Energy Fuels Signs Deal for Toliara Project

Energy Fuels Inc. has signed a Memorandum of Understanding (MoU) with the Government of Madagascar to advance the Toliara project, which focuses on titanium, zirconium, and rare earth elements. This agreement follows the lifting of a suspension on the project, initially imposed in 2019, allowing the company to resume development and re-establish community programs. The MoU aims to create a stable legal and financial framework essential for the project's success, which is expected to lead to the largest U.S. investment in Madagascar's history. Energy Fuels plans to pay a 5% royalty on mining products and provide $80 million for community and social projects after project certification. CEO Mark Chalmers emphasized the importance of the project for both the company and the local communities, highlighting its long-term benefits. A final investment decision (FID) is anticipated within about 14 months.