Energy Fuels' White Mesa Mill facility in Utah. Photo: Energy Fuels

The Defense Department’s Office of Strategic Capital (OSC) has agreed to loan $725 million to Energy Fuels, Inc. [UUUU], to help the company expand its business from uranium production to rare earth separation and metallization, the midstream process between mineral extraction and magnet production. The government loan and additional private capital will support a planned expansion of the company's critical minerals processing capabilities at its White Mesa Mill in Utah and a new U.S.-based rare earth separation and metallization facility,…