Energy Fuels Clears Rare‑Earth Tests for EV Magnets

Energy Fuels reported that its 99.9% purity dysprosium oxide has passed initial quality checks with a major South Korean automaker, marking a step toward commercial magnet use.

The miner, once known mainly for uranium, previously showed commercial magnet qualification for neodymium‑praseodymium (NdPr) oxide with a South Korean EV motor supplier. Shares reacted strongly on the news, rallying as much as 11.7% intraday and remaining up about 7.5% by mid‑afternoon.

Dysprosium is a critical heavy rare earth for high‑performance permanent magnets used in electric vehicle motors, robotics, and defense systems where thermal stability and coercivity matter. Energy Fuels says it will begin terbium production before the end of 2025 and move to pilot production of gadolinium and samarium oxides thereafter. The company aims to scale large‑volume magnet‑grade production by the end of 2026.

The approvals position Energy Fuels among the first U.S. miners to qualify both light and heavy rare earth oxides for magnet manufacture, supporting supply‑chain diversification as South Korean automakers and Western governments seek alternatives to concentrated Chinese supply.