New York, Jan 5, 2026, 10:38 EST — Regular session
- Energy Fuels shares rose about 4% in morning trading, outpacing uranium-focused ETFs.
- Sector buying returned early in 2026 as investors tracked nuclear-fuel and critical-minerals headlines.
- Traders are watching for the next company update on rare earth processing and the timing of quarterly results.
Energy Fuels Inc shares rose about 4% on Monday, lifting the uranium and critical-minerals producer after a volatile start to the year for the sector. The stock was up 4.0% at $17.35 in morning trade, after touching $17.45 at the session high.
The move matters because investors are once again treating uranium-linked equities as a fast-moving proxy for shifting expectations on nuclear power demand, supply constraints and policy support for domestic production. Flows into the group can be abrupt, and early-year positioning tends to amplify price swings.
Energy Fuels sits at the intersection of two themes traders have been leaning into: nuclear-fuel supply and the push to build a non-China rare-earth supply chain. That combination can pull in momentum buyers even when company-specific news is thin.
Uranium-linked names were mostly firmer on Monday, with the Global X Uranium ETF up about 3.1% and Uranium Energy Corp up about 3.9%, while Denison Mines gained about 2.5%; Cameco slipped about 1.2%.
Energy Fuels has also been back in the conversation after weekend coverage highlighted progress at its White Mesa site and its work on dysprosium oxide, a rare earth used in high-performance magnets. The Journal
In a Dec. 19 statement, the company said its 99.9% purity dysprosium oxide produced at its White Mesa Mill in Utah met initial quality assurance and quality control benchmarks for a major South Korean automotive manufacturer’s permanent-magnet supply chain. “Production of dysprosium oxide that meets stringent magnet specifications is yet another key milestone,” Chief Executive Mark S. Chalmers said. Energy Fuels
The rare-earth angle matters for Energy Fuels because dysprosium is a “heavy” rare earth used to improve magnet performance in electric vehicles and other industrial applications, and supply outside China is limited. Energy Fuels has pitched its processing plans as part of a broader effort to rebuild U.S.-linked critical-minerals capacity.
On the uranium side, price signals remain a key read-through for sentiment, even though uranium is typically sold via negotiated contracts rather than on an exchange. Cameco’s industry-average spot price, based on month-end quotes from UxC and TradeTech, was $81.55 per pound at Dec. 31. Cameco
Investors have also been watching for project and permitting milestones across the uranium complex. Denison said on Jan. 2 it was ready to make a final investment decision and commence construction of its Phoenix in-situ recovery project, a mining method that dissolves uranium underground and pumps it to the surface, pending final approvals. Denison Mines Corp.
But the setup carries familiar risks. Uranium equities can reverse quickly if contracting momentum slows, if commodity expectations soften, or if companies face delays in ramping production and processing — especially in rare earths, where qualification and scale-up can take longer than traders assume.
