ENERGY FUELS INC 8-K

What Happened
Energy Fuels (ticker: UUUU) filed an 8-K on Jan 13, 2026 to announce publication of a new Technical Report (the Feasibility Study) for the Vara Mada Project (formerly Toliara), prepared by Base Resources in accordance with NI 43-101 and S-K 1300, effective June 30, 2025. The study covers a two-stage open-pit mineral sands operation at the Ranobe deposit in southwest Madagascar and provides updated resource/reserve, production, cost, and financial metrics.

Key Details

• Mineral reserves: Proven & Probable 904 million tonnes at 6.1% total heavy minerals (THM). Measured & Indicated resource (inclusive of reserve): 1,390 Mt at 5.1% THM.
• Production & life: 38-year life of mine; average annual production (LOM) ~959 kt ilmenite, 66 kt zircon, 8 kt rutile, 24 kt monazite.
• Economics: Post-tax real NPV10 = $1,415 million and IRR = 22.1% (as of June 30, 2025). Capital: pre-FID $121M, Stage 1 ~$769M, Stage 2 ~$142M. LOM operating costs total ~$4,554M; average unit operating cost ~$4.95/t mined ($112.50/t produced). Payback ~4.8 years.
• Permitting & next steps: Energy Fuels acquired control Oct 2, 2024; Madagascar lifted a project suspension Nov 28, 2024. Company has an MOU with the Government (Dec 5, 2024) and must secure an investment agreement, add monazite rights to the exploitation permit (PE 37242), and obtain land access before development. Major infrastructure (45 km haulage corridor, new export facility, bridge) is required.

Why It Matters
The Feasibility Study shows the project is large, long-lived, and economically robust under the study assumptions — producing both bulk titanium products (ilmenite) and higher-value zircon and monazite (the latter planned for rare-earth refining at Energy Fuels’ White Mesa Mill). For investors, the report provides concrete production, cost, reserve, and NPV/IRR metrics to evaluate project value and risks. Key development milestones remain: final investment support from Madagascar, land access, adding monazite to the permit, and completing updated environmental/social approvals. These approvals, infrastructure build, and commodity price/recovery assumptions will materially affect project timing and returns.