Astron's Joint Venture with Energy Fuels for Donald Project

Astron Corporation Limited (ASX:ATR) has signed a non-binding Memorandum of Understanding with Energy Fuels Resources (USA) Inc. to jointly develop the Donald Rare Earths and Mineral Sands Project in Victoria, Australia. The MoU outlines the basis for the Australian incorporated Joint Venture covering the tenements MIN5532 and RL2002, forming the Donald Deposit. Energy Fuels will invest A$180 million to earn a 49% interest in the Venture, with Astron retaining a 51% interest and the role of Manager and Operator.

Executive Commentary on Joint Venture

The proposed Joint Venture with Energy Fuels represents a significant milestone for Astron Corporation. This collaboration will enable the development of the Donald Rare Earths and Mineral Sands Project, positioning it as a key supplier of critical rare earth elements. The partnership with Energy Fuels aligns with our strategic goals and the Australian Government's Critical Minerals Strategy, further solidifying our position in the global market.

Summary of Astron's Joint Venture and Outlook

Astron Corporation's agreement with Energy Fuels to form a Joint Venture for the Donald Rare Earths and Mineral Sands Project marks a pivotal step towards the project's development. The Venture aims to mine significant quantities of ore to produce heavy mineral concentrate and rare earth element concentrate, contributing to the global supply of critical minerals. Energy Fuels' investment and offtake agreement underscore the confidence in the project's potential. The exclusivity period until 1 March 2024 allows for the completion of due diligence and negotiation of definitive agreements. The Joint Venture not only supports Astron's ambitions but also aligns with the Australian Government's strategic initiatives for critical minerals. The Donald Project's vast mineral resources position it as a substantial contributor to the rare earth value chain, emphasizing its long-term significance in the market.