Energy Fuels Secures $725M Loan for Rare Earth Expansion, Aims to Acquire ASM

Published: Jun 23, 2026 16:29

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[SMM Rare Earth Express] US critical minerals developer Energy Fuels announced that it has received a conditional commitment for $725 million in senior secured debt from the US Department of Defense’s Office of Strategic Capital. The 20-year loan will be used to expand rare earth processing capacity at its White Mesa Mill in Utah and to build a rare earth metals and alloys production facility. The company plans to acquire Australian Strategic Materials (ASM) to complete its supply chain from mining to metal. Phase 1 of the White Mesa Mill processes 10,000 mt of monazite concentrates annually, producing 1,000 mt of Pr-Nd oxide. After the Phase 2 expansion, annual Pr-Nd capacity will rise to over 6,000 mt, with additional terbium (66 mt/year) and dysprosium (240 mt/year) capacity. The loan is subject to further due diligence and final documentation before disbursement.

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