ENERGY FUELS INC

The following technical and scientific description of the Donald Project is based in part on the report titled “Technical Report for the Donald Rare Earths and Mineral Sands Project, Victoria, Australia” dated January 27, 2026, prepared by Allan Earl, FAusIMM, Christine Standing, MAIG, Pier Federici, FAusIMM (CP Min), Peter Allen, MAusIMM (CP), Gene Main , EAPASA, Pr. Sci. Nat. SACNASP, and Peter Theron, PrEng, MSAIMM, each a Qualified Person employed by Snowden Optiro (the “Donald Technical Report Summary”). The Donald Technical Report Summary was prepared in accordance with S-K 1300 and also constitutes a Feasibility Study pursuant to NI 43-101. The Donald Project contains known “Mineral Reserves” and is therefore considered under S-K 1300 definitions to be a development stage property.

The Donald Project (“Donald”) is a significant rare earth and mineral sands project located in the Wimmera region of Victoria, Australia. It is located approximately 300 km northwest of Melbourne. Donald is located at approximately 36°27'57” South latitude and 142°48'02” East longitude.

Donald covers a large area of over 426 km2, stretching 60 km north to south, and at its widest, 10 km east to west.

Astron, through its subsidiary Dickson & Johnson Pty Ltd (“D&J”), currently holds the Donald mineral tenements through the joint venture entity Donald Project Pty Ltd (“DPJV”). As of December 31, 2025, the Company has a 9.48% interest in DPJV through its wholly owned subsidiary EFR Donald Ltd (“EFRD”), while Astron, through D&J, holds the remaining 90.52% interest in DPJV. The breakdown of the total license area by mineral license is shown in the table below:

On June 4, 2024, Energy Fuels, through EFRD, entered into a JVA with DMS, D&J, DPJV and their affiliate Astron Mineral Sands Pty Ltd (collectively, the “Astron Affiliates”). Under the terms of the JVA, the Astron Affiliates would contribute certain assets, including tenements MIN5532 and RL2002 constituting the Donald Project, into DPJV, and Energy Fuels would (subject to a positive Donald FID defined below) invest up to AUS$183 million in DPJV and issue $17.5 million of Energy Fuels Shares to D&J to earn up to a 49% interest in DPJV.

Completion of the establishment of the joint venture (“Completion”), which occurred on September 25, 2024, was conditional on a number of conditions precedent, including registration of the transfer of MIN5532 and RL2002 to DPJV and Energy Fuels receiving a no-objection statement from Australia’s Foreign Investment Review Board (“FIRB”) for the proposed investment.

Energy Fuels is required to fund (including the amount advanced under the secured loan) approximately AUD$22.3 million (approximately $14.9 million at December 31, 2025 exchange rates) (which is expected to be expended during the Pre-FID period) from its existing working capital to be used by DPJV to update and expand the 2023 DFS and prepare for a FID to proceed with the development of phase 1 of the Donald Project relating to MIN5532 (Donald FID) as soon as practical.

Under the terms of the JVA, both Astron and Energy Fuels have agreed to proceed with the Donald FID unless it is not commercially reasonable to proceed for one or both parties acting reasonably, including taking into consideration (at the time of Donald FID):

•if the project has been fully permitted;

•the availability of external financing;

•the cash-flow forecasts for both Energy Fuels and Astron (including under suitable downstream offtake agreements for REEC (comprised primarily of monazite and also containing other REE-bearing minerals) and HMC).

Of the $17.5 million of Energy Fuels Shares, $3.5 million worth of shares were issued to D&J upon Completion, and the remaining $14.0 million of Energy Fuels Shares will be issued to D&J upon unanimous approval of the Donald FID by D&J and Energy Fuels. If the Donald FID is approved, Energy Fuels is to fund the balance of the AUS$183 million to earn the agreed 49% interest in DPJV. After Energy Fuels has completed its funding of AUS$183 million, further expenditure for the development of the Donald Project is to be funded by Energy Fuels and D&J (guaranteed by Astron) on a pro-rata basis.

If there is no unanimous Donald FID within three years after Completion, but D&J has voted in favor of the Donald FID, then D&J has the option to buy out Energy Fuels’ interest in DPJV for the fair market value as at that date. If D&J does not exercise this option, or if there is otherwise no unanimous Donald FID within three years after Completion, Energy Fuels is to remain a minority shareholder in DPJV (receiving a percentage interest based on the amount funded by Energy Fuels as of that date) and all future funding will be made by the parties pro-rata in accordance with their percentage interests in DPJV.

