Interview with Mark Chalmers, President & CEO of Energy Fuels Inc.

Our previous interview: https://www.cruxinvestor.com/posts/energy-fuels-nyseuuuu-what-us-automotives-want-7028

Recording date: 2nd May 2025

Energy Fuels is emerging as a standout player in the critical minerals sector, with its unique dual focus on uranium and rare earth elements production. The company recently demonstrated its operational capabilities by producing 151,400 pounds of uranium in April 2025 from its Pinyon Plane mine, achieving higher-than-expected grades of approximately 1.6%.

Led by industry veteran Mark Chalmers, who brings 49 years of global uranium production experience, Energy Fuels has strategically positioned itself to capitalize on growing supply constraints in the uranium market. Chalmers offers a sobering assessment of the global uranium supply situation, noting that the best deposits worldwide are depleting while new discoveries remain limited, unpermitted, and undeveloped.

The company's White Mesa Mill represents a significant competitive advantage, with the flexibility to switch between uranium and rare earth processing based on market conditions. This capability allows Energy Fuels to respond with unusual agility to customer demands and price fluctuations.

Beyond current production, Energy Fuels is advancing multiple mining projects including Roca Honda in New Mexico, Bullfrog, and potential restarts at the La Sal Complex, Energy Queen, and Whirlwind mines. The company emphasizes "pounds above the ground" rather than just theoretical resources.

Energy Fuels has positioned itself to potentially provide 50-100% of US demand for multiple critical minerals, aligning perfectly with governmental priorities for secure domestic supply chains. Despite strong federal support, regulatory and permitting challenges remain significant barriers to rapid industry expansion.

Chalmers believes uranium prices must rise "well into the hundreds" per pound to incentivize new production and ensure long-term industry sustainability. With uranium currently trading around $70/lb and production costs at approximately $40/lb, Energy Fuels stands to benefit substantially from this anticipated price appreciation while executing its unique strategy in critical minerals.

Learn more: https://www.cruxinvestor.com/companies/energy-fuels

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