Name of the Project
Donald rare earth and mineral sands project.

Location
Within two adjoining mineral tenements – mining licence 5532 (MIN5532) and retention licence 2002 (RL2002) – about 300 km north-west of Melbourne, Australia.

Project Owner/s
The project is being developed as an incorporated joint venture JV) between critical minerals developer Astron and US critical minerals company Energy Fuels Inc. Energy Fuels is earning a 49% interest in the JV by funding the bulk of Phase 1 project equity. Astron is the JV manager and will retain a 51% interest in the project.

Project Description
The Donald project is a globally significant rare earth and mineral sands project, with the potential to become a long-term supplier of critical rare-earth elements (REEC), including neodymium, praseodymium, dysprosium and terbium, as well as zirconium and titanium minerals.

Phase 1 will be conducted on MIN5532 and is expected to have an average production of about 7 100 t/y of rare earth element concentrate and 192 000 t/y of heavy mineral concentrate (HMC) over an estimate 40-year life-of-mine.

Phase 2 is expected to extend production life to at least 58 years will be developed on RL2002, with operations to the north and south of MIN5532. Following the commissioning of Phase 2, combined HMC production from both phases is expected to increase to between 400 000 t/y and 500 000 t/y, and combined REEC production to between 13 000 t/y and 14 000 t/y.

The project will have an average ore processing throughput of 7.5-million tonnes a year.

Potential Job Creation
The Donald project is estimated to create more than 500 jobs a year.

Net Present Value/Internal Rate of Return
The project has an expected real pretax net present value, at an 8% discount rate, of $759-million and an internal rate of return of 19.3%, with a payback of six years from the start of operations.

Capital Expenditure
Phase 1’s estimated capital expenditure is estimated at $450-million, including a contingency of $39-million.

Planned Start/End Date
First products produced – HMC and REEC – are expected in the first quarter of 2028.

Latest Developments
The project is advancing towards the final investment decision (FID), which is now targeted for the second quarter of 2026. Negotiations with lenders are well advanced for a financing package of up to $300-million.

The conclusion of a credit approved term sheet represents the final milestone before the FID.

Key Contracts, Suppliers and Consultants
Sedgman (development of the design and execution strategy for the process plant with a target cost estimate contract including pain/gain share mechanisms). Agilitus (project management office – planning, engineering management, procurement, quality, health, safety and environment, as well as construction).

Contact Details for Project Information
Astron, tel +61 3 5385 7088 or email contact@astronlimited.com.