ENERGY FUELS INC (UUUU) Form 8-K — Oct 13, 2026
Energy Fuels entered a First Amendment to the VAC merger agreement on October 13, 2026, clarifying treatment of an ongoing customer contract dispute at e-VAC Magnetics, repayment of e-VAC's credit agreement at closing, and related purchase price adjustments. The VAC Acquisition carries an implied equity value of approximately $1.9 billion and would complete Energy Fuels' mine-to-magnet rare earth supply chain when combined with the recently closed ASM acquisition. VAC generated EUR 325.1 million of revenue in FY2025 but posted an EUR 87.9 million after-tax loss; first-half 2026 revenue grew 34.8% to EUR 211.5 million.
Key figures
- Revenue
- VAC six months ended June 30, 2026: EUR 211.5 million (up 34.8% YoY); FY2025: EUR 325.1 million (down 8.1% YoY)
- Net Income
- VAC loss after tax of EUR 57.4 million for six months ended June 30, 2026; EUR 87.9 million loss in FY2025
- Total Debt
- German term loan EUR 164.7 million and US term loan EUR 263.3 million (fully drawn USD 300 million facility) as of June 30, 2026
- Cash Position
- VAC liquidity of EUR 69.5 million as of June 30, 2026, including EUR 43.7 million cash
- Deal Value Usd
- 1900000000
- Kmp capacity
- 1,300 tpa NdFeB alloy nameplate, expanding to 3,600 tpa, potential 5,600 tpa
- Vac employees
- approximately 3,500 as of December 31, 2025
- Osc conditional loan
- up to $725 million senior-secured debt, 20-year tenor
- Sumter magnet capacity
- 2,000 tpa scalable to 12,000 tpa
- Donald project interest
- 15.3% with potential earn-in up to 49% JV interest
- Dubbo heap leach targets
- 1,242 tpa REE oxides (1,157 NdPr, 13 Tb, 72 Dy)
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