Energy Fuels Inc., a Denver-based and Canadian-incorporated producer of uranium, rare earths, and critical minerals listed on the NYSE American and the Toronto Stock Exchange, closed an upsized private offering of 0.75 percent convertible senior notes due 2031 for an aggregate principal amount of US$700 million. The offering was conducted as a private placement to qualified institutional buyers under Rule 144A of the U.S. Securities Act, and the final size reflected the exercise in full by the initial purchasers of their option to buy an additional US$100 million of notes. The transaction was upsized progressively from an initially announced US$550 million to US$600 million at pricing and ultimately to US$700 million at closing. The notes carry a cash coupon of 0.75 percent per year, payable semi-annually beginning May 1, 2026, and mature on November 1, 2031 unless earlier converted, redeemed, or repurchased. The initial conversion price is approximately US$20.34 per common share, a premium of approximately 32.5 percent to the closing share price on September 30, 2025. Energy Fuels also purchased capped call options for approximately US$53.55 million, which raise the effective conversion price to US$30.70 per share, a 100 percent premium, to offset dilution. Net proceeds were estimated at approximately US$674.6 million. The company indicated proceeds would support its rare earth initiatives, including expansion at the White Mesa Mill and the Donald Project in Australia, alongside its uranium production.