Astron signed a non-binding memorandum of understanding with Energy Fuels Resources (USA) for the joint development of the Donald Rare Earths and Mineral Sands Project in Victoria, Australia.

The agreement outlines plans for an Australian incorporated joint venture covering tenements MIN5532 and RL2002, forming the Donald deposit.

Energy Fuels will invest $180 million for a 49% stake, and Astron will be the manager and operator with a 51% interest. The venture aims to mine 7.5 million tonnes annually in Phase 1 and double production in Phase 2.

Energy Fuels will invest in RL2002 and enter an offtake agreement for 100% of REEC production. An exclusivity period until March 1, 2024, is set for due diligence and agreement negotiation, extendable by mutual consent.