MOU Signed To Collaborate On Supply Of Rare Earth Magnets

DENVER, CO – Energy Fuels Inc. and Vulcan Elements, a U.S. manufacturer of rare earth permanent magnets, announced that the companies have signed a Memorandum of Understanding (MOU) to collaborate on creating a resilient domestic supply chain for rare earth magnets independent of China. Rare earth magnets are used in a variety of commercial and defense applications, including satellites, robotics, artificial intelligence data centers, semiconductor fabrication, drones, defense systems, electric vehicles, consumer electronics, industrial motors, and power tools.
Under the collaboration, Energy Fuels has agreed to supply initial quantities of high-purity “light” and “heavy” separated rare earth oxides to Vulcan in Q4 of 2025. Upon receipt, Vulcan will validate Energy Fuels’ neodymium-praseodymium (NdPr) and dysprosium (Dy) oxides for production of rare earth magnet applications. After validating the oxides, Vulcan and Energy Fuels intend to negotiate additional long-term supply agreements for both NdPr and Dy oxides. NdPr and Dy are key raw materials required for the manufacture of rare earth magnets.
The NdPr and Dy oxides that Energy Fuels will provide to Vulcan under the MOU for validation will be sourced exclusively from U.S. mines. Energy Fuels’ White Mesa Mill in Utah is the only operating U.S. facility capable of processing monazite mineral concentrates into separated rare earth oxides. Monazite concentrates are highly coveted in the rare earth industry because they have higher concentrations of “light”, “mid,” and “heavy” rare earth materials compared to other mineral sources. Energy Fuels currently sources monazite concentrates from heavy mineral sand mines owned by The Chemours Company in the United States in Florida and Georgia.
Vulcan Elements’ CEO John Maslin, said, “Together, Vulcan Elements and Energy Fuels are onshoring one of the most important supply chains for America’s future economy and security. We believe this collaboration will enable Vulcan to ensure it has access to the rare earth materials it needs in order to deliver high-performance magnets for critical technologies and essential military capabilities.”
Mark S. Chalmers, CEO of Energy Fuels, added: “Energy Fuels and Vulcan Elements are innovative companies with similar visions of creating a secure Western rare earth magnet supply chain. We have both proven our capacity to deliver rare earth products that meet commercial specifications at scale from American-based facilities. We believe Vulcan Elements is emerging as a top-tier manufacturer, and we see this MOU as the first step towards building a long-term relationship that serves the interests of both companies and the U.S.”