Energy Fuels Secures Approval for Major Australian Rare Earth Project

Energy Fuels has received final regulatory approval from the Victoria government in Australia to proceed with the Donald Rare Earth and Mineral Sand Project, a joint venture with Astron Corporation. The project, with an investment of approximately A$183 million plus US$17.5 million in shares, aims to start production by 2026, supplying 7,000 to 8,000 tonnes annually of rare earth mineral concentrate, including significant quantities of neodymium-praseodymium, terbium, and dysprosium. These rare earth concentrates will be processed at Energy Fuels' White Mesa Mill in Utah, producing separated rare earth oxides needed for commercial, clean energy, and defense technologies. A planned Phase 2 expansion could increase output to 13,000 to 14,000 tonnes annually, enhancing the supply chain stability and economic leverage of both Energy Fuels and Astron. This project plays a strategic role in diversifying rare earth supply sources beyond China and strengthens the US-Australia partnership in securing critical minerals. Energy Fuels is working toward a final investment decision later in 2025 and anticipates that this venture will significantly boost its market position amid rising global demand for rare earth elements.