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Published: October 29, 2026 |
Energy Fuels said the Export Finance Australia (EFA) and the National Reconstruction Fund Corporation (NRFC) have together conditionally approved a commitment for up to $126.5 million (A$180 million), as part of a proposed $140.5 million (A$200 million) senior project finance debt facility, to support construction of phase 1 of the Donald Rare Earth and Mineral Sands Project in Australia.
The proposed financing represents a major milestone toward bringing the company’s first large-scale source of REE minerals into production, with a final investment decision (FID) now targeted by the end of 2026. The Donald Project is expected to be a key upstream component of Energy Fuels’ emerging mine-to-magnet supply chain, providing REE mineral feedstock for the company’s existing and planned capabilities in REE processing and separation, metallization and alloying, and magnet manufacturing.
“This financing milestone brings the Donald Project closer to an FID and strengthens the upstream foundation of our leading rare earth mine-to-magnet platform,” said Ross Bhappu, president and chief executive officer of Energy Fuels.
“Donald is expected to provide a large-scale, long-term source of monazite and xenotime sand feedstock, further distinguishing Energy Fuels as we develop a vertically integrated, Western-aligned supply chain for rare earth permanent magnets,” added Bhappu.
Located approximately 300 kilometers northwest of Melbourne in Victoria, Australia, the Donald Project is a fully permitted, shovel ready rare earths and heavy mineral sands (HMS) project being developed through a joint venture (JV) between Energy Fuels and Australia-based Astron Limited.
The Donald Project is expected to have a 40-year mine life, with phase 1 expected to produce an average of approximately 9,000 tonnes per annum (tpa) of REEC and 225,000 tpa of HMC.
Under the terms of the JV, Energy Fuels is expected to purchase all the REEC for processing into REE oxides and downstream manufacturing of rare earth metals, alloys, and permanent magnets. Astron is expected to purchase all the HMC from the JV for sale to global customers.
“Donald’s heavy rare earth content, particularly dysprosium and terbium, is especially important because these elements are critical to high-performance permanent rare earth magnets and advanced defense technologies,” said Bhappu.
“We expect Donald to provide a significant long-term source of rare earth feedstock for processing and separation at our White Mesa Mill in Utah, followed by conversion into metals and alloys and, following completion of our planned acquisition of Vacuumschmelze, high-performance permanent magnets,” added Bhappu.
Energy Fuels is earning into a 49 percent interest in the Donald Project JV by funding the first $127 million (A$183 million) of upfront equity required to develop the project.
Completion of the EFA and NRFC financings is subject to entry of definitive documentation and project documentation, satisfactory completion of due diligence, the balance of the required debt funding provided by commercial lenders and final approvals. Financial close of the senior debt financing will be subject to satisfaction of customary conditions precedent. These conditional commitments are in addition to the conditional $725 million loan commitment Energy Fuels received in June 2026 from the U.S. Office of Strategic Capital (OSC) for expansion of the company’s REE processing, separation, metal, and alloy capacity in the U.S.
Energy Fuels is a leading U.S.-based critical materials company focused on rare earth elements, uranium, heavy mineral sands, vanadium, and medical isotopes. The company is a leading U.S. producer of natural uranium concentrate and owns the White Mesa Mill in Utah, the only fully licensed and operating conventional uranium processing facility in the United States. At the mill, Energy Fuels also produces advanced rare earth products and is developing expanded light and heavy rare earth separation capabilities to feed its newly acquired rare earth metallization and alloying plant in Korea and subsequently global rare earth permanent magnet facilities with the planned acquisition of Vacuumschmelze. Energy Fuels is developing heavy mineral sands and rare earth projects in Australia, Madagascar, and Brazil to support its integrated rare earth strategy.
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