Energy Fuels is now explicitly targeting Sm, Eu, and Gd separation — the exact SEG concentrate composition in the DLA’s RFI which I outlined in my article on the “Kill Switch,” Their pivot from the previously announced Dy/Tb timeline to prioritize these three elements suggests they see strategic value in being able to process exactly this type of feedstock.

Regulatory moat becomes a technology moat too. My article’s core insight is that Energy Fuels’ White Mesa licensing gives them a structural advantage on Section B(xi). A weakness in that argument was that their separation capabilities were focused on light REEs and heavy REEs (Dy/Tb), not the middle rare earths in the DLA batch. This announcement closes that gap.

It also undermines the “chemistry-only” case for competitors. UCORE’s strongest argument was: “We’re the only ones who’ve actually practiced this exact separation.” If Energy Fuels is now building out Sm/Eu/Gd capability at a facility that already handles radioactive waste streams by design, the competitive moat around UCORE’s technical specialization narrows — especially under Path 1 contracting.