Name of the Project
Donald rare earth and mineral sands project.

Location
Murray basin, near Minyip and Donald, in Victoria, Australia.

Project Owner/s
Donald Project, trading as Donald Mineral Sands, is the joint venture (JV) between Astron Limited and Energy Fuels Inc.

Project Description
The Donald project is a globally significant rare earth and mineral sands project with the potential to become a long-term supplier of critical rare-earth elements, including neodymium, praseodymium, dysprosium, and terbium, as well as zirconium and titanium minerals.

The project boasts a total mineral resource of 1.81-billion tonnes with a mine life of more than 58 years, and spans two development phases. It will produce zirconium, titanium and rare-earth elements (REEs), including neodymium and praseodymium (NdPr).

The project is being developed in two phases. Phase 1 has an estimated mine life of about 42 years and Phase 2, planned for development once Phase 1 reaches steady-state operations, is expected to extend the project life to at least 58 years. Phase 1 of the project will have an expected average throughput of 7.5-million tonnes a year of ore, producing 7 200 t/y of rare-earth element concentrate (REEC), with an estimate total rare-earth oxide content of 61.5%, and 229 000 t/y of heavy mineral concentrate (HMC), comprising mainly zircon and titanium minerals, with a total valuable heavy mineral content of about 95%.

Production from phases 1 and 2 combined is expected to increase to between 400 000 t/y and 500 000 t/y of HMC and between 13 000 and 14 000 t/y of REEC. Phase 2 is subject to further regulatory approvals.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project is expected to generate an average earnings before interest, taxes, depreciation, and amortisation of $118-million a year, for a pretax real net present value, at an 8% discount, of $837-million over a 42-year mine life, and an internal rate of return of 22.1%.

Phase 1 of the project is expected to deliver robust economics with a pretax real net present value, at an 8% discount rate, of $837-million at an internal rate of return of 22.1%.

Capital Expenditure
A$520-million.

Planned Start/End Date
Production is planned to start as early as the second half of 2027, subject to securing project financing and completion of a positive final investment decision.

Latest Developments
The JV received a nonbinding and conditional letter of support from Export Finance Australia in October 2025 for up to A$80-million in respect of senior debt project financing for project development.

Key Contracts, Suppliers and Consultants
Not disclosed.

Contact Details for Project Information
Astron Limited, tel +61 3 5385 7088 or email contact@astronlimited.com.