Energy Fuels Inc. (NYSE: UUUU) announced it produced its first kilogram of terbium oxide at its White Mesa Mill in Utah, marking what the company claims is the first U.S. primary production of this heavy rare earth material in decades.

The company achieved 99.9% purity terbium oxide at pilot scale using monazite ore sourced from Florida and Georgia. The production follows Energy Fuels' recent announcement of producing nearly 30 kilograms of 99.9% pure dysprosium oxide, another heavy rare earth oxide used in permanent magnets.

"This success proves we can process and produce high purity 'heavy' rare earth oxides economically and at scale in the U.S.," said CEO Mark Chalmers in a statement.

Energy Fuels plans to continue producing terbium oxide at approximately one kilogram per week in its pilot circuit. The company expects to expand heavy rare earth element production capability with planned commercial-level recovery of dysprosium, terbium, samarium, europium and gadolinium.

Subject to regulatory approvals and sufficient monazite feedstock, the expanded commercial circuit is expected to be operational by 2027. The company projects production recovery of up to 35 tonnes of dysprosium and 12 tonnes of terbium per year from processing approximately 10,000 tonnes of monazite annually.

Energy Fuels also plans a Phase 2 Circuit by 2029 that would increase rare earth oxide production capacity to over 6,000 tonnes per year of neodymium-praseodymium oxide, along with approximately 80 tonnes of terbium and 288 tonnes of dysprosium oxides.

The company operates the White Mesa Mill, described as the only fully licensed conventional uranium mill in the United States. Energy Fuels has been developing heavy mineral sands projects in Madagascar, Brazil and Australia.