Astron Mineral Sands Pty Ltd, a 100% owned subsidiary of Astron has been appointed as the manager of the Donald Project. The JVA provides that specified major decisions relating to the development of the Donald Project are subject to approval of Energy Fuels while it is earning in its interest, and should it earn its 49% interest. The JVA also provides for the parties to carry our further activities in relation to the proposed phase 2 of the Donald Project relating to RL2002, including the preparation of a definitive feasibility study and of a FID.

Energy Fuels has entered into an offtake agreement with DPJV which provides that, subject to the Donald FID being made and commissioning of phase 1 of the Donald Project, Energy Fuels shall purchase 100% of the Donald Project REE production at a price based on market prices of the contained REE oxides, subject to a floor price below which the downstream production and sale of separated REEC oxides would not be justified and Energy Fuels would not be obliged to purchase the monazite. Energy Fuels’ REEC offtake agreement with DPJV may be terminated in certain circumstances, including if Energy Fuels remains a minority shareholder where D&J does not exercise the option to buy out Energy Fuels or if there is otherwise no unanimous Donald FID within three years after Completion, both as described above.

Astron has the right to enter into an offtake agreement for 100% of the Donald Project's zircon and titanium minerals concentrate for processing at its mineral separation plant (which is not part of the joint venture) or an external third party processing facility.

The JVA also grants Energy Fuels a first right of refusal over participation in the development of Astron's Jackson deposit, which is contained in tenement RL2003 and adjoins the Donald Project to the south-west, should Astron plan to pursue such development with a third party. RL2003 is held by Jackson Mineral Sands Pty Ltd, a 100% owned subsidiary of Astron, has an area of 15,481 hectares.1

As of December 31, 2025, the Company has earned a 9.48% interest in MIN5532 and RL2002 of the Donald Project through the DPJV.

There is a 2.75% royalty payable to the Earth Resources Regulator (“ERR”) within the State of Victoria's Department of Energy, Environment and Climate Action (“DEECA”) associated with the Project.

The Donald Project is located within a broadacre agricultural region where wheat, barley, canola, legumes and pulses are typically grown, with scattered rural residential properties throughout the area. Sheep grazing commonly occurs on feed crops and crop stubbles. The closest town is Minyip located 14 km to the west of the MIN5532. The townships of Donald, Murtoa, Rupanyup and Warracknabeal are all within 45 km by road. All the towns surrounding the mine typically have small and aging populations with median ages typically above the State average whilst median incomes are below the State average. The regional centre of Horsham is approximately 65 km to the southwest.

The Donald Project area is within the semi-arid climatic zone of southern Australia and has a Mediterranean to continental climate (i.e., cool, wet winters and warm to hot, dry summers). The average annual rainfall is approximately 400 mm with rain falling on an average of 98 days per year. The average summer and winter temperatures are 13ºC to 30ºC and 4ºC to 13ºC, respectively.

The Donald Project benefits from excellent existing infrastructure in the local area including paved roads, railroads, sources of water, electricity and personnel. Further, with the number of mining projects currently under exploration in the local area, infrastructure to support further mine development in the region would be expected to improve over time.

Water will be accessible from existing water infrastructure in the local area. Additional infrastructure expected to be required for open pit mining has been designed and costed, including:

•Mining Unit Plant (MUP)

•Wet concentrator plant (WCP)

•Concentrate Upgrade Plant (CUP)

•HMC and REMC product handling facilities

•Reagents receipt and distribution

•Maintenance workshops

•Internal Roads and External Road Upgrades

•Offices and crib rooms

•Fuel storage and refueling area

•Hybrid microgrid power supply using a combination of diesel generators, solar power and battery storage

•GWM Water reticulation upgrades to transfer fresh water from storage in Taylors Lake to mine site

•Fresh water, process water and sediment control Dams

•Wash Bay

•Stores

•Tire Repair Facility

•Vehicle Parking Facilities

•Salvage Yard

•Pit dewatering

•Land purchase

•Accommodation facility in nearby town

History

The Donald deposit (MIN5532 & RL2002) and the Jackson deposit (RL2003) were historically known as WIM250 and WIM200, respectively. They represent two of six WIM-style deposits that were initially discovered by CRA in the early 1980s. These tenements were acquired by Astron in 2004 and have since been subject to extensive evaluative and de-risking test work, notably, additional geological drilling, metallurgical test work and environmental studies.

