Energy Fuels Inc. announced on October 26, 2026 that Export Finance Australia and the Australian National Reconstruction Fund Corporation have together conditionally approved up to A$180 million as part of a proposed A$200 million senior project finance debt facility for Phase 1 of the Donald Rare Earth and Mineral Sands Project in Australia.

Key Highlights

  • Conditional credit approval: Export Finance Australia (up to A$70 million) and the NRFC (up to A$110 million) together conditionally approved up to A$180 million (US$126 million), with the remaining A$20 million expected from commercial lenders.
  • Final investment decision targeted: According to the filing, a final investment decision for the Donald Project is targeted by the end of 2026.
  • 40-year mine life expected: Phase 1 of the Donald Project is expected to produce an average of approximately 9,000 tpa of rare earth element concentrate and 225,000 tpa of heavy mineral concentrate.
  • Energy Fuels' current stake: The company has invested approximately A$60 million (US$41 million) to date, representing a 15.3% ownership interest, and is earning into a 49% interest by funding the first A$183 million of upfront equity.
  • Prior U.S. loan commitment: These conditional approvals are in addition to the conditional $725 million loan commitment Energy Fuels received in June 2026 from the U.S. Office of Strategic Capital for U.S. rare earth processing expansion.
  • Vacuumschmelze acquisition pending: Energy Fuels disclosed it is currently in the process of acquiring Vacuumschmelze, with closing expected in Q1 2027, to supply high-performance NdFeB magnet manufacturing.

Donald Project Financing and Energy Fuels' Mine-to-Magnet Strategy

According to the filing, the Donald Project is a fully permitted, shovel-ready rare earths and heavy mineral sands project located approximately 300 kilometers northwest of Melbourne in Victoria, Australia. It is being developed through a joint venture between Energy Fuels and Australia-based Astron Limited. Under the joint venture terms, Energy Fuels is expected to purchase all rare earth element concentrate (REEC) for downstream processing, while Astron is expected to purchase all heavy mineral concentrate for sale to global customers.

The filing describes how REEC from the Donald Project is intended to feed each stage of Energy Fuels' emerging mine-to-magnet supply chain. The approximately 9,000 tpa of REEC from Phase 1 is planned to be processed at the company's White Mesa Mill in Utah and separated into approximately 1,000 tpa of neodymium-praseodymium (NdPr) oxide, as well as terbium and dysprosium oxides. The filing notes that the Mill currently has capacity to process up to 10,000 tpa of REEC, and that commissioning of heavy rare earth circuits is expected in early 2028. The company also acquired Australian Strategic Materials Limited in August 2026, adding a Korean Metals Plant in Ochang, South Korea, which currently has capacity to produce 1,300 tpa of NdFeB alloy, with an expansion to approximately 3,600 tpa underway.

The filing states that completion of the EFA and NRFC financings remains subject to entry of definitive documentation, satisfactory completion of due diligence, participation of commercial lenders, and final approvals. Financial close will be subject to satisfaction of customary conditions precedent. Discussions regarding the remaining commercial term loan and bank guarantee facilities are described as continuing. The EFA and NRFC facilities are expected to have a 10-year tenor from financial close, with interest priced at BBSY plus an applicable margin, according to the filing.

What Was Disclosed

Energy Fuels disclosed conditional credit approvals totaling up to A$180 million from two Australian Government financing institutions toward a proposed A$200 million senior project finance facility for the Donald Project, with a final investment decision targeted by the end of 2026.