyon Plain, and what are the plans for drilling?A: Ross Bappoo (President and CEO) stated there is a very active drilling campaign to better define the Juniper zone, which will be the next phase of mining. He has approved purchasing additional equipment needed for the transition. While acknowledging that underground mining grades are more uncertain than open-pit operations, he expressed satisfaction with the results so far and emphasized the focus on understanding the ore grades from the Juniper zone. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

DENVER, Aug. 5, 2026 /CNW/ -- Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels"or the "Company"), a leading United States ("U.S.") producer of uranium, rare earth elements ("REEs"), and other critical minerals, today reported its financial and operational results for the quarter ended June 30, 2026. "Energy Fuels had a transformational second quarter where the Company continued to build one of the strongest strategic platforms in the rare earth sector through the planned acquisitions of VAC and ASM to add rare earth metal, alloy and magnet capacity to our portfolio, a conditional loan commitment of $725 million from the OSC to help fund our expansions, further advancement of our Donald Project joint venture as a near term source of rare earth feedstock, and commencement of construction on our heavy rare earth plant at the White Mesa Mill," said Ross Bhappu, President and Chief Executive Officer of Energy Fuels. "Our second quarter financial results reflect continued strong performance in our uranium segment, including industry leading low production costs, and actions we have taken to deliver on becoming the first, true, rare earth mine-to-magnet platform in the West. The continued investment in our transformation into a vertically integrated global critical materials company resulted in a net loss driven primarily by transaction-related costs associated with our planned acquisitions and higher operating expenses as we invest in people and projects. Importantly, these investments are being made from a position of financial strength, with nearly $1 billion of working capital at quarter-end. We believe the operational progress achieved this quarter, combined with our disciplined investment in growth, provides a strong foundation for future value creation." Second Quarter Highlights Rare Earth Elements Planned Acquisition of VAC: On June 23, 2026, the Company entered into a definitive agreement to acquire 100% of Vacuumschmelze GmbH & Co. KG, Ara VAC TopCo US LLC and their respective consolidated subsidiaries (collectively, "VAC") from Ara Partners for a total cash-and-stock consideration of approximately $1.9 billion based on Energy Fuels' closing share price of $16.12 as of June 22, 2026, to create a fully integrated platform to strengthen global critical rare earth element REE supply chains. VAC is a leading advanced magnetics company with over 100 years of production expertise, more than 400 patents, over 1,000 customers, and operating magnet production facilities in North America, Europe and Asia, including a state-of-the-art facility in Sumter, South Carolina, with capacity to produce 2,000 tonnes per annum ("tpa") of permanent magnets, scalable to 12,000 tpa (the "Sumter Facility"). Over the last decade, VAC has produced and shipped more than one (1) billion rare earth permanent magnets. VAC's existing product portfolio spans both permanent magnets (sintered neodymium-iron-boron, NdFeB, and samarium-cobalt, SmCo) and soft magnetics (amorphous and nanocrystalline alloys, cobalt-iron and nickel-iron products), enabling integrated cross-selling among electrification and industrial applications. Approximately 85% of VAC's output is produced to customer specifications, reflecting deep design-in relationships built over decades, including customer partnerships averaging over 30 years with their largest accounts. Planned Acquisition of ASM: The Company continued to advance its planned acquisition of Australian Strategic Materials Ltd. ("ASM"), an Australia-based critical materials company with REE mining, processing and metallization assets, including the Dubbo Project in New South Wales and a metallization and alloying facility in South Korea. The transaction is expected to strengthen Energy Fuels' position across the REE value chain by adding mining, separation, metallization and alloy production capabilities. During the quarter, the Energy Fuels obtained Australian foreign investment approval. The transaction remains subject to court, regulatory and shareholder approvals and is expected to close by the end of August 2026. Commercial-Scale 'Heavy' Rare Earth Plant Now Under Construction in Utah: On July 29, the Company announced that construction has begun on an expansion of its White Mesa Mill ("Mill") in Utah to enable the large-scale production of heavy rare earth oxides, which are planned to be used by Energy Fuels to produce rare earth metals, alloys and magnets essential to the automotive, robotics, data center, energy and defense industries. The expansion of the Company's existing light-rare earth oxide production capacity to also produce heavy-rare earth oxides is a critical step in the execution of Energy Fuels' integrated mine-to-magnet platform. The planned expansion is expected to be completed by the end of 2027, with respect to the addition of the Tb and Dy circuits and by the end of 2028 with respect to the addition of the Sm, Eu and Gd circuits. The Mill's heavy rare earth expansion is sized and timed to process the anticipated near-term monazite output from the Company's Donald Project joint venture in Australia. The planned expansion is also expected to include a circuit for the processing of mixed rare earth carbonates ("MREC") to enable Energy Fuels to process additional types of feedstocks produced globally that are rich in heavy rare earth oxides. Importantly, the new MREC circuit will enable the Mill to produce rare earth oxides and uranium simultaneously at commercial scale. Uranium Mined 315,000 