Donald — heavy mineral sand & rare earth project

Development-stage rare earth and mineral sands project in the Wimmera region of Victoria, Australia, ~300 km northwest of Melbourne, covering over 426 km2. Held through the Donald Project JV with Astron Corporation: as of Dec 31 2025 Energy Fuels has a 9.48% interest via EFRD with Astron holding the remaining 90.52%. Tenements include Mining Lease MIN5532 (2,784 ha) and Retention License RL2002 (24,371 ha). Energy Fuels can earn up to 49% by investing up to AUD$183 million and issuing $17.5 million in shares subject to a positive Donald FID. Conventional strip mining of WIM250 deposit using a Mining Unit Plant, Wet Concentrator Plant and Concentrate Upgrade Plant. EFA conditional Letter of Support for up to AUD$80M senior debt issued Oct 2025; targeted total funding ~AUD$520M at 50:50 D/E. Planned production H2 2027 of ~7,200 tpa REE oxide concentrate including ~1,000t NdPr, ~92t Dy, ~16t Tb. Subject to 2.75% royalty to Victoria's ERR. FID expected as early as Q1 2026. Astron is operator. Net book value $63.34 million in DPJV at Dec 31 2025.