11:17 AM EST, 12/05/2024 (MT Newswires) -- Energy Fuels ( UUUU ) said Thursday it has signed a Memorandum of Understanding with Madagascar's government outlining terms for its Toliara titanium, zirconium, and rare earth elements project.

Under the MOU, Energy Fuels ( UUUU ) will pay a 5% royalty on mining products and invest $80 million in development and social funding after project certification.

Energy Fuels ( UUUU ) said the payments are unlikely to have a significant effect on the project's economics.

Shares of Energy Fuels ( UUUU ) fell 3% in recent trading.

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