Pounds of Contained U3O8: The Company mined 315,000 pounds of U3O8 at its Pinyon Plain, La Sal and Pandora mines during Q2 2026 for a total of 740,000 pounds of U3O8 during the first half of 2026. At its Pinyon Plain mine, the Company mined ore containing approximately 250,000 pounds of U3O8 with an average grade of approximately 0.71% U3O8 during Q2. Year to date, the Company mined Pinyon Plain ore containing approximately 625,000 pounds of U3O8 with an average grade of approximately 0.91% U3O8. Lower grades were reported in the first half of the year as the Company moved between high-grade zones. Grades are expected to continue increasing in the coming periods. Met 2026 Finished U3O8 Production Guidance: The Company produced 865,000 pounds of finished U3O8 in Q2 and 1.7 million pounds of finished U3O8 in the first half of the year, which falls within the previously published full-year guidance range of 1.5 to 2.5 million pounds of U3O8. As planned, the Company commenced its conventional ore processing campaign at the Mill in Q4 2025 and completed it in Q2 2026 producing a total of approximately 2.3 million pounds during this ore run. This conventional ore run successfully reduced production costs as expected. See below for further details. Ore and mineralized material that was not processed as part of the Mill's conventional ore run will remain stockpiled at the Mill or its Pinyon Plain, La Sal and Pandora mines for another Mill run planned for Q4 2026 or early 2027. Near-Term Uranium Production Growth Opportunities: Due to mined ore production at the Pinyon Plain, La Sal, and Pandora mines, as well as processing and production at the Mill, the Company is well-stocked to meet its upcoming long-term uranium contract sales and potential spot sales as market conditions warrant. The Company's inventory balances at the end of Q2 2026 were as follows: (1) Estimated. Guidance Unchanged: The Company's guidance for 2026 remains unchanged as follows: (1) The conventional uranium Mill run was completed in Q2 2026 and planned maintenance is ongoing. A subsequent Mill run will proceed pending receipt of sufficient ore and mineralized material stockpiles to justify the restart, which is currently expected to be in Q4 2026 or early in 2027. (2) Subject to sales into the spot market depending on market conditions. Uranium Production Costs: During the recently completed conventional ore and mineralized material Mill run, the Company's average mining and transportation costs to the Mill for Pinyon Plain ore was approximately $14 per pound of recovered U3O8, which together with milling cost of approximately $9 per pound U3O8, resulted in a total weighted average cost of approximately $23 per pound of U3O8 recovered. This falls at the bottom end of the previously announced expected cost of $23 to $30 per pound range for Pinyon Plain ore. The Company believes this ranks among the lowest costs for mined uranium production in the world. These high-grade Pinyon Plain ores were blended and processed with a relatively small quantity of lower grade, higher cost, La Sal/Pandora mineralized material at the Company's discretion. Uranium Price Update: The spot price of U3O8 is $86.50 per pound and the long-term price of U3O8 is $97.00 per pound, according to price data from TradeTech as of July 31, 2026. Heavy Mineral Sands Donald Project: The Company continued to advance the Donald Project via its joint venture with Astron Limited. The Donald Project has received all major regulatory approvals required to construct and operate the project and is expected to provide a long‑term, large‑scale source of monazite feedstock to the Company for processing into light and heavy REE oxides at the Mill.Energy Fuels' ownership in the Donald Project Joint Venture ("JV") increased to 12.7% as of June 30, 2026, with AUD$48.83 million ($32.88 million) in cash contributed. The Company has the option to earn-in up to a 49% ownership interest through additional investments upon the achievement of designated milestones, including a potential final investment decision as early as Q3 2026. The Company has rights to 100% of the monazite offtake.The Donald Project is strategically significant due to high concentrations of heavy REEs and is expected to provide a long-term source of monazite that is rich in valuable heavy rare earth elements, including dysprosium, terbium and samarium. Once produced, the Donald Project's monazite concentrate is expected to be delivered to the Mill over the 39-year modeled life of the project, supporting the Company's downstream rare earth strategy. Financial Highlights Unless noted otherwise, all dollar amounts are in U.S. dollars. Nearly $1 Billion in Working Capital: As of June 30, 2026, the Company had $996.0 million of working capital, including $58.4 million of cash and cash equivalents, $878.3 million of marketable securities (comprised primarily of short-term, interest-bearing securities and uranium equities), $15.1 million of trade and other receivables, and $75.0 million of inventory. This liquidity position supports ongoing operations and project development. Net Loss of $34 Million: The Company incurred a net loss of $33.6 million ($0.13 per share) during the quarter, compared to a net loss of $21.8 million ($0.10 per share) during Q2 2025. The increase was primarily due to transaction-related costs associated with the planned acquisitions of ASM and VAC and higher operating expenses, partially offset by improved margins on uranium sales during the current quarter. Revenue of $25 Million: The Company sold 310,000 pounds of U3O8 at a weighted average realized price of $80.48 per pound for total uranium revenues of $25.0 million. Spot sales totaled 150,000 pounds of U3O8 for revenue of $12.74 million at a weighted average realized price of $84.92 per pound, while long-term contract sales totaled 160,000 pounds of U3O8 for revenue of $12.21 million at a weighted average realized price of $76.33 per pound. Spot sales were lower than Q1 2026 as the Company took advantage of elevated spot prices