Carlsen reported on May 1 2026 that for decades, the United States has turned to Russia for roughly one-quarter of its enriched uranium supply. That's changing. A couple of years ago, Congress passed the Prohibiting Russian Uranium Imports Act, which prohibits the import of low-enriched uranium (LEU) from Russia. It goes into full effect in 2028.
At the same time, the U.S. is looking to quadruple its nuclear energy capacity by 2050. The U.S. aims to secure energy independence and is leaning on domestic miners and processors to help in its efforts. One of the top U.S. uranium miners right now is Energy Fuels.
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With the full Russian import ban looming and nuclear energy on the rise, is Energy Fuels a buy today? Let's take a closer look at the company and see what's revealed.
Energy Fuels is a top U.S. producer of uranium
Uranium production in the U.S. has seen its highest growth in nearly a decade, and Energy Fuels is one of the companies leading the way. The Colorado-based company is the largest and lowest-cost uranium producer in the U.S. The company expects to mine between 2 million and 2.5 million pounds of triuranium octoxide, commonly known as yellowcake, this year.
What makes Energy Fuels appealing is that it has the only fully operational conventional mill in the United States, the White Mesa Mill in Utah. It is currently the only licensed and operating conventional uranium mill in the U.S., enabling Energy Fuels to process conventional uranium ore. At this mill, the company forecasts it will process 1.5 million to 2.5 million pounds of triuranium octoxide this year, up from 1 million last year.
Energy Fuels is actively preparing the Whirlwind conventional mine in Colorado and the Nichols Ranch ISR project in Wyoming, so they are ready to resume production within 12 months if approved. Bringing these two mines online could increase the company's annual production by up to 600,000 pounds of triuranium octoxide.
The company is expanding into processing crucial rare-earth elements. Beyond uranium, Energy Fuels is also tapping into rare-earth elements (REEs), which are another key concern for U.S. lawmakers. The same chemistry used to process uranium is also used for REEs, and Energy Fuels is leveraging its existing infrastructure to become the first U.S. producer of heavy rare-earth elements, which are crucial for technological and defense applications.
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