NEW YORK, December 30, 2025, 13:43 ET — Regular session
Shares of Energy Fuels Inc fell 3.5% to $14.55 in afternoon trading on Tuesday. The uranium miner lagged peers, with Uranium Energy down about 1.9% while Cameco was little changed and MP Materials slipped about 1.3%. Energy Fuels traded about 5.9 million shares and ranged between $14.30 and $15.28.
The pullback matters because uranium stocks have been swinging on fresh evidence of supply discipline, contract signings and realized pricing. Investors want proof that producers can turn high commodity prices into durable cash flow, not just headlines.
Energy Fuels is a live case study. It sells into both near-term spot markets and longer-dated contracts, a mix that can smooth revenue but also caps some upside.
In a company update on Monday, Energy Fuels said it exceeded its 2025 guidance for finished uranium production, mined ore and uranium concentrate sales. It expects to sell 360,000 pounds of U3O8 — uranium oxide concentrate, often called “yellowcake” — in the fourth quarter for about $27 million of gross uranium sales at a weighted average price of $74.93 per pound. “Strong uranium production is critical to America’s economic and national security,” CEO Mark S. Chalmers said. 1
The company also said it completed two new long-term uranium sales contracts with U.S. nuclear power generators for deliveries from 2027 to 2032, using a hybrid pricing structure that blends an escalated base price with spot-price exposure within floor-and-ceiling bands. Energy Fuels forecast about 780,000 to 880,000 pounds of U3O8 sales into its long-term contract portfolio in 2026 and said its six long-term contracts total 2.41 million to 4.41 million pounds for 2027–2032; it also expects cost of goods sold to start dropping in the first quarter of 2026 as lower-cost uranium is sold. It said the White Mesa Mill produced more than one million pounds of finished U3O8 in 2025 and plans to mill roughly 250,000 pounds a month through the first half of 2026 before shifting to commercial-scale production of the heavy rare earths dysprosium and terbium. 2
Energy Fuels rose 2.94% on Monday to close at $15.07 after touching $16.00, then gave back ground in Tuesday’s session. The stock opened at $15.15 on Tuesday and was last trading below that level. 3
For investors, the contract mechanics are the key nuance. Hybrid pricing can support cash flow with a base component while still leaving some upside if uranium prices rise into delivery, but floors and ceilings limit the extremes.
Cost is the other swing factor. A drop in cost of goods sold — the direct costs tied to producing and processing uranium — would widen margins if realized prices hold, and it puts extra weight on how quickly lower-cost feed reaches sales.
The rare-earth angle adds optionality and complexity. Investors will be watching whether the company can execute on two commodity cycles at once, and how capital and operating priorities shift if one market tightens while the other cools.