earlier this year. The Company remains on track to meet its 2026 sales guidance. The company will host a conference call to discuss its second quarter results at 9:00 AM MT (11:00 AM ET) on Thursday, August 6, 2026: Conference call access with the ability to ask questions: To instantly join the conference call by phone, please use the following link to easily register your name and phone number. After registering, you will receive a call immediately and be placed into the conference call. Rapid Connect URL: https://registrations.events/easyconnect/6699323/rec7x3o1v5IUael17/ Alternatively, you may dial in to the conference call where you will be connected to the call by an Operator. North American Toll Free: 1-800-715-9871 To view the webcast online: Audience URL: https://app.webinar.net/PvRMJVkBGY0 Conference Replay Conference Replay Toronto: 1-647-362-9199 Conference Replay North American Toll Free: 1-800-770-2030 Conference Replay Entry Code: 6699323# Conference Replay Expiration Date: 08/13/2026 The Company's Quarterly Report on Form 10-Q has been filed with the U.S. Securities and Exchange Commission ("SEC") and may be viewed on the Electronic Document Gathering and Retrieval System ("EDGAR") at www.sec.gov/edgar, on the System for Electronic Data Analysis and Retrieval + ("SEDAR+") at https://www.sedarplus.ca/home, and on the Company's website at www.energyfuels.com. Unless noted otherwise, all dollar amounts are in U.S. dollars. Selected Summary Financial Information: Qualified Person Statement The scientific and technical information disclosed in this news release was reviewed and approved by Daniel D. Kapostasy, PG, Registered Member SME and Senior Vice President, Chief Technical Officer for the Company, who is a "Qualified Person" as defined in S-K 1300 and National Instrument 43-101. ABOUT ENERGY FUELS Energy Fuels is a leading U.S. critical materials company specializing in uranium, rare earth elements, heavy mineral sands, vanadium, and the development of medical isotopes. Energy Fuels is the leading U.S. producer of natural uranium concentrate, used for nuclear energy generation. The Company owns the only fully licensed conventional uranium mill operating in the U.S. – the White Mesa Mill in Utah – where it also produces REE products and evaluates medical isotope recovery for emerging cancer therapies. Additionally, Energy Fuels owns several producing and development uranium assets in the western United States and three heavy mineral sands/rare earths projects: the Vara Mada Project in Madagascar, Bahia Project in Brazil, and Donald Project in Australia (through a joint venture with Astron Limited). Based in Lakewood, Colorado, its shares trade on the NYSE American ("UUUU") and TSX ("EFR"). For more details, visit http://www.energyfuels.com. Cautionary Note Regarding Forward-Looking Statements: This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based critical materials company or as the leading producer of uranium in the U.S.; any expectation with respect to rate, quantities or duration of production, or related; any expectations as to uranium or other mineral grades and whether such grades will continue or change over time; any expectation as to costs of goods sold, costs of production, or gross profits or net, gross margins or other margins; any expectation as to future sales or sales prices; any expectations as to future inventory levels or changes to inventory levels; any expectation that the Company will be profitable; any expectation that the Company will develop its planned expansion of REE separation capacity at the Mill; any expectation that the Company's permitting efforts will be successful and as to any potential future production from any properties that are in the permitting or development stage; any expectation with respect to the Company's planned exploration programs; any expectation that the proposed ASM and VAC acquisitions, or any other merger, business combination or other strategic transaction, will close or that the anticipated benefits thereof will be realized; any expectation that any of the Company's international development projects, including the Vara Mada Project or Donald Project, will advance to an FID within the expected timeframes or at all; any expectation that Energy Fuels will be successful in agreeing on fiscal terms with the Government of Madagascar or in achieving sufficient fiscal and legal stability for the Vara Mada Project, including but not limited to permitting and other approvals thereof; any expectation that the Company will be successful in its engineering and test work for the production of radioisotopes at the Mill; any expectation that any such radioisotopes will be sold on a commercial basis; any expectation as to the quantities to be delivered under existing uranium sales contracts; and any expectation as to future uranium, vanadium, REE or HMS prices or market conditions. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements or other decisions by regulatory authorities; the imposition of tariffs and other restrictions on trade; legal challenges; the availability of feed sources for the Mill; competition from other producers; public opinion; government and political actions or inactions; the failure of the Government of Madagascar to agree on fiscal terms for the Vara Mada Project or provide the approvals necessary to achieve sufficient fiscal and legal stability on acceptable terms and conditions or at all; the failure of the Company to obtain the required permits for the recovery of Monazite from the Vara Mada Project; the failure of the Company to provide or obtain the necessary financing required to develop its non-U.S. projects, including the Vara Mada Project, the Donald Project, the Bahia Project and/or its expanded REE separations capacity; available supplies of monazite; the ability of the Mill to produce REE products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for REEs; actual results differing from estimates and projections; the ability of the Mill to recover radioisotopes at reasonable costs or at all; market prices and demand for medical radioisotopes; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar, on SEDAR+ at www.sedarplus.ca, and on the Company's website at www.energyfuels.com. Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law. 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DENVER, Aug. 5, 2026 /CNW/ -- Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels"or the "Company"), a leading United States ("U.S.") producer of uranium, rare earth elements ("REEs"), and other critical minerals, today reported its financial and operational results for the quarter ended June 30, 2026. "Energy Fuels had a transformational second quarter where the Company continued to build one of the strongest strategic platforms in the rare earth sector through the planned acquisitions of VAC and ASM to add rare earth metal, alloy and magnet capacity to our portfolio, a conditional loan commitment of $725 million from the OSC to help fund our expansions, further advancement of our Donald Project joint venture as a near term source of rare earth feedstock, and commencement of construction on our heavy rare earth plant at the White Mesa Mill," said Ross Bhappu, President and Chief Executive Officer of Energy Fuels. "Our second quarter financial results reflect continued strong performance in our uranium segment, including industry leading low production costs, and actions we have taken to deliver on becoming the first, true, rare earth mine-to-magnet platform in the West. The continued investment in our transformation into a vertically integrated global critical materials company resulted in a net loss driven primarily by transaction-related costs associated with our planned acquisitions and higher operating expenses as we invest in people and projects. Importantly, these investments are being made from a position of financial strength, with nearly $1 billion of working capital at quarter-end. We believe the operational progress achieved this quarter, combined with our disciplined investment in growth, provides a strong foundation for future value creation." Second Quarter Highlights Rare Earth Elements Planned Acquisition of VAC: On June 23, 2026, the Company entered into a definitive agreement to acquire 100% of Vacuumschmelze GmbH & Co. KG, Ara VAC TopCo US LLC and their respective consolidated subsidiaries (collectively, "VAC") from Ara Partners for a total cash-and-stock consideration of approximately $1.9 billion based on Energy Fuels' closing share price of $16.12 as of June 22, 2026, to create a fully integrated platform to strengthen global critical rare earth element REE supply chains. VAC is a leading advanced magnetics company with over 100 years of production expertise, more than 400 patents, over 1,000 customers, and operating magnet production facilities in North America, Europe and Asia, including a state-of-the-art facility in Sumter, South Carolina, with capacity to produce 2,000 tonnes per annum ("tpa") of permanent magnets, scalable to 12,000 tpa (the "Sumter Facility"). Over the last decade, VAC has produced and shipped more than one (1) billion rare earth permanent magnets. VAC's existing product portfolio spans both permanent magnets (sintered neodymium-iron-boron, NdFeB, and samarium-cobalt, SmCo) and soft magnetics (amorphous and nanocrystalline alloys, cobalt-iron and nickel-iron products), enabling integrated cross-selling among electrification and industrial applications. Approximately 85% of VAC's output is produced to customer specifications, reflecting deep design-in relationships built over decades, including customer partnerships averaging over 30 years with their largest accounts. Planned Acquisition of ASM: The Company continued to advance its planned acquisition of Australian Strategic Materials Ltd. ("ASM"), an Australia-based critical materials company with REE mining, processing and metallization assets, including the Dubbo Project in New South Wales and a metallization and alloying facility in South Korea. The transaction is expected to strengthen Energy Fuels' position across the REE value chain by adding mining, separation, metallization and alloy production capabilities. During the quarter, the Energy Fuels obtained Australian foreign investment approval. The transaction remains subject to court, regulatory and shareholder approvals and is expected to close by the end of August 2026. Commercial-Scale 'Heavy' Rare Earth Plant Now Under Construction in Utah: On July 29, the Company announced that construction has begun on an expansion of its White Mesa Mill ("Mill") in Utah to enable the large-scale production of heavy rare earth oxides, which are planned to be used by Energy Fuels to produce rare earth metals, alloys and magnets essential to the automotive, robotics, data center, energy and defense industries. The expansion of the Company's existing light-rare earth oxide production capacity to also produce heavy-rare earth oxides is a critical step in the execution of Energy Fuels' integrated mine-to-magnet platform. The planned expansion is expected to be completed by the end of 2027, with respect to the addition of the Tb and Dy circuits and by the end of 2028 with respect to the addition of the Sm, Eu and Gd circuits. The Mill's heavy rare earth expansion is sized and timed to process the anticipated near-term monazite output from the Company's Donald Project joint venture in Australia. The planned expansion is also expected to include a circuit for the processing of mixed rare earth carbonates ("MREC") to enable Energy Fuels to process additional types of feedstocks produced globally that are rich in heavy rare earth oxides. Importantly, the new MREC circuit will enable the Mill to produce rare earth oxides and uranium simultaneously at commercial scale. Uranium Mined 315,000 Pounds of Contained U3O8: The Company mined 315,000 pounds of U3O8 at its Pinyon Plain, La Sal and Pandora mines during Q2 2026 for a total of 740,000 pounds of U3O8 during the first half of 2026. At its Pinyon Plain mine, the Company