There have been multiple drilling campaigns conducted across the Project since the early 1980s. All drilling since 2000 has been conducted by licensed and trained drillers from Wallis Drilling using the reverse circulation air core (“RCAC”) method and NQ rods with a nominal drill bit diameter of 82 mm. In total across all tenements there are 1,985 drillholes totaling 50,581 m of drilling. The table below details the drilling information used for the 2022 JORC mineral resource estimate of which MIN5532 is the core mineral tenement.

Note:

1. This total represents the total drilling used for the JORC mineral resource estimate and includes drilling on MIN5532 and RL2002.

The table below details the drilling information strictly for RL2002 (wider Donald).

The table below details the drilling information strictly for RL2003 (Jackson).

Commencement of the Environmental Effects Statement (“EES”) application started in 2005 and was positively assessed in 2008. Since that time there have been amendments to regulations governing mining and environmental protection, these have resulted in Donald having to update certain impact assessments. Crucially, as Donald remains largely as described and positively assessed in 2008, a new assessment is not expected to be required - rather, these updated assessments formed part of the Work Plan submission to ERR completed in Q3 2023 and approved in Q2 2025. Following the 2008 EES, Astron through DMS obtained the following permits and licenses for continued advancement of Donald.

Below are a list of additional approvals and licenses required prior to commencement of construction, including those relating to ancillary infrastructure (power line and water pipeline) and proposed road upgrades.

The Donald deposit is within the Murray Basin, which comprises flat-lying Cenozoic sediments that unconformably overlie Proterozoic and Paleozoic basement rocks. The mineralization is contained within the Tertiary aged Loxton Sand, a sequence of marine sands representing a range of environments including deep-water (offshore), near shore, tidal, beach and back dunal sediments.

The mineralization at Donald is contained within the offshore marine sequence of the Loxton Sand. The marine sequence of the Loxton Sand unit can be subdivided into three sub-units:

•LP1 - fine to very coarse friable quartz sands and minor silty, clay and gravel beds representing dunal, foreshore and surf zone sediments;

•LP2 - near-shore, very fine silty micaceous quartz sands, minor clays and gravels, representing sediments deposited below the wave base that show friable laminated and truncated HM mineralized beds. LP2 is the principal fine-grained heavy mineral target throughout the Murray Basin and contains the majority of the mineralization in the Donald deposit; and

•LP3 - represents deep water sedimentation containing higher silt and clay material than LP2.

Within the Donald deposit area, the Loxton Sand is underlain by the Geera Clay. The Geera Clay typically consists of black, gray, green or yellow brown plastic clays, with minor silts and is interpreted as to have formed in shallow water, marginal marine, lagoonal or tidal flat environments.

The Loxton Sand is overlain by the fluvio-deltaic Shepparton Formation, which consists of clay and silt.

After the removal of slimes and oversize, the content of HM was determined using heavy liquid separation. The HM content was assayed using grain counts with checks on the zircon, monazite and titanium content using XRF. Starting in 2022, Stationary XRF, Laser ablation-ICPMS and QEMScan instruments were used by industry independent laboratory Bureau Veritas Minerals Pty Ltd to determine valuable heavy minerals.

Quality control consisted of field duplicate samples prepared by DMS and the laboratory. No blanks were submitted. A second laboratory was not used. Company standards of a defined HM, slimes and oversize grade were inserted in the field by DMS (1 in 40 samples) in drilling from 2016 onward (for MIN5532). Laboratory standards were also inserted by Bureau Veritas (1 in 28 samples) in the 2022 assay test work (for MIN5532).

Twin holes, both Air Core and Sonic drilling, were used to check the results of earlier drilling which showed consistency between the different drilling programs. The data was stored in an Access database and checked against the original sample reports.

A series of adjustments to the sample data was made. This included:

•For zircon % derived from grain counting the Zircon_Min_pct value was used. The grain count method quantifies mineral zircon so no conversion was applied.

•For zircon % derived from XRF results the ZrO 2_HfO 2_pct value. Mineral zircon % = ZrO 2+HfO 2 / 0.667 conversion applied on 2022 drilling XRF assays.

•For zircon % derived from other XRF, results use “ZrO 2_HfO 2_conv” value. Mineral zircon = ZrO 2+HfO 2 / 0.667, conversion previously applied to older XRF assays.

