06:21 AM EDT, 10/21/2025 (MT Newswires) -- Energy Fuels ( UUUU ) , a U.S. producer of uranium, rare earths and critical minerals, late Monday said it and Astron Limited have received a non-binding and conditional letter of support from Export Finance Australia for up to A$80 million in senior debt financing for the Donald rare earth and mineral sands project in Victoria, Australia.

The project's total funding requirement is estimated at A$520 million. The joint venture is targeting a 50-50 debt-to-equity gearing ratio and is working with other lenders to confirm the syndicate that will provide the project financing facility.

The Donald project targets production of rare earth elements that will be shipped to Energy Fuels' ( UUUU ) mineral processing facility in the U.S. The facility will produce advanced REE materials, and zircon-rich heavy mineral concentrates for global supply chains.

Production is scheduled to start in the second half of 2027, subject to securing project financing and a positive final investment decision.

Phase 1 of the Donald project is expected to produce 7,200 tonnes of REEC per year containing both light and highly strategic heavy rare earths.

EFA is Australia's export credit agency, providing commercial finance for export trade and overseas infrastructure development. The letter of support is subject to the satisfactory completion of due diligence, including financial, technical, environmental and social assessments.