mined ore containing approximately 250,000 pounds of U3O8 with an average grade of approximately 0.71% U3O8 during Q2. Year to date, the Company mined Pinyon Plain ore containing approximately 625,000 pounds of U3O8 with an average grade of approximately 0.91% U3O8. Lower grades were reported in the first half of the year as the Company moved between high-grade zones. Grades are expected to continue increasing in the coming periods. Met 2026 Finished U3O8 Production Guidance: The Company produced 865,000 pounds of finished U3O8 in Q2 and 1.7 million pounds of finished U3O8 in the first half of the year, which falls within the previously published full-year guidance range of 1.5 to 2.5 million pounds of U3O8. As planned, the Company commenced its conventional ore processing campaign at the Mill in Q4 2025 and completed it in Q2 2026 producing a total of approximately 2.3 million pounds during this ore run. This conventional ore run successfully reduced production costs as expected. See below for further details. Ore and mineralized material that was not processed as part of the Mill's conventional ore run will remain stockpiled at the Mill or its Pinyon Plain, La Sal and Pandora mines for another Mill run planned for Q4 2026 or early 2027. Near-Term Uranium Production Growth Opportunities: Due to mined ore production at the Pinyon Plain, La Sal, and Pandora mines, as well as processing and production at the Mill, the Company is well-stocked to meet its upcoming long-term uranium contract sales and potential spot sales as market conditions warrant. The Company's inventory balances at the end of Q2 2026 were as follows: (1) Estimated. Guidance Unchanged: The Company's guidance for 2026 remains unchanged as follows: (1) The conventional uranium Mill run was completed in Q2 2026 and planned maintenance is ongoing. A subsequent Mill run will proceed pending receipt of sufficient ore and mineralized material stockpiles to justify the restart, which is currently expected to be in Q4 2026 or early in 2027. (2) Subject to sales into the spot market depending on market conditions. Uranium Production Costs: During the recently completed conventional ore and mineralized material Mill run, the Company's average mining and transportation costs to the Mill for Pinyon Plain ore was approximately $14 per pound of recovered U3O8, which together with milling cost of approximately $9 per pound U3O8, resulted in a total weighted average cost of approximately $23 per pound of U3O8 recovered. This falls at the bottom end of the previously announced expected cost of $23 to $30 per pound range for Pinyon Plain ore. The Company believes this ranks among the lowest costs for mined uranium production in the world. These high-grade Pinyon Plain ores were blended and processed with a relatively small quantity of lower grade, higher cost, La Sal/Pandora mineralized material at the Company's discretion. Uranium Price Update: The spot price of U3O8 is $86.50 per pound and the long-term price of U3O8 is $97.00 per pound, according to price data from TradeTech as of July 31, 2026. Heavy Mineral Sands Donald Project: The Company continued to advance the Donald Project via its joint venture with Astron Limited. The Donald Project has received all major regulatory approvals required to construct and operate the project and is expected to provide a long‑term, large‑scale source of monazite feedstock to the Company for processing into light and heavy REE oxides at the Mill.Energy Fuels' ownership in the Donald Project Joint Venture ("JV") increased to 12.7% as of June 30, 2026, with AUD$48.83 million ($32.88 million) in cash contributed. The Company has the option to earn-in up to a 49% ownership interest through additional investments upon the achievement of designated milestones, including a potential final investment decision as early as Q3 2026. The Company has rights to 100% of the monazite offtake.The Donald Project is strategically significant due to high concentrations of heavy REEs and is expected to provide a long-term source of monazite that is rich in valuable heavy rare earth elements, including dysprosium, terbium and samarium. Once produced, the Donald Project's monazite concentrate is expected to be delivered to the Mill over the 39-year modeled life of the project, supporting the Company's downstream rare earth strategy. Financial Highlights Unless noted otherwise, all dollar amounts are in U.S. dollars. Nearly $1 Billion in Working Capital: As of June 30, 2026, the Company had $996.0 million of working capital, including $58.4 million of cash and cash equivalents, $878.3 million of marketable securities (comprised primarily of short-term, interest-bearing securities and uranium equities), $15.1 million of trade and other receivables, and $75.0 million of inventory. This liquidity position supports ongoing operations and project development. Net Loss of $34 Million: The Company incurred a net loss of $33.6 million ($0.13 per share) during the quarter, compared to a net loss of $21.8 million ($0.10 per share) during Q2 2025. The increase was primarily due to transaction-related costs associated with the planned acquisitions of ASM and VAC and higher operating expenses, partially offset by improved margins on uranium sales during the current quarter. Revenue of $25 Million: The Company sold 310,000 pounds of U3O8 at a weighted average realized price of $80.48 per pound for total uranium revenues of $25.0 million. Spot sales totaled 150,000 pounds of U3O8 for revenue of $12.74 million at a weighted average realized price of $84.92 per pound, while long-term contract sales totaled 160,000 pounds of U3O8 for revenue of $12.21 million at a weighted average realized price of $76.33 per pound. Spot sales were lower than Q1 2026 as the Company took advantage of elevated spot prices earlier this year. The Company remains on track to meet its 2026 sales guidance. The company will host a conference call to discuss its second quarter results at 9:00 AM MT (11:00 AM ET) on Thursday, August 6, 2026: Conference call