Azarias Capital Trims Stake in Energy Fuels Inc.

The investment firm reduced its holdings in the uranium company by nearly 30% in Q4 2025.

Apr. 11, 2026 at 7:24am

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A highly detailed, black-and-white close-up image of the intricate machinery and mechanical components that make up the uranium processing equipment at an industrial facility, conveying the technical complexity and heavy industrial nature of the nuclear fuel supply chain.An extreme close-up of the complex industrial infrastructure that powers America's sole operating conventional uranium mill highlights the capital-intensive nature of the nuclear fuel supply chain.White Mesa Today

Azarias Capital Management L.P. trimmed its holdings in shares of Energy Fuels Inc. (NYSEAMERICAN:UUUU) by 29.7% in the fourth quarter of 2025, according to a recent SEC filing. The institutional investor now owns 419,028 shares of the company's stock, worth approximately $6.09 million and representing around 0.18% of Energy Fuels' total shares outstanding.

Why it matters

This filing provides insight into the investment decisions of Azarias Capital, a notable institutional investor in the uranium mining sector. Changes in large shareholders' positions can signal shifts in market sentiment or expectations around a company's future performance.

The details

Azarias Capital sold 176,955 shares of Energy Fuels stock during the fourth quarter. The firm now holds approximately 2.7% of its total portfolio in Energy Fuels, making it the 12th largest holding. Other notable institutional investors in Energy Fuels include Prime Capital Investment Advisors, Register Financial Advisors, and Nisa Investment Advisors.

  • Azarias Capital filed its Q4 2025 holdings disclosure with the SEC on April 11, 2026.

The players

Azarias Capital Management L.P.

An institutional investment firm that owns a significant stake in uranium producer Energy Fuels Inc.

Energy Fuels Inc.

A U.S.-based mineral resources company focused on the production and processing of uranium, rare earth elements, and other strategic minerals. The company operates the White Mesa Mill in Utah, the only conventional uranium-vanadium mill currently permitted and operating in the United States.

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The takeaway

This filing highlights the shifting dynamics in the uranium mining industry, as major institutional investors adjust their exposure to key players like Energy Fuels. The changes in Azarias Capital's position could signal broader market trends or expectations around the future of nuclear power and uranium demand.