11:51 AM EDT, 06/26/2025 (MT Newswires) -- (Updates shares.)

Energy Fuels ( UUUU ) , a U.S. critical minerals producer, late on Wednesday said the government of Victoria, Australia has approved the work plan for the construction and operation of the Donald rare earth and mineral sand project.

It is the final major regulatory approval required to construct and operate the Donald project and allows the finalization of critical activities, including arrangements for debt and equity financing, before a final investment decision.

The Donald project is a joint venture between Energy Fuels ( UUUU ) and Australia-based Astron Corp. Under the JV, Energy Fuels ( UUUU ) has the right to invest a total of A$183 million plus issuance of US$17.5 million of shares to earn up to a 49% interest in the project.

The project is expected to provide a supply of monazite- and xenotime-bearing REE mineral concentrate, which will be imported into the U.S. for processing into high-purity separated REEs at the White Mesa Mill in Utah.

Once in operation, the Donald project will sell all the REE mineral concentrate to Energy Fuels ( UUUU ) at then-prevailing market prices and the titanium and zircon heavy mineral sand concentrate to Astron or other global customers.

Following payment of all JV expenses, all profits from the JV will be distributed to Energy Fuels ( UUUU ) and Astron, pro rata according to their respective ownership interests.

Phase 1 of the project is expected to supply Energy Fuels ( UUUU ) with approximately 7,000 to 8,000 tonnes of REE mineral concentrate per year, starting as early as 2026.

Energy Fuels ( UUUU ) and Astron expect to evaluate constructing Phase 2 of the Donald project, expected to increase production to approximately 13,000 to 14,000 tonnes per year of REE mineral concentrate.

Energy Fuels ( UUUU ) and Astron are working toward an FID for the project by the end of 2025. With the work plan approval, construction could begin within weeks of a positive final investment decision.

Energy Fuels ( UUUU ) shares were last seen up $0.21 to $7.90 on the Toronto Stock Exchange

Price: 7.90, Change: +0.21, Percent Change: +2.73