access with the ability to ask questions: To instantly join the conference call by phone, please use the following link to easily register your name and phone number. After registering, you will receive a call immediately and be placed into the conference call. Rapid Connect URL: https://registrations.events/easyconnect/6699323/rec7x3o1v5IUael17/ Alternatively, you may dial in to the conference call where you will be connected to the call by an Operator. North American Toll Free: 1-800-715-9871 To view the webcast online: Audience URL: https://app.webinar.net/PvRMJVkBGY0 Conference Replay Conference Replay Toronto: 1-647-362-9199 Conference Replay North American Toll Free: 1-800-770-2030 Conference Replay Entry Code: 6699323# Conference Replay Expiration Date: 08/13/2026 The Company's Quarterly Report on Form 10-Q has been filed with the U.S. Securities and Exchange Commission ("SEC") and may be viewed on the Electronic Document Gathering and Retrieval System ("EDGAR") at www.sec.gov/edgar, on the System for Electronic Data Analysis and Retrieval + ("SEDAR+") at https://www.sedarplus.ca/home, and on the Company's website at www.energyfuels.com. Unless noted otherwise, all dollar amounts are in U.S. dollars. Selected Summary Financial Information: Qualified Person Statement The scientific and technical information disclosed in this news release was reviewed and approved by Daniel D. Kapostasy, PG, Registered Member SME and Senior Vice President, Chief Technical Officer for the Company, who is a "Qualified Person" as defined in S-K 1300 and National Instrument 43-101. ABOUT ENERGY FUELS Energy Fuels is a leading U.S. critical materials company specializing in uranium, rare earth elements, heavy mineral sands, vanadium, and the development of medical isotopes. Energy Fuels is the leading U.S. producer of natural uranium concentrate, used for nuclear energy generation. The Company owns the only fully licensed conventional uranium mill operating in the U.S. – the White Mesa Mill in Utah – where it also produces REE products and evaluates medical isotope recovery for emerging cancer therapies. Additionally, Energy Fuels owns several producing and development uranium assets in the western United States and three heavy mineral sands/rare earths projects: the Vara Mada Project in Madagascar, Bahia Project in Brazil, and Donald Project in Australia (through a joint venture with Astron Limited). Based in Lakewood, Colorado, its shares trade on the NYSE American ("UUUU") and TSX ("EFR"). For more details, visit http://www.energyfuels.com. Cautionary Note Regarding Forward-Looking Statements: This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based critical materials company or as the leading producer of uranium in the U.S.; any expectation with respect to rate, quantities or duration of production, or related; any expectations as to uranium or other mineral grades and whether such grades will continue or change over time; any expectation as to costs of goods sold, costs of production, or gross profits or net, gross margins or other margins; any expectation as to future sales or sales prices; any expectations as to future inventory levels or changes to inventory levels; any expectation that the Company will be profitable; any expectation that the Company will develop its planned expansion of REE separation capacity at the Mill; any expectation that the Company's permitting efforts will be successful and as to any potential future production from any properties that are in the permitting or development stage; any expectation with respect to the Company's planned exploration programs; any expectation that the proposed ASM and VAC acquisitions, or any other merger, business combination or other strategic transaction, will close or that the anticipated benefits thereof will be realized; any expectation that any of the Company's international development projects, including the Vara Mada Project or Donald Project, will advance to an FID within the expected timeframes or at all; any expectation that Energy Fuels will be successful in agreeing on fiscal terms with the Government of Madagascar or in achieving sufficient fiscal and legal stability for the Vara Mada Project, including but not limited to permitting and other approvals thereof; any expectation that the Company will be successful in its engineering and test work for the production of radioisotopes at the Mill; any expectation that any such radioisotopes will be sold on a commercial basis; any expectation as to the quantities to be delivered under existing uranium sales contracts; and any expectation as to future uranium, vanadium, REE or HMS prices or market conditions. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements or other decisions by regulatory authorities; the imposition of tariffs and other restrictions on trade; legal challenges; the availability of feed sources for the Mill; competition from other producers; public opinion; government and political actions or inactions; the failure of the Government of Madagascar to agree on fiscal terms for the Vara Mada Project or provide the approvals necessary to achieve sufficient fiscal and legal stability on acceptable terms and conditions or at all; the failure of the Company to obtain the required permits for the recovery of Monazite from the Vara Mada Project; the failure of the Company to provide or obtain the necessary financing required to develop its non-U.S. projects, including the Vara Mada Project, the Donald Project, the Bahia Project and/or its expanded REE separations capacity; available supplies of monazite; the ability of the Mill to produce REE products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for REEs; actual results differing from estimates and projections; the ability of the Mill to recover radioisotopes at reasonable costs or at all; market prices and demand for medical radioisotopes; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar, on SEDAR+ at www.sedarplus.ca, and on the Company's website at www.energyfuels.com. Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law. View original content to download multimedia:https://www.prnewswire.com/news-releases/energy-fuels-announces-q2-2026-results-302844191.html