Limited assay values for rutile + anatase % are available. The percentage of rutile is generally contained in the database. For resource estimation the following sample adjustments were made:

•Where rutile + anatase % only data was not available, rutile + anatase was calculated from the rutile % data using the following formula which was derived from a correlation plot where both sets of data are available.

The ilmenite % values obtained from the DMS drilling contained magnetite. Based on a comparison with the CRA drilling the DMS ilmenite grades were decreased by 1.6 % to remove the magnetite from the assay.

The Mineral Resource estimate, which is within MIN5532 and includes part of RL2002 (to the south of MIN5532), contains data from a total of 845 vertical AC drill holes (for a total of 20,667 m) drilled by CRA, Zirtanium and Astron. Assay data from 82 sonic drill holes (for a total of 1,948.9 m), drilled for bulk density and geotechnical metallurgical test work and verification of the AC drilling, and data from the pre-production AC GC holes drilled during 2025 were not used for the 2025 Mineral Resource estimate. Density data from sonic holes were used for tonnage estimation.

The Mineral Resource was estimated in 2022, and this model was updated in 2025 to include updated density data and estimates of rare earth oxides (REO). In addition, the monazite was re-estimated using data from ICP-MS analysis rather than XRF data, as was used for the 2022 Mineral Resource estimate.

Geological information from all historical drilling campaigns was used to inform the geological interpretation for resource modelling. Sample assay data (including mineral assemblage data) derived from the 2022 drilling program were used for grade estimation within Area 1. Assay data from the 2004 drilling program (assayed using the +38 µm/-90 µm fraction) and data from the 2010 and 2015 drilling programs were also used for HM, slimes and oversize estimation in Area 2. Data from the 2004 drilling was also used for estimation of the mineral assemblage components within Area 2.

Four lithological surfaces were interpreted for the resource model (top of Loxton Sand, base of LP1, base of LP2 and base of LP3) using all available geological logging data. Surfaces were interpreted to define the top and base of the mineralization using a nominal 1% total HM cut-off grade from the total HM contained within the +20 μm/-250 μm fraction (following calibration of the data from the -38 μm and the +38 μm/-90 μm fractions to the -20 μm and +20 μm/-250 μm fractions within Area 2).

Data compositing was not required as all the sample intervals with assay data were 1 m. A hard boundary was used for variography and grade estimation of total HM within the mineralized horizon in LP1, LP2 and LP3. Examination of the slimes and oversize data indicated a gradational boundary from the mineralized domains to the surrounding material within LP1 and LP2 and soft boundary conditions were used for variography and grade estimation of slimes and oversize within these domains.

The distributions of the total HM, slimes and oversize data within each geological unit and within the mineralized horizon are positively skewed; however, the total HM, slimes and oversize all have low coefficients of variation (less than 0.95). High-grade outliers are not present and so top cut grades (cap grades) were not applied.

Variogram analysis was undertaken using a normal scores transformation to determine the total HM, slimes and oversize continuity. Kriging neighborhood analysis was carried out to optimize the block size, number of samples used for grade estimation, search ellipse dimensions and the block discretization.

The mineral assemblage data was attributed to each drill hole interval that was incorporated into the composite sample and the data was coded using the wireframe surfaces for the mineralized horizon and each geological sequence. Along strike and across strike variograms were examined for rutile, leucoxene, ilmenite, zircon, monazite and xenotime.

Block grades for total HM were estimated using both ordinary kriging (OK) and inverse distance squared (ID 2) techniques, and block grades for slimes and oversize were estimated using OK techniques. The OK HM estimate was used for Mineral Resource reporting and the ID 2 estimate was used for validation of the OK estimate. The block model has a parent block size of 100 mE by 200 mN by 1 mRL. The parent blocks were allowed to sub-cell down to 25 mE by 50 mN by 0.25 mRL to more accurately represent the geometry and volumes of the geological units and the mineralization horizon. Grade estimation was into the parent blocks and a three-pass search scheme was used.

Block grades for the mineral assemblage components (all titania mineral subdivisions, zircon, monazite, and xenotime) and TiO 2, ZrO 2+HfO 2 and REOs were estimated using inverse distance cubed (ID 3) techniques and grade estimation was into the parent blocks.

The estimated grades in the resource model were validated by:

•Visual comparison of the drill holes and blocks.

•Comparing the mean input grades with the estimated block grades.

•Examining trend plots of the input data and estimated block grades by easting, northing and elevation slices.

