Energy Fuels & Astron Form Joint Venture to Develop Donald Rare Earth Project in Australia

• Energy Fuels and Astron Corporation Limited form joint venture to develop the Donald Rare Earth and Mineral Sands Project in Australia.
• The Donald Project has the potential to supply 7,000-14,000 tonnes of rare earth concentrate per year to Energy Fuels' White Mesa Mill in Utah.
• Energy Fuels has the right to invest AUD$183 million and issue $17.5 million in shares to earn a 49% interest in the project.
• Rare earth production from the Donald Project will be processed at Energy Fuels' expanding REE oxide separation circuit at the White Mesa Mill.
• Energy Fuels continues to ramp up its U.S. uranium production, expecting to produce 150,000-500,000 pounds of U₃O₈ in 2024.

About Energy Fuels

Energy Fuels Inc. (NYSE:UUUU) is a leading U.S. producer of uranium, rare earth elements (REEs), and vanadium. The company operates the White Mesa Mill in Utah, which is the only fully-licensed and operating conventional uranium mill in the United States. Energy Fuels is committed to providing critical minerals for clean energy technologies and advancing U.S. national security interests.

The Donald Project Joint Venture

Energy Fuels has entered into a joint venture agreement with Astron Corporation Limited to develop the Donald Rare Earth and Mineral Sands Project in Victoria, Australia. The Donald Project is an advanced-stage, world-class REE and heavy mineral sand (HMS) deposit that has the potential to provide Energy Fuels with a near-term, low-cost, and large-scale source of monazite sand in an REE concentrate (REEC).

Under the joint venture, Energy Fuels has the right to invest AUD$183 million (approximately $122 million) and issue $17.5 million in Energy Fuels shares to earn up to a 49% interest in the project. The company expects to invest approximately $10.6 million in 2024 from its existing working capital to advance the project.

The Donald Project is expected to provide Energy Fuels with approximately 7,000 to 8,000 metric tons of REEC per year (Donald - Phase 1), commencing as early as 2026. Following the construction and commissioning of Donald - Phase 1, Energy Fuels and Astron will evaluate increasing production to 13,000 to 14,000 tonnes of REEC per year (Donald - Phase 2).

REE Separation at the White Mesa Mill

Energy Fuels is rapidly creating a significant new REE supply chain that can reduce America's reliance on REEs from China. The company has completed construction of its Phase 1 REE Separation Circuit at the White Mesa Mill, which has a current installed capacity to process up to 10,000 tonnes of REEC per year and produce up to 1,000 tonnes of neodymium-praseodymium (NdPr) oxide per year, along with a samarium plus (Sm+) heavy mixed REE carbonate containing dysprosium (Dy) and terbium (Tb).

The company is also designing its Phase 2 and Phase 3 REE Separation Circuits at the Mill. The Phase 2 circuit, expected to be completed in 2027, will expand NdPr oxide capacity to process 40,000 to 60,000 tonnes of monazite sands per year and produce approximately 4,000 to 6,000 tonnes of NdPr oxide per year. The Phase 3 circuit, expected to be completed in 2028, will install the capacity to produce heavy REE oxides, including Dy, Tb, and potentially other oxides.

Continued Uranium Production Ramp-Up

Energy Fuels' REE initiatives will not diminish the company's U.S. leading uranium production capabilities. The company expects to produce approximately 150,000 to 500,000 pounds of U3O8 in 2024 from its U.S. mines and alternate feed materials, ramping up to a mining run rate of approximately 1.1 million to 1.4 million pounds of U3O8 per year later this year from three of its existing mines. Energy Fuels plans to increase mining to a run rate of approximately 2 million pounds of U3O8 per year by 2025 and up to 5 million pounds per year in the coming years if market conditions continue to be positive.

Conclusion

Energy Fuels' joint venture with Astron to develop the Donald Project in Australia represents a significant opportunity for the company to expand its rare earth production capabilities and secure a long-term, low-cost source of REE concentrate. The project's potential to supply 7,000 to 14,000 tonnes of REEC per year to Energy Fuels' White Mesa Mill, combined with the company's expanding REE oxide separation circuits, positions Energy Fuels as a key player in the global REE supply chain.

Moreover, Energy Fuels' continued ramp-up of its U.S. uranium production ensures that the company remains a leading domestic supplier of this critical energy mineral. With a strong balance sheet and a clear strategy for growth in both the REE and uranium sectors, Energy Fuels presents a compelling investment opportunity for those seeking exposure to the clean energy transition and U.S. national security interests.