NYSE American- and TSX-listed Energy Fuels said on Monday it aims to lift uranium output to as much as 2.5-million pounds a year by 2026 as it prepares to bring new mines online, supported by one of the strongest balance sheets in the North American uranium sector.

The Colorado-based company, which operates the only conventional uranium mill in the US, said it is advancing its Nichols Ranch in-situ recovery project in Wyoming and the Whirlwind mine in Colorado. Once in production, these projects, together with existing operations, could boost the company’s yearly run-rate to 2.5-million pounds of uranium oxide (U₃O₈) as early as next year.

Energy Fuels expects to produce up to one-million pounds of finished U₃O₈ in 2025 from stockpiled ore mined at its Pinyon Plain, La Sal and Pandora mines. Ore from Pinyon Plain averaged 1.27% U₃O₈ in the third quarter and 1.67% since mining began, making it among the highest-grade uranium mined in the US.

Processing of Pinyon Plain ore began in October and is expected to continue into early 2026 at total production costs of $23/lb to $30/lb, placing it among the lowest-cost mined uranium globally.

The company’s total uranium inventory stood at 2.13-million pounds at the end of September, including 485 000 lb of finished product, which it plans to hold largely in anticipation of higher prices and for long-term delivery commitments.

Energy Fuels expects to sell 350 000 lb of uranium this year and between 620 000 lb and 880 000 lb in 2026 under existing long-term contracts, while potentially making additional spot sales depending on market conditions.

The company reported a reduced net loss of $16.7-million for the third quarter, compared with a $21.8-million loss in the previous quarter, while advancing its projects and preparing for the current large-scale processing run at its White Mesa Mill in Utah.

As of September 30, Energy Fuels had $298.5-million in working capital, including $94-million in cash, $141.3-million in marketable securities and no debt. The company further strengthened its position in October with a $700-million convertible notes offering, led by Goldman Sachs, due 2031 and carrying a 0.75% coupon.

At current prices, its finished uranium, vanadium and rare earth inventories hold an estimated market value of about $45-million, exceeding the $30-million recorded at historical cost on its balance sheet.

Energy Fuels said continued ore production and processing were expected to lift uranium inventories to between 1.98-million and 2.59-million pounds by year-end, while development work at its Roca Honda, Bullfrog and Sheep Mountain projects could support further expansion to as much as five-million pounds of U₃O₈ a year in the longer term.

As of October 31, the spot uranium price was $82.50/lb and the long-term price $86/lb, according to TradeTech.