NetworkNewsBreaks – Energy Fuels Inc. (NYSE Amer
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Posted On: 12/28/2023 4:17:55 PM
NetworkNewsBreaks – Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), Astron Corp. Enter MOU to Develop Australia-Based REE and Mineral Sands Project
Energy Fuels (NYSE American: UUUU) (TSX: EFR), a leading U.S. producer of uranium, rare earth elements (“REE”) and vanadium, has entered into a nonbinding Memorandum of Understanding (“MOU”) with Astron Corporation Limited to jointly develop the Donald Rare Earth and Mineral Sands Project in Victoria, Australia. According to the MOU, Energy Fuels has exclusive rights through March 1, 2024, to conduct due diligence on the project and negotiate definitive and binding agreements regarding the joint venture. The agreement outlines plans for Energy Fuels to invest approximately $122 million to earn a 49% interest in the venture and to issue $17.5 million in common shares to Astron for being included in the venture to cover the entire Donald Deposit. The company anticipates that the Donald Project has the potential to supply Energy Fuels with approximately 7,000 tonnes of rare earth-bearing monazite sand per year starting in 2026, ramping up to 14,000 tonnes per year thereafter. A world-class, world-scale, “shovel-ready” critical mineral deposit, the Donald Project has potential to be a near-term, low-cost, and large-scale source of monazite sand in an REE concentrate for Energy Fuels.
“Energy Fuels is working to secure future large-scale in-siturare earth element projects around the world, which we expect to become low-cost sources of feed to supply our U.S.-centric REE supply chain in the coming years,” said Energy Fuels president and CEO Mark S. Chalmers in the press release. “Earlier in 2023, we acquired the Bahia Project in Brazil, and now we are working toward partnering with Astron on the Donald Project in Australia. Energy Fuels’ goal is to source monazite from the U.S. and around the world and become a reliable, globally diversified, multidecade supplier of U.S.-produced magnet REE oxides to EV manufactures and other end users. Our announcement today should help people ‘connect the dots’ to better understand the magnitude of our burgeoning REE business strategy. We are earning into an essentially ‘derisked’ heavy mineral sand project that is in Australia, has many years of detailed resource and project evaluation, and has all the main regulatory approvals in place or well-advanced.”
NOTE TO INVESTORS: The latest news and updates relating to UUUU are available in the company’s newsroom at http://nnw.fm/UUUU
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Energy Fuels (NYSE American: UUUU) (TSX: EFR), a leading U.S. producer of uranium, rare earth elements (“REE”) and vanadium, has entered into a nonbinding Memorandum of Understanding (“MOU”) with Astron Corporation Limited to jointly develop the Donald Rare Earth and Mineral Sands Project in Victoria, Australia. According to the MOU, Energy Fuels has exclusive rights through March 1, 2024, to conduct due diligence on the project and negotiate definitive and binding agreements regarding the joint venture. The agreement outlines plans for Energy Fuels to invest approximately $122 million to earn a 49% interest in the venture and to issue $17.5 million in common shares to Astron for being included in the venture to cover the entire Donald Deposit. The company anticipates that the Donald Project has the potential to supply Energy Fuels with approximately 7,000 tonnes of rare earth-bearing monazite sand per year starting in 2026, ramping up to 14,000 tonnes per year thereafter. A world-class, world-scale, “shovel-ready” critical mineral deposit, the Donald Project has potential to be a near-term, low-cost, and large-scale source of monazite sand in an REE concentrate for Energy Fuels.
“Energy Fuels is working to secure future large-scale in-siturare earth element projects around the world, which we expect to become low-cost sources of feed to supply our U.S.-centric REE supply chain in the coming years,” said Energy Fuels president and CEO Mark S. Chalmers in the press release. “Earlier in 2023, we acquired the Bahia Project in Brazil, and now we are working toward partnering with Astron on the Donald Project in Australia. Energy Fuels’ goal is to source monazite from the U.S. and around the world and become a reliable, globally diversified, multidecade supplier of U.S.-produced magnet REE oxides to EV manufactures and other end users. Our announcement today should help people ‘connect the dots’ to better understand the magnitude of our burgeoning REE business strategy. We are earning into an essentially ‘derisked’ heavy mineral sand project that is in Australia, has many years of detailed resource and project evaluation, and has all the main regulatory approvals in place or well-advanced.”
NOTE TO INVESTORS: The latest news and updates relating to UUUU are available in the company’s newsroom at http://nnw.fm/UUUU
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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