Energy Fuels Inc. (TSX:EFR, NYSE-A:UUUU) shares popped on Tuesday after the uranium producer reported another record month of production at its Pinyon Plain mine in Arizona.
During the month, the company produced nearly 260,000 pounds of uranium oxide (U3O8), representing a 71% increase over last month's record.
This output was generated from 6,043 tons of ore with an average grade of 2.14% U3O8.
Over the first five months of 2025, the mine produced approximately 475,000 pounds of U3O8 from about 12,500 tons of ore, averaging 1.92% grade, with a five-month production rate of roughly 96,000 pounds per month.
Notably, April and May saw production surge to over 200,000 pounds per month.
"We believe Pinyon Plain stands alone as the most important domestic uranium mine today, as it is very high-grade, very low-cost, and is expected to produce millions of pounds of uranium in the next few years with material exploration potential,” Energy Fuels CEO Mark Chalmers said in a statement.
“We are also quickly advancing our longer-term 'pipeline' projects to maintain and grow Energy Fuels' domestic production profile and market share.”
The company cautioned that such high production levels are unlikely to continue due to constraints such as ore haulage truck shortages, compliance requirements with the Navajo Nation, stockpile limits, and the need for further underground development and exploration to access new ore zones.
In addition to the production record, Energy Fuels filed an updated technical report on its Bullfrog project in Utah, showing a 15% increase in indicated uranium resources to 10.5 million pounds and a 70% increase in inferred resources to 3.4 million pounds.
Shares of Energy Fuels were up 16.7% at about $5.70 on Tuesday afternoon.