Why it’s on the map
US uranium producer (White Mesa Mill) that also separates NdPr; building heavy-REE circuits; acquiring VAC ($1.9B) — 2,000 tpa US sintered magnet plant in South Carolina, scalable to 12,000 tpa.
Government money & contracts
Dept of War Office of Strategic Capital: $725M conditional 20-yr loan (June 2026). VAC's Sumter SC plant holds a DLA stockpile contract.
Customers & commercial
Terbium oxide qualified by Japan's largest magnet maker.
Catalysts
ASM acquisition close; VAC approvals (early 2027); OSC loan definitive docs; Q3 early Nov.
Risk
Enormous execution stack (2 acquisitions, 3 plant builds); 65.9M new shares to VAC; uranium price.
Tariff durability
Dual uranium + REE; Canada supplies 32% of US reactor uranium — escalation tail-risk beneficiary.
Energy Fuels does not currently pay a dividend. The trade here is the move, not the check. See the names that do pay →