The U.S. Department of War's Office of Strategic Capital (OSC) announced a $725 million conditional loan commitment with Energy Fuels, Inc. (NYSE American: UUUU) to expand domestic processing of rare earth elements, according to a statement released June 18, 2026.

The loan, combined with additional private capital, is intended to support construction of a rare earth separation and metallization facility in the United States. Energy Fuels, which has historically focused on uranium production, would use the funding to expand into midstream rare earth processing — a step between raw extraction and permanent magnet production.

Energy Fuels currently operates a uranium processing facility and a rare earth oxide separation facility at White Mesa Mill in Utah.

"Energy Fuels' expansion into rare earth midstream processing represents a key solution to a national bottleneck that needs to be rapidly addressed," said David A. Lorch, Director of the Office of Strategic Capital.

The conditional commitment requires Energy Fuels to complete additional financial, legal, technical, and other due diligence steps before the loan reaches financial close.

OSC stated that in fiscal year 2026, it has committed over $5 billion in debt financing and mobilized over $11 billion in total capital from public and private sectors.