Why Energy Fuels Stock Is Rocketing Higher Today
Key Points
Energy Fuels announced conditional financing from the Department of Defense.
Because Energy Fuels is unprofitable, conservative investors may prefer a rare-earth ETF.
- 10 stocks we like better than Energy Fuels ›
Poised to end the shortened trading week on a high note, Energy Fuels (NYSEMKT: UUUU) stock is shooting higher this morning. With the company announcing an encouraging development in its rare-earth elements business, investors are bidding up the materials stock.
As of 11:04 a.m, ET, shares of Enegy Fuels are up 11.2%.
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Support from Washington is helping the company advance its rare-earth initiative
Energy Fuels announced today that the Department of Defense (also known as the Department of War) has provided the company with a conditional $725 million financing commitment. The financing is intended to assist the company in expanding its critical minerals processing capabilities at the White Mesa Mill in Utah, as well as a planned rare-earth metals and alloy facility currently under development.
Addressing the new financing, Ross Bhappu, president and Chief Executive Officer of Energy Fuels, stated, "This important financing support from key investors aligns with Energy Fuels' objective to be a vital player in the rare-earth supply chain."
In July, Energy Fuels plans on modifying its White Mesa Mill to support commercial quantities of separated neodymium-praseodymium, a light rare-earth, as well as heavy rare-earth elements.
Is Energy Fuels stock a buy on today's news?
As Energy Fuels takes another step toward expanding its rare-earth business, it's unsurprising that investors are clicking the buy button today, but the stock is hardly a buy on the news alone.
Prospective investors need to recognize, however, that the company is unprofitable, so an investment represents a higher degree of risk. Therefore, those uninterested in speculative investments may prefer a rare-earth ETF to gain industry exposure.
Should you buy stock in Energy Fuels right now?
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Scott Levine has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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