Energy Fuels Inc. (NYSE American: UUUU), a U.S.-based producer of rare earth elements, uranium and other critical materials, announced on October 26, 2026 that two Australian Government financing institutions conditionally approved up to A$180 million (US$126 million) for the Donald Rare Earth and Mineral Sands Project in Victoria, Australia. The funding forms part of a proposed A$200 million senior debt facility for Phase 1 construction, and the company now targets a final investment decision by the end of 2026.

The Financing Package

Export Finance Australia approved up to A$70 million and the National Reconstruction Fund Corporation approved up to A$110 million, while commercial lenders would provide the remaining A$20 million. Both government facilities carry an expected 10-year term from financial close.

According to Energy Fuels, the proceeds would cover Phase 1 development, construction and commissioning, as well as financing costs and operating costs during ramp-up. However, the commitments remain conditional on definitive documentation, due diligence, the commercial lender portion and final approvals, and talks on the commercial facilities are continuing.

The Australian approvals add to a conditional $725 million loan commitment that Energy Fuels received in June 2026 from the U.S. Office of Strategic Capital. That loan would support the expansion of its rare earth processing, separation, metal and alloy capacity in the U.S.

Donald’s Expected Output

Donald sits about 300 kilometers northwest of Melbourne, and the company describes it as fully permitted and shovel ready. Energy Fuels is developing the project through a joint venture with Australia-based Astron Limited, and it expects a 40-year mine life.

Energy Fuels expects Phase 1 to produce about 9,000 tonnes per year of rare earth concentrate and 225,000 tonnes per year of heavy mineral concentrate containing zircon and titanium dioxide minerals. The rare earth concentrate contains both light and heavy magnet elements, including neodymium-praseodymium (NdPr), terbium and dysprosium. Under the joint venture terms, Energy Fuels expects to buy all of the rare earth concentrate, while Astron expects to buy all of the heavy mineral concentrate.

“Donald’s heavy rare earth content, particularly dysprosium and terbium, is especially important because these elements are critical to high-performance permanent rare earth magnets and advanced defense technologies,” said Ross Bhappu, President and Chief Executive Officer of Energy Fuels.

Feeding a Mine-to-Magnet Supply Chain

Energy Fuels plans to process the Donald concentrate at its White Mesa Mill in Utah into about 1,000 tonnes per year of NdPr oxide, along with terbium and dysprosium oxides. The company is also installing heavy rare earth circuits at the mill, with commissioning expected in early 2028.

From there, the oxides would move to its metals plant in South Korea, which Energy Fuels gained through its August 2026 acquisition of Australian Strategic Materials. That plant is expanding from 1,300 to about 3,600 tonnes per year of neodymium-iron-boron alloy. Finally, the company plans to supply magnet production at Vacuumschmelze, a magnet maker it expects to acquire in the first quarter of 2027.

Energy Fuels is earning a 49% stake in the joint venture by funding the first A$183 million of upfront equity. So far, it has invested about A$60 million for a 15.3% interest, and it must contribute roughly A$86 million more, plus US$14 million in shares, to reach its full stake.

Strategic Investment Summary

• Financing: Energy Fuels Inc. (NYSE American: UUUU) received conditional approval for up to A$180 million in Australian Government financing for the Donald Project on October 26, 2026.
• Facility Size: The funding is part of a proposed A$200 million senior debt facility, with A$20 million expected from commercial lenders.
• Next Milestone: The company targets a final investment decision on the Donald Project by the end of 2026.
• Production: Energy Fuels expects Phase 1 to produce about 9,000 tonnes per year of rare earth concentrate over a 40-year mine life.
• Supply Chain: Donald concentrate would feed the White Mesa Mill, the Korean metals plant and, after the planned Vacuumschmelze acquisition, magnet production.
• Conditions: The commitments still depend on documentation, due diligence, commercial lender participation and final approvals.

Find out more about the latest corporate developments and financial reports at the Energy Fuels investor portal.

The post Energy Fuels Secures Conditional Approval for Up to A$180 Million in Australian Government Financing for Donald Rare Earth Project appeared first on PRISM MarketView.

COMTEX_1001822427/2927/2026-10-27T11:01:01