Goldman Starts Coverage of Energy Fuels, Sees Substantial Upside on Uranium and Rare-Earth Tailwinds

Goldman Sachs has launched research coverage on Energy Fuels with a buy recommendation and a $30 price target, framing the investment case around two structural shifts: revived policy support for nuclear power and a strategic drive to secure non-Chinese rare-earth supply chains. The firm highlights Energy Fuels’ senior uranium asset position and ownership of the White Mesa Mill, a rare U.S. processing facility capable of treating uranium and several rare-earth-bearing streams, as a distinctive operational advantage. Goldman’s thesis is bolstered by recent market signals: uranium futures have firmed above the $100-per-pound level and leading producers have seen notable share-price rallies, underscoring tightening sentiment in the physical market. While the bank places emphasis on policy durability rather than short-term commodity gyrations, it also notes that the near-term path to value depends on the company translating strategic optionality into contracted throughput and tangible sales. Key execution risks remain — mill permitting, schedule and capacity expansion, and the timing and scale of offtake agreements — any of which could delay realization of the bank’s valuation case. For investors, the combined exposure to both nuclear fuel and critical-minerals processing simplifies access to two policy-backed markets but concentrates execution risk in a single processing asset. The initiation recognizes that commodity price momentum and favorable U.S. legislative signals — including measures to onshore fuel services and accelerate nuclear buildout — create a more supportive backdrop for contractual negotiation and investment in processing capacity. Still, elevated sector expectations driven by recent rallies increase the importance of near-term milestones: announcements of long-term contracts, concrete mill expansion progress, or sustained higher uranium benchmarks would materially de‑risk the $30 target. Absent those signs, the stock may remain sensitive to spot-price swings and policy headlines, leaving upside contingent on operational delivery. Overall, Goldman’s coverage reframes Energy Fuels as a policy-leveraged, dual-purpose processor whose market role could expand quickly if the company converts its asset base into contracted, repeatable revenue streams.