Published: August 28, 2025 |

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Energy Fuels and Vulcan Elements have signed a memorandum of understanding (MOU) to collaborate on creating a resilient domestic supply chain for rare earth magnets independent of China.

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.

“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,” said Mark Chalmers, CEO of Energy Fuels.

“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.,” added Chalmers.

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.

“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,” said Vulcan Elements’ CEO John Maslin.

Vulcan manufactures high-performance rare earth magnets for defense and commercial applications and is currently operating a commercial manufacturing facility in Durham, North Carolina. Vulcan’s magnets meet requirements across commercial and defense applications — from hard disk drives and AI infrastructure to semiconductor fabrication equipment, robotics, drones, and automotive applications.

In 2024, Energy Fuels produced high-purity NdPr oxide at commercial scale at its White Mesa Mill near Blanding, Utah. This light rare earth oxide has been validated by downstream rare earth metal, alloy, and magnet manufacturers. Energy Fuels is currently piloting the production of heavy rare earth oxides that meet commercial specifications at the Mill, with kilogram-scale samples of Dy oxide expected to be available in August 2025 and Terbium oxide in Q4 2025.

Energy Fuels is a leading U.S.-based critical minerals company, focused on uranium, REEs, heavy mineral sands (HMS), vanadium and medical isotopes. The company has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities that process it further for the production of carbon-free nuclear energy and owns and operates several conventional and in-situ recovery uranium projects in the western United States. The company also owns the White Mesa Mill (the Mill) in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, the company also produces advanced REE products, vanadium oxide, and is evaluating the recovery of certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. The company also owns the Kwale HMS project in Kenya which ceased mining and commenced final reclamation activities at the end of 2024, and is developing three additional HMS projects: the Toliara Project in Madagascar; the Bahia Project in Brazil; and the Donald Project in Australia in which the company has the right to earn up to a 49 percent interest in a joint venture with Astron Corporation. The company is based in Lakewood, Colorado, near Denver, with its heavy mineral sands operations managed from Perth, Australia.

Vulcan Elements manufactures permanent sintered neodymium iron boron (NdFeB) magnets in the United States for critical defense and commercial applications. The company remains committed to advancing technological innovations, galvanizing America’s manufacturing workforce, and collaborating with both public and private sector stakeholders to strengthen the domestic rare earth magnet supply chain.

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