Energy Fuels said on Oct. 26, 2026 that Export Finance Australia (EFA) and the National Reconstruction Fund Corporation (NRFC) have together conditionally approved a commitment of up to A$180 million (US$126 million) for the Donald Rare Earth and Mineral Sands Project in Victoria. The money would support construction of Phase 1 and moves the project, which Energy Fuels runs with Australia-based Astron Limited, toward a final investment decision now targeted by the end of 2026. It also adds a government-backed Australian lender to a supply chain that Western governments are working to build outside China, from mine to magnet.
Energy Fuels: Australian Lenders Conditionally Back Donald
According to Energyfuels, the A$180 million is part of a proposed A$200 million senior project finance debt facility. The conditional approvals contemplate term loan facilities of up to A$200 million in aggregate. That breaks down as up to A$70 million from EFA, up to A$110 million from NRFC, and the remaining A$20 million from commercial lenders. The EFA and NRFC facilities are expected to carry a 10-year tenor from financial close, with interest priced at BBSY plus an applicable margin.
The approvals are conditional. Completion depends on definitive documentation, satisfactory due diligence, the balance of the debt funding from commercial lenders, and final approvals. Energy Fuels says discussions on the remaining commercial term loan and bank guarantee facilities are continuing. The Australian commitments are in addition to the conditional $725 million loan commitment it received in June 2026 from the U.S. Office of Strategic Capital.
The project is located approximately 300 kilometers northwest of Melbourne. Energy Fuels describes it as fully permitted and shovel ready. It is expected to have a 40-year mine life, with Phase 1 averaging approximately 9,000 tonnes per annum of rare earth concentrate and 225,000 tpa of heavy mineral concentrate. Energy Fuels is expected to buy all the rare earth concentrate, while Astron is expected to buy all the heavy mineral concentrate for sale to global customers.
The downstream plan is where the "mine-to-magnet" label comes from. Energy Fuels plans to process the approximately 9,000 tpa of concentrate at its White Mesa Mill in Utah. There it would be separated into approximately 1,000 tpa of NdPr oxide, plus terbium and dysprosium oxides. The company is also in the process of acquiring Vacuumschmelze, with closing expected in Q1 2027. It says Donald concentrate is expected to provide roughly 77% of Vacuumschmelze's existing magnet manufacturing capacity across its U.S. and European facilities.
Energy Fuels CEO Ross Bhappu said: "Donald's heavy rare earth content, particularly dysprosium and terbium, is especially important." (MINING.COM).
On ownership, Energy Fuels is earning into a 49% interest in the Donald JV by funding the first A$183 million (US$127 million) of upfront equity. It has invested approximately A$60 million (US$41 million) so far, representing a 15.3% ownership interest. To earn its full 49%, it must invest approximately A$86 million (US$60 million) more, plus issue shares equal to US$14 million.
Mining.com reports that Canberra announced the support a year after Australia and the United States signed a critical minerals framework. The Australian government said more than A$6 billion in support for critical minerals projects has been announced since that agreement was signed in October 2025. It separately announced conditional approval for a US$41.4-million loan to Global Advanced Metals to support tantalum production.
Astron shares closed 2.4% weaker on Tuesday in Sydney, after gaining 6% on Monday. The company was valued at A$258 million at Tuesday's close, according to Mining.com.
Iamgold: Drilling Extends Nelligan and Monster Lake
Iamgold said Tuesday that drill hole NE-26-272 cut 77 metres grading 2.23 grams gold per tonne from 692 metres downhole at Nelligan's zone 36 in Quebec. At nearby Monster Lake, hole ML-26-318 returned 7.3 metres at 49.6 grams gold from 32 metres depth.
Nelligan hosts 122 million indicated tonnes grading 0.95 gram gold for contained metal of 3.7 million oz. gold. It also holds 151 million inferred tonnes at 0.96 gram gold for about 4.6 million ounces, based on year-end 2025 resources. Iamgold is targeting an updated resource estimate within weeks and an exploration update for the complex in the first half of 2027, followed by a preliminary economic assessment.
The company has expanded Nelligan's 2026 drilling plan to 30,000 metres from 18,000 metres. It has budgeted about $24 million (C$33.6 million), or almost half its planned 2026 exploration spending, for the Nelligan complex. TD Securities analyst Steve Green said Nelligan, Monster Lake and Philibert sit within a 15 km radius, "supporting Iamgold's conceptual vision of a district-scale operation."
Bannerman Energy: Etango Uranium Project Approved for Construction
Bannerman Energy and its Chinese partner CNNC Overseas have approved construction of the Etango uranium project in Namibia. Funding is secured without project debt, and first production is targeted for 2028.
Etango is expected to cost $353 million before production and to deliver an average of 3.5 million lb. of uranium oxide annually. CNNC Overseas will buy 60% of lifetime production on market-based terms without price floors or ceilings. Bannerman retains independent marketing rights over the remaining 40%. Bannerman owns 55% of the joint venture and CNNC Overseas holds 45%.
