Energy Fuels is sitting on sufficient vanadium inventory to clear this threshold at will; at a ~55% market price, I don’t see enough edge on the NO side to justify capital at risk.

Market pricing above 50% seems to overestimate the chance Energy Fuels will abruptly pivot to monetize vanadium in 2026; the recent pattern and disclosures point to them continuing to sit on inventory unless the vanadium price environment changes dramatically.