Energy Fuels: Growth Is Finally Tangible (Rating Upgrade)

Energy Fuels is upgraded to Buy as uranium operations achieve scale, low costs, and attractive sales prices, while rare-earth strategy gains commercial clarity. UUUU's vertical integration via ASM and VAC acquisitions positions it to control the supply chain from mining to permanent magnets, strengthening the long-term investment case. Despite the current valuation at 25x 2028 earnings, the real upside lies in 2029–2031 as Sumter and White Mesa Phase 2 scale, with significant earnings growth potential.