Energy Fuels has received a conditional commitment for up to $725 million in financing from the U.S. Office of Strategic Capital (OSC) to support the expansion of its critical minerals processing operations and the development of new rare earth manufacturing capacity in the United States.

Under the proposed arrangement, the OSC would provide a 20-year loan to fund projects including planned upgrades at the company’s White Mesa Mill in Utah and the construction of a rare earth metals and alloy production facility. The financing remains subject to due diligence, final agreements, regulatory approvals and customary closing conditions.

The funding is intended to expand Energy Fuels’ ability to process rare earth elements and other critical minerals sourced from its domestic and international project portfolio. The company said the capital would also support supply chain integration, working capital requirements and other strategic initiatives tied to its rare earth and critical materials business.

The financing commitment comes as the United States continues efforts to strengthen domestic supply chains for critical minerals used in defense systems, advanced manufacturing, energy technologies, electronics and transportation.

Energy Fuels is pursuing a vertically integrated rare earth strategy that combines mineral resources, processing capabilities and downstream manufacturing. The company is also seeking to acquire Australian Strategic Materials. A move that would add rare earth metal and alloy production expertise and existing facilities in South Korea.

White Mesa Mill

The White Mesa Mill serves as the company’s primary processing hub in the United States. And will play a central role in future expansion plans supported by the financing package.

Energy Fuels said additional details on the financing, including final terms and timing, will be released once definitive agreements have been completed.

The announcement follows the Office of Strategic Capital’s earlier financing commitment to Phoenix Tailings for its Freedom Facility this week, further signaling a broader effort to expand domestic rare earth capacity across both upstream and midstream segments of the supply chain.

Factsheet: Energy Fuels Receives Conditional Financing for U.S. Rare Earth Expansion

• Company: Energy Fuels Inc.
• Development: Received a conditional financing commitment from the U.S. Office of Strategic Capital (OSC).
• Amount: $725 million.
• Term: 20-year loan.
• Purpose: Support expansion of critical minerals and rare earth processing capacity in the U.S.

Key Projects:

• • Expansion of the White Mesa Mill in Utah.
  • Development of a planned U.S. rare earth metals and alloy facility.
• Status: Conditional; subject to due diligence, final agreements, approvals, and closing conditions.
• Use of Funds: Project development, processing capacity expansion, supply chain integration, and working capital.
• Strategic Goal: Strengthen domestic rare earth and critical minerals supply chains.
• Advisors: Goldman Sachs & Co. LLC (financial advisor); Akin Gump Strauss Hauer & Feld LLP (legal counsel).