Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), a U.S.-based producer of rare earth elements, uranium and other critical materials, announced that Export Finance Australia (EFA) and the National Reconstruction Fund Corporation (NRFC) have conditionally approved commitments totaling up to A$180 million (US$126 million) toward a proposed A$200 million senior debt facility for Phase 1 construction of the Donald Rare Earth and Mineral Sands Project in Victoria, Australia. The proposed financing includes up to A$70 million from EFA, A$110 million from NRFC and A$20 million from commercial lenders. The commitments remain subject to due diligence, definitive documentation, additional financing and final approvals.
This announcement matters because it represents a significant step toward securing the capital needed to build a fully permitted rare earth project outside China, at a time when Western governments are prioritizing diversification of critical mineral supply chains. Energy Fuels is targeting a final investment decision by the end of 2026. The project, being developed through a joint venture with Astron Limited, is expected to have a 40-year mine life, with Phase 1 producing approximately 9,000 tonnes of rare earth element concentrate and 225,000 tonnes of heavy mineral concentrate annually. Energy Fuels plans to process the rare earth concentrate at its White Mesa Mill in Utah as part of its developing mine-to-magnet supply chain. The company is earning a 49% interest in the project and has invested approximately A$60 million to date.
The Australian financing commitments are separate from a conditional $725 million loan commitment received in June 2026 from the U.S. Office of Strategic Capital to expand the company’s domestic rare earth processing and manufacturing capabilities. Together, these financing efforts underscore Energy Fuels’ strategy to build an integrated supply chain spanning mining, processing and magnet production. For investors, the conditional nature of the commitments means the financing is not yet final, but the involvement of two Australian government-backed entities signals strong institutional support for the project’s strategic importance. The full press release is available at https://ibn.fm/q3ocp.
Energy Fuels is a leading U.S. critical materials company specializing in uranium, rare earth elements, heavy mineral sands, vanadium, and the development of medical isotopes. With several uranium projects in the western United States, Energy Fuels has been the top U.S. producer of natural uranium concentrate, supplying nuclear utilities. The company owns the only fully licensed conventional uranium mill operating in the U.S. – the White Mesa Mill in Utah – where it also produces REE products and evaluates medical isotope recovery for emerging cancer therapies. Additionally, Energy Fuels is developing three heavy mineral sands/rare earths projects: the Vara Mada Project in Madagascar, Bahia Project in Brazil, and Donald Project in Australia (through a joint venture with Astron Limited). Based in Lakewood, Colorado, its shares trade on the NYSE American (“UUUU”) and TSX (“EFR”). The latest news and updates relating to UUUU are available in the company’s newsroom at http://ibn.fm/UUUU.
The announcement was disseminated through BillionDollarClub, a specialized communications platform focused on the biggest and brightest companies covered by IBN. It is one of 70+ brands within the Dynamic Brand Portfolio @ IBN that delivers access to a vast network of wire solutions via InvestorWire, article and editorial syndication to 5,000+ outlets, enhanced press release enhancement, social media distribution and a full array of tailored corporate communications solutions.