Data from a total of 149 density samples, collected from test pits in 2005 (nuclear density measurements) and 2018 (sand replacement), from nuclear density measurements in 2024, and from sonic drill core samples in 2022, 2024 and 2025 were used to determine average density values for the Shepparton Formation and LP1, LP2 and LP3. These average density values were applied for tonnage estimation of the 2025 Mineral Resource.

The Mineral Resource estimate was classified into the Measured, Indicated and Inferred categories, taking into account data quality, data density, geological continuity, grade continuity and confidence in the estimation of HM content and mineral assemblage. Measured and Indicated Mineral Resources were defined Area 1 (covered by the 2022 drilling on a nominal spacing of 250 mE by 350 mN) and where the mineral assemblage was determined by QEMSCAN®, XRF and ICP-MS analysis. The eastern area of LP1 (Domain 210 – outside of mineralized horizon) and the LP3 unit within the area of 2022 drilling were classified as Indicated. Domain 210 is thinner in the east and grade estimation was supported by sparser data compared to the western area. Inferred Resources were not defined in the area drilled in 2022. Mineral Resources were classified as Indicated and Inferred in Area 2 (outside of the 2022 drilling) as the historical nature of the data, and changes in the grain size and data calibration reduced confidence in the data used for estimation. The LP2 unit was classified as Indicated where mineral assemblage data was obtained from the 2004 drilling and was classified as Inferred where there was a lack of mineral assemblage data. Mineral Resources within LP1and LP3 were classified as Inferred in Area 2.

Donald Project - 100% Basis - Summary of In-Situ Mineral Resources, December 31, 2025

Notes:

1. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability

2. Mineral Resources are reported above a cut-off grade of 1.0% total HM within MIN5532. The cuto-ff grade is based on a pit shell identified using geotechnical parameters, operating costs and the following metal prices

a. ZrO 2 = $18.52/% in product

b. TiO 2 = $3.52/% in product

c. Monazite + Xenotime ("REEC") = $11,595/tonne product

3. Mineral resources are exclusive of ore reserves.

4. The MIN5532 Mineral Resource has been classified and reported in accordance with the 2014 CIM Definition Standards incorporated in NI 43-101 and S-K 1300 Definitions

5. Total HM is from within the +20 µm to -250 µm size fraction and is reported as a percentage of the total material. Slimes is the +20 µm fraction and oversize is the +1 mm fraction

6. Estimates of the mineral assemblage (zircon, ilmenite, rutile (including anatase), leucoxene, monazite and xenotime) are presented as percentages of the total HM component.

7. All tonnages and grades have been rounded to reflect the relative uncertainty of the estimate, thus the sum of columns may not equal.

Mineral Reserve Estimate

MIN5532 will be mined using a conventional strip mining method, designed as about 500 m wide strips separated by in-situ ore bunds between the strips. Each strip comprises a series of 500 m wide and 250 m long mining blocks separated by bunds constructed from overburden stripped from the active mining area. The mining blocks will be extracted in a progressive sequence within each strip, before shifting to a new strip. Spear point wells will be used to dewater the active mining area and the active tailings cell.

Process tailings will be returned to tailings cells constructed in the void left behind the active mining block. A downstream embankment will be constructed between the active tailings block and active mining block. Waste overburden will be backfilled behind the active tailings cell and above consolidated tailings.

The mining contract will include topsoil and subsoil stripping, overburden stripping, ore mining and delivery to the process plant, construction of the tailings cells, overburden backfilling and subsoil and topsoil replacement and contouring. Final rehabilitation will be carried out by other specialized contractors.

To accommodate the wall angles in the pit optimization process and to provide better resolution of the mining boundaries, the resource model was reblocked to 25 mE by 25 mN by 1.0 mRL cell size. A slope angle of 20° and a 6% ore loss to account for in-situ bunds were applied. The mining costs used for the pit optimization were developed from contractor costs, and processing costs from Mineral Technologies. Processing recoveries were supplied by Metmac Services Pty Ltd. Product prices were supported by a market analysis by Astron.

The pit optimization considered the Measured and Indicated Mineral Resource model blocks only within the MIN5532 boundary, with all Inferred and unclassified blocks treated as waste. The pit optimization generated a series of nested pit shells for a range of revenue factors (RF) ranging from 10% (RF10) to 110% (RF110) of the base case prices. There was very little change in the optimization results beyond the RF60 pit shell because the economic pit was constrained by the MIN5532 boundary. The RF50 shell, which targets the higher grade areas within the Work Plan area, was selected for the initial mining area and the RF70 shell, which covers the entire MIN5532 area, was selected for the remaining MIN5532 mine life.

