Who approved what
Export Finance Australia and the National Reconstruction Fund Corporation have together conditionally approved a commitment of up to A$180 million (US$126 million), Energy Fuels said. The amount forms part of a proposed A$200 million senior project finance debt facility intended to support construction of Phase 1 of the Donald Rare Earth and Mineral Sands Project in Australia.
The company said the commitments are conditional on definitive documentation and project documentation being entered into, due diligence being completed satisfactorily, commercial lenders providing the balance of the required debt funding, and final approvals. Financial close remains subject to customary conditions precedent.
The numbers behind the facility
The two institutions envision term loan facilities of up to A$200 million in aggregate, comprising up to A$70 million from Export Finance Australia, up to A$110 million from the National Reconstruction Fund Corporation and the remaining A$20 million from commercial lenders. Energy Fuels said the facilities are expected to carry a 10-year tenor from financial close, priced at BBSY plus an applicable margin.
The company said proceeds are expected to fund Phase 1 development, construction and commissioning costs, financing costs and operating costs during ramp-up through project completion. Discussions on the remaining commercial term loan and bank guarantee facilities are continuing.
Target date and existing commitments
Energy Fuels said a final investment decision is now targeted by the end of 2026. The conditional Australian commitments sit alongside a conditional $725 million loan commitment the company received in June 2026 from the U.S. Office of Strategic Capital for expanding its rare earth processing, separation, metal and alloy capacity in the United States.
Energy Fuels is earning into a 49% interest in the Donald joint venture with Australia-based Astron Limited by funding the first A$183 million (US$127 million) of upfront equity. The company said it has invested about A$60 million (US$41 million) to date, representing a 15.3% ownership interest, and must invest about A$86 million (US$60 million) more, along with issuing common shares equal to US$14 million, to reach the full stake.
What the project is meant to supply
Located about 300 kilometres northwest of Melbourne in Victoria, the project is described by the company as fully permitted and shovel ready. Phase 1 is expected to produce an average of approximately 9,000 tonnes per annum of rare earth element concentrate containing monazite and xenotime, and 225,000 tonnes per annum of heavy mineral concentrate containing zircon and titanium dioxide minerals, over an expected 40-year mine life.
Chief executive Ross Bhappu said the financing milestone brings the project closer to a final investment decision and strengthens the upstream foundation of the company's rare earth mine-to-magnet platform, according to the release. Under the joint venture terms, Energy Fuels is expected to purchase all the rare earth concentrate for processing into oxides and downstream metals, alloys and magnets, while Astron is expected to buy all the heavy mineral concentrate for sale to global customers.