Energy Fuels Inc. UUUU is scheduled to report second-quarter 2026 results on Aug. 6, after market close. While the company is expected to post another quarterly loss, revenues are projected to surge year over year on significantly higher uranium sales. The Zacks Consensus Estimate for UUUU’s revenues for the quarter is $30.2 million, indicating a solid 617.3% growth from the $4.21 million reported in the year-ago quarter. The estimate for earnings has remained unchanged at a loss of five cents per share over the past 60 days. It indicates a narrower loss than the loss of 10 cents reported in the second quarter of 2025. Image Source: Zacks Investment Research Over the trailing four quarters, Energy Fuels’ earnings beat the Zacks Consensus Estimate once while missing thrice. The company has a trailing four-quarter negative earnings surprise of 46.28%, on average. Image Source: Zacks Investment Research Our proven model does not conclusively predict an earnings beat for Energy Fuels this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here. Earnings ESP: UUUU has an Earnings ESP of 0.00%. You can uncover the best stocks before they are reported with our Earnings ESP Filter. Zacks Rank: The company currently carries a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank stocks here. In July, Energy Fuels announced it had produced “over 1.5 million pounds” of uranium during the first half of 2026, already exceeding the low end of its full-year production guidance of 1.5-2.5 million pounds. After producing 790,000 pounds in the first quarter, this suggests second-quarter production likely exceeded 710,000 pounds. The company had also ended the first quarter with 2.24 million pounds of finished and contained uranium inventory.In the second quarter of 2025, the company generated uranium revenues of $3.9 million through the sale of 50,000 pounds of uranium in the spot market for $77 per pound, and from alternate feed materials, processing and others. Meanwhile, heavy mineral sands (HMS) contributed $0.28 million, taking total quarterly revenues to $4.2 million. Notably, the company’s HMS output was sourced from the Kwale Project, where mining was concluded in December 2024, and the final HMS product was shipped in April 2025. Since then, HMS has no longer been contributing to Energy Fuel’s revenues. Uranium prices averaged roughly $85.18 per pound during the second quarter of 2026, up 17% from the prior-year period. We expect Energy Fuels to have capitalized on this pricing environment and sold some uranium during the quarter, backed by its solid production numbers and inventory. The year-over-year higher volumes and prices are expected to have driven revenues to around $30 million. However, exploration, development and processing expenses are expected to have risen due to inflationary pressures and continued project advancement. Selling, general and administrative expenses are also anticipated to have increased, reflecting higher salaries and benefits associated with a larger workforce. However, the commencement of processing lower-cost ore from the Pinyon Plain mine in the fourth quarter of 2025 is expected to have lowered uranium production costs. Overall, while Energy Fuels is likely to report another quarterly loss, robust revenue growth and improved production efficiencies are expected to have narrowed losses from the prior-year period. Cameco Corporation CCJ reported earnings per share of 13 cents, missing the Zacks Consensus Estimate of 26 cents per share. Earnings declined 75% year over year. Quarterly revenues came in at CAD 814 million ($588 million), topping expectations despite declining 7% year over year. Uranium revenues were reported at CAD 659 million ($469 million), down 7% year over year. An 8% decline in sales volumes was offset by a 15% increase in the Canadian dollar average realized price to CAD 93.13 per pound due to the impact of market-priced contracts on its portfolio. The Fuel Services segment’s revenues were down 6% to CAD 152 million ($108 million) due to an 18% decrease in sales volume, offset by a 13% increase in realized price. Centrus Energy LEU is set to release its second-quarter 2026 results on Aug. 5, after market close. The Zacks Consensus Estimate for Centrus Energy’s second-quarter revenues is pegged at $145.61 million, suggesting a year-over-year decline of 5.7%. Over the past 60 days, the earnings estimate for second-quarter 2026 has moved down 16.3% to 77 cents per share. The figure reflects a 51.6% decline from the year-ago quarter’s earnings of $1.59 per share. Shares of Energy Fuels have gained 25% in a year compared with the industry's 64.5% growth. In comparison, the Zacks Basic Materials sector has gained 24.8%, while the S&P 500 has risen 23.3% in the same period. Energy Fuels has outperformed Cameco, which has gained 19.2% in the past year. Meanwhile, Centrus Energy declined 12%. Image Source: Zacks Investment Research UUUU stock is currently trading at a forward sales multiple of 15.86, well above the industry average of 4.59. Image Source: Zacks Investment Research Meanwhile, Cameco and Centrus Energy are trading at price-to-sales ratios of 15.20 and 7.76, respectively. Energy Fuels remains one of the leading uranium producers in the United States. It continues to scale uranium production while developing rare earth element (REE) capabilities, backed by its solid balance sheet. UUUU is pursuing strategic deals that expand its resource base, strengthen its position across the rare earth value chain and diversify revenue streams. The planned acquisition of Australian Strategic Materials will strengthen its position in REE metals and alloys. In June, it also announced another significant step toward becoming a fully integrated rare earths and magnetics company with its announcement to acquire Germany-based VAC Group (Vacuumschmelze) in a deal valued at approximately $1.9 billion. UUUU remains an attractive long-term play, providing meaningful exposure to the strong fundamentals of both uranium and rare earth markets. In the second quarter, the company is expected to deliver a solid improvement in revenues backed by its production momentum, sales volume and favorable pricing environment. However, elevated expenses are expected to have resulted in a loss for the second quarter and a beat is unlikely. No matter how the earnings play out, the company's long-term growth prospects in both uranium and rare earths continue to support a constructive investment outlook. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Energy Fuels Inc (UUUU) : Free Stock Analysis Report Cameco Corporation (CCJ) : Free Stock Analysis Report Centrus Energy Corp. (LEU) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

