June 30, 2026 - The U.S. Department of War’s Office of Strategic Capital (OSC) has announced a $725 million conditional loan commitment to Energy Fuels, Inc. to expand domestic processing of rare earth elements www.war.gov+1.

Purpose and Scope

The funding is intended to support the construction of a state-of-the-art U.S.-based rare earth separation and metallization facility, complementing Energy Fuels’ existing uranium processing and rare earth oxide separation operations at White Mesa Mill, Utah www.war.gov+1.
Rare earth separation and metallization is a midstream processing stage that bridges raw extraction and permanent magnet production, a critical step for industries such as defense, electric vehicles, wind turbines, and medical devices www.war.gov+1.

Strategic Importance

OSC’s move aligns with President Trump’s mandate to secure a resilient, domestic supply chain for rare earths and other critical minerals www.war.gov. The U.S. has been reducing reliance on China, which has recently curtailed rare earth exports Reuters.
By onshoring this midstream capability, the investment aims to:

• Strengthen the full mine-to-magnet supply chain in the U.S.

• Support permanent magnet facilities across the industrial base.

• Improve supply chains for specialty defense and industrial products www.war.gov+1.

Financing Details

• Amount: Up to $725 million in senior-secured debt.

• Term: 20 years.

• Conditions: Subject to due diligence, finalization of agreements, and customary closing conditions investors.energyfuels.com+1.

• Partnership: OSC will combine its capital with additional private investment to mobilize over $11 billion in total capital for U.S. industrial base projects in FY26 www.war.gov.

Company Response

Energy Fuels CEO Ross Bhappu said the support aligns with the company’s goal to be a “vital player” in the rare earth supply chain, leveraging its upstream resources and midstream processing expertise to build a vertically integrated, durable, and allied supply chain investors.energyfuels.com+1.

Broader Context

This is part of a larger U.S. push to secure critical materials security. In FY26 alone, OSC has committed over $5 billion in debt financing for such initiatives www.war.gov. The project underscores the strategic value of rare earths in modern defense and industrial technologies.