Astron Corporation Limited (ASX: $ATR) and Energy Fuels Inc. execute joint venture agreement for Donald Project

Astron Corporation Limited (ASX: $ATR) has executed a binding farm in and joint venture agreement with Energy Fuels Inc. for the development of the Donald Rare Earths and Mineral Sands Project in Western Victoria. Energy Fuels will contribute $183 million to the development of the Phase 1 Project and will issue Astron with US$17.5 million in NYSE-listed Energy Fuels Inc. shares. Energy Fuels will earn a 49% interest in the joint venture upon completion of its farm in obligation and Astron, with a 51% interest, will manage the joint venture.

Executive commentary on joint venture agreement

The execution of this Agreement represents a transformational moment in our Company's history. In Energy Fuels, we have found a joint venture partner that shares our values, our goals and focus, one that strongly complements our mineral sands experience and aspirations with their own rare earth experience and strategy. We look forward to a long and productive relationship with our new partner to collectively bring to life what, in Donald, is one of the world's most significant critical mineral resources and delivering value to our respective securityholders and stakeholders.

Summary of joint venture agreement and outlook

Astron Corporation Limited (ASX: $ATR) has formed a joint venture with Energy Fuels Inc. for the development of the Donald Rare Earths and Mineral Sands Project in Western Victoria. The joint venture agreement underpins the development of the Donald Project as a major new long-life source of critical minerals, establishing a Western rare earth value chain aligned with the Australian Government's critical minerals strategy. Energy Fuels will contribute $183 million to the development of the Phase 1 Project and will earn a 49% interest in the joint venture. The completion of the farm in and joint venture agreement is subject to customary conditions precedent, with the Final Investment Decision for Donald Project Phase 1 anticipated as early as Q4 2024 and first production by 2026. The joint venture aims to establish a significant critical mineral deposit and deliver value to stakeholders, while aligning with the critical mineral objectives of both countries.