DENVER – October 27, 2026 -- Export Finance Australia (EFA) and the National Reconstruction Fund Corporation (NRFC) have conditionally approved up to A$180 million (US$126 million) for Energy Fuels' Donald Rare Earth and Mineral Sands Project in Victoria, Australia. The commitment is part of a proposed A$200 million senior project finance debt facility for Phase 1 construction. Energy Fuels now targets a final investment decision (FID) by the end of 2026.
Government lenders cover A$180 million of the A$200 million debt package
The facility comprises up to A$70 million from EFA and up to A$110 million from NRFC. Commercial lenders are expected to provide the remaining A$20 million. The EFA and NRFC tranches carry a 10-year tenor from financial close, with interest priced at BBSY plus a margin.
Completion depends on definitive documentation, due diligence, the balance of debt funding from commercial lenders and final approvals. Discussions on the remaining commercial term loan and bank guarantee facilities are continuing. Proceeds are earmarked for Phase 1 development, construction, commissioning, financing costs and ramp-up operating costs.
The Australian approvals add to a conditional US$725 million loan commitment that Energy Fuels received in June 2026 from the U.S. Office of Strategic Capital. That loan supports expansion of its U.S. rare earth processing, separation, metal and alloy capacity.
Phase 1 is designed to yield 9,000 tpa of rare earth concentrate over a 40-year mine life
Donald is fully permitted and located about 300 kilometers northwest of Melbourne. It is being developed through a joint venture with Australia-based Astron Limited. Phase 1 is expected to produce about 9,000 tonnes per annum (tpa) of rare earth concentrate (REEC) and 225,000 tpa of heavy mineral concentrate (HMC).
Energy Fuels is expected to buy all the REEC. Astron is expected to buy all the HMC for sale to global customers. CEO Ross Bhappu said Donald's heavy rare earth content, particularly dysprosium and terbium, is important for high-performance permanent magnets and advanced defense technologies.
Donald feedstock is slotted into a mine-to-magnet chain spanning Utah, South Korea and Europe
The REEC is planned for processing at the White Mesa Mill in Utah, which can process up to 10,000 tpa of REEC and produce up to 1,000 tpa of separated NdPr oxide. Phase 1 output is expected to yield about 1,000 tpa of NdPr oxide plus terbium and dysprosium oxides. Heavy rare earth circuits of about 21 tpa terbium and 122 tpa dysprosium are being installed, with commissioning expected in early 2028, which Energy Fuels says aligns with anticipated Phase 1 production.
Oxides would then move to the Korean Metals Plant in Ochang and the planned American Metals Plant, both acquired through the August 2026 purchase of Australian Strategic Materials. The Korean plant can produce 1,300 tpa of NdFeB alloy, with an expansion to about 3,600 tpa underway. Donald-derived NdPr oxide is expected to supply about 75% of that expanded capacity.
Alloy would feed magnet plants owned by Vacuumschmelze (VAC) in Sumter, South Carolina; Hanau, Germany; and Ulvila, Finland. Energy Fuels expects to close its VAC acquisition in Q1 2027. VAC's capacity is about 3,500 tpa of NdFeB magnet block, including about 2,000 tpa at Sumter. Phase 1 REEC is expected to cover roughly 77% of that capacity.
Remaining capacity across the Mill, the metals plants and VAC is expected to be supplied by future mine expansions, the Vara Mada and Bahia projects, and potential third-party feedstock such as mixed rare earth carbonates.
Energy Fuels must still invest about A$86 million to reach a 49% stake
Energy Fuels is earning a 49% interest in the joint venture by funding the first A$183 million (US$127 million) of upfront equity. It has invested about A$60 million (US$41 million) to date, equal to a 15.3% stake. It must contribute roughly A$86 million (US$60 million) more and issue common shares worth US$14 million to reach the full 49%.