Energy Fuels Jumps 9% on $126M Australian Financing for Rare Earth Project; NuScale Power Climbs 7%, Oklo Gains 6%

Australian government backing for a rare earth mine in Victoria is pushing Energy Fuels (NYSEAMERICAN:UUUU) to the front of a broad rally in nuclear and critical minerals names. Energy Fuels stock has risen 9% to $8.25; this gain shows the market putting fresh value on the company’s rare earth plans on top of its uranium business.

Meanwhile, NuScale Power (NYSE:SMR) stock is up 7% to $5.64, just behind Energy Fuels as reactor developers join the advance. Oklo (NYSE:OKLO | OKLO Price Prediction) stock is up 6% to $27.39. That trails both Energy Fuels and NuScale Power, but it’s still a sharp move for a pre-revenue nuclear company.

Sector funds show the same split between nuclear exposure and everything else. The Global X Uranium ETF (NYSEARCA:URA) is up 5%, which confirms the buying reaches well beyond a single company’s headline. Large-cap stocks are quieter, with the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) up 0.6%.

Australian Lenders Back Energy Fuels’ Donald Rare Earth Project

Energy Fuels announced overnight that two Australian government lenders, Export Finance Australia and the National Reconstruction Fund Corporation, conditionally approved up to $126 million in financing for the first phase of the Donald Rare Earth and Mineral Sands Project in Victoria, Australia. Those approvals still depend on definitive documentation, due diligence, commercial lender participation and final approvals. Astron is Energy Fuels’ joint venture partner on Donald.

A final investment decision (FID) on the project is targeted by the end of the year, according to Energy Fuels. Ross Bhappu, chief executive officer of Energy Fuels, stated, “This financing milestone brings the Donald Project closer to an FID and strengthens the upstream foundation of our leading rare earth mine-to-magnet platform.” Rare earth elements feed the permanent magnets used in electric vehicles, wind turbines and defense systems, which gives that upstream supply strategic weight.

Rare Earths Set Energy Fuels Apart in a Nuclear Rally

Energy Fuels produces uranium at its White Mesa Mill in Utah and is building a mine-to-magnet rare earth supply chain. That dual presence helps explain why Energy Fuels stock is outpacing its nuclear neighbors, since the Donald financing is a company-specific rare earth milestone.

Part of the move is shared across the nuclear group, with NuScale Power and Oklo both climbing alongside the uranium fund. NuScale Power engineers small modular reactors and holds the only U.S. Nuclear Regulatory Commission design certification in that industry, while Oklo is developing a sodium fast reactor that plans to recycle its own fuel. All three companies appear among the uranium fund’s disclosed holdings, so buying across the sector can lift them together (we picked five ways to play the nuclear restart, utilities and fuel included, in a free report here).

A bullish reading of Energy Fuels rests on the Donald financing moving its mine-to-magnet supply chain closer to an FID. However, the approvals are conditional and still depend on commercial lenders and final documentation, so the timeline could slip. Until those pieces close, the financing stays on paper.

Energy Fuels’ Path From Conditional Approval to an FID

The Donald financing’s path to final approval with committed commercial lenders is what Energy Fuels faces next. Signed definitive documents would give the company a funded route into the first phase, while any delay could push the FID past its year-end target. Commercial lender participation remains the open condition with the most influence on timing.

Both peers carry risks, too: NuScale Power still needs firm orders to turn its certification into revenue, and Oklo remains pre-revenue, leaving both exposed if nuclear enthusiasm cools off. Those already invested should size their positions carefully given the conditional Donald financing and these execution risks.

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