Energy Fuels Inc., a leading U.S. producer of uranium, rare earth elements, and other critical minerals, has announced significant progress in its heavy rare earth element (HREE) oxide production at the White Mesa Mill. The company has commenced producing Dysprosium (Dy) oxide at pilot scale, achieving a minimum purity of 99.5% and potentially exceeding 99.9% purity. Energy Fuels anticipates completing the production of its first kilogram of Dy oxide within the next 30 days and expects to produce approximately 15 kg by the end of September 2025. This production will generate sufficient residuals to initiate the Terbium (Tb) circuit by October 2025, with an expected output of one kilogram of Tb by the end of November 2025. The company aims to start producing Samarium (Sm) oxide on a pilot scale in January 2026. Assuming continued success in pilot scale production, Energy Fuels could commence commercial production of Dy, Tb, and Sm as early as Q4 2026 from existing feed sources. Additionally, if a production decision is made in 2025, the company could begin production from its permitted Donald Project in Australia by the end of 2027. This project is one of the richest deposits of HREEs globally, potentially providing much-needed U.S.-produced heavy rare earth oxides to other U.S. producers. Energy Fuels is currently the only U.S. company producing separated HREE oxides from commercial rare earth ores, distinguishing it from others experimenting with HREE production via recycling.