MP Materials MP is scheduled to announce its second-quarter 2026 results on Aug. 6, after market close. The Zacks Consensus Estimate for MP’s second-quarter revenues is $99.2 million, indicating a 72.9% increase from the year-ago quarter. The consensus estimate for earnings has remained unchanged at two cents per share over the past 60 days. The projected earnings figure marks an improvement from the loss of 13 cents per share in the year-ago quarter. Image Source: Zacks Investment Research MP Materials’ earnings beat the Zacks Consensus Estimate in each of the trailing four quarters. The company has a trailing four-quarter earnings surprise of 144.3%, on average. Image Source: Zacks Investment Research Our proven model does not conclusively predict an earnings beat for MP Materials this time around. This is because a stock needs to have the right combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold), which increases the chances of an earnings beat. This is not the case, as you can see below. You can uncover the best stocks before they are reported with our Earnings ESP Filter. Earnings ESP: MP has an Earnings ESP of -72.73%. Zacks Rank: The company currently carries a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here. MP Materials has maintained strong operational momentum since 2025. In the first quarter of 2026, the company produced a record 917 metric tons (MT) of neodymium-praseodymium (NdPr), up 63% year over year. Rare earth oxide (REO) concentrate production also reached a record 12,983 MT, rising 6% year over year on improved recoveries and operational efficiencies. Production of magnetic precursor products continued to ramp up at the Independence facility.NdPr sales also hit a record 1,006 metric tons in the first quarter, a 117% increase year over year.  This robust production and sales growth led to the Materials segment’s revenues climbing 30% year over year to $72.2 million. We expect this momentum to have continued in the second quarter. Higher NdPr production, improved pricing and stronger sales volumes likely supported the Materials segment’s revenues. The Magnetics segment is also expected to have contributed more meaningfully as production of magnetic precursor products increased. In addition, the company is expected to have recognized income related to its price protection agreement (PPA) with the Department of War (DoW). However, cost pressures remain a key challenge, as MP advances its downstream expansion strategy. Producing separated rare earth products and magnetic materials involves significantly higher costs than concentrate production, due to additional processing requirements, chemical inputs, labor and maintenance. Cost of sales is expected to have been higher in the second quarter, reflecting increased sales of NdPr oxide and metal, along with added costs associated with magnetic precursor products. Ongoing investments in downstream capabilities are likely to have kept SG&A expenses high, maintaining pressure on near-term margins. MP Materials shares have declined 33% in a year against the industry’s 35.2% growth. In comparison, the Zacks Basic Materials sector has gained 25.8%, while the S&P 500 has risen 23.2% in the same period. Meanwhile, peers Energy Fuels UUUU and Lynas Rare Earths Limited LYSDY have gained 25% and 31.5% in a year, respectively. Image Source: Zacks Investment Research MP is trading at a forward 12-month price/sales multiple of 12X, a significant premium to the industry’s 1.42X. Energy Fuels and Lynas are trading at price-to-sales ratios of 15.86X and 8.9X, respectively. Image Source: Zacks Investment Research MP Materials remains the only fully integrated U.S. rare earth producer, with capabilities spanning mining, processing, metallization and magnet manufacturing. The company continues expanding operations at its Independence facility while advancing construction of the 10X magnetics campus. It is also preparing to commission scaled heavy rare earth separation at Mountain Pass. Once completed, the 10X facility is expected to increase MP's integrated U.S. rare-earth magnet manufacturing capacity to roughly 10,000 metric tons annually, strengthening domestic supply of these strategically important materials and enhancing the company's long-term growth prospects. MP Materials remains well-positioned to benefit from the growing demand for domestically produced rare earth materials and magnets, supported by its integrated business model, expanding production capabilities and significant long-term capacity investments. These strengths make the company an attractive long-term holding for existing shareholders. However, the stock's premium valuation, elevated operating and start-up costs, and an unfavorable Earnings ESP ahead of the upcoming release suggest that new investors may be better served waiting for a more attractive entry point or greater post-earnings clarity before initiating a position. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report MP Materials Corp. (MP) : Free Stock Analysis Report Energy Fuels Inc (UUUU) : Free Stock Analysis Report Lynas Rare Earths Limited - Sponsored ADR (LYSDY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research