A variable breakeven cut-off was applied, with any material with a total recovered product value greater than the combined processing, fixed, concentrate transport, marketing and royalty cost treated as ore. The cut-off grade calculation did not include mining costs or the initial capital costs. The mill-limited, value-based breakeven cut-off was applied and escalated in the early years (+100% for the first six years, then +33% thereafter) to exclude marginal material, improve cash flow and reduce payback, before reverting to the base life-of-mine (LOM) cut-off.

The RF70 shell was modified to exclude cultural and environmentally significant areas, the external tailings storage facility (TSF), the process plant footprint, roads and other support facilities. An offset of 100 m was used from the MIN5532 boundary to the crest of the closest pit excavation. The floor of the mine was a surface created from the combined RF50 and RF70 shells.

The Measured Mineral Resource component was classified as a Proven Mineral Reserve and Indicated Mineral Resource was classified as a Probable Mineral Reserve. The Donald Mineral Reserve estimate within MIN5532 reported by AMC as of December 2025.

The Mineral Reserve is in a granted Mining License in good standing with state and federal environmental approvals and an approved Cultural Heritage Management Plan (CHMP) in place over the Phase 1A Work Plan area within MIN5532. The Work Plan area covers 1,143.4 ha of which Astron owns freehold titles over an area of 705 ha. The remaining freehold titles are contracted to DPPL with settlement scheduled at FID.

The Phase 1A Work Plan area will support mining for about 19 years. Mining over areas within MIN5532 outside the Work Plan area will require a CHMP and approval of a Work Plan amendment. There is an additional 1,646.6 ha of land within MIN5532 outside of the Work Plan area. DPPL will need to engage with those landowners to ensure appropriate access under MIN5532 is secured.

Donald Project - 100% Basis - Summary of In-Situ Mineral Reserves, December 31, 2025

Notes:

1. The Mineral Reserve is based on Measured and Indicated Mineral Resources contained within RF70 optimized pit shells and a practical mine design

2. A breakeven cut-off has been applied defining any parcel of material with recovered product values greater than processing, G&A and concentrate transport costs as ore

3. The rutile grades are a combination of rutile and anatase minerals

4. Estimates of the mineral assemblage (zircon, ilmenite, rutile (including anatase), leucoxene, monazite and xenotime) are presented as percentages of the total HM component.

5. The reference point for the Mineral Reserve is in-situ with allowance for mining recovery

6. All tonnages and grades have been rounded to reflect the relative uncertainty of the estimate, thus the sum of columns may not equal

7. The metal price assumptions used were

a. ZrO 2 = $18.52/% in product

b. TiO 2 = $3.52/% in product

c. Monazite + Xenotime ("REEC") = $11,595/tonne product

8. The MIN5532 Mineral Reserve has been classified and reported in accordance with the 2014 CIM Definition Standards incorporated in NI 43-101 and S-K 1300 Definitions

9. Numbers might not add due to rounding.

The Donald Technical Report Summary was the inaugural S-K 1300 compliant estimate of Mineral Resources and Mineral Reserves on the Donald Project. A year-to-year comparison of Mineral Resources and Mineral Reserves is omitted because no S-K 1300 compliant estimates existed as of December 31, 2024.

During 2025, the primary work ongoing at Donald is additional drilling across the mining blocks planned for the first two years of operation. This drilling, termed grade control, has been used to develop a grade control geological model that supports the first two years of mining.

A raw water pipeline has also been constructed that connects the Donald Project to the Grampians Wimmera Mallee Water ("GWMWater") regional water reticulation system. GWMWater is the local water authority. The pipeline is fully commissioned and enables raw water to be used for construction and operations for the life of the mine.

During 2025, DPJV also completed the purchase of an additional property within MIN5532 and entered into a contract for the purchase of an additional property which will complete upon satisfaction of the FID. These property purchases represent the final land required to commence construction for Phase 1 of the Doanld Project.

As of December 31, 2025, the total net book value attributable to the Donald Project and its associated equipment on the financial statements of Donald Project Party Ltd. was $63.34 million.

The Company is currently funding a pre-FID budget to move the Donald Project to an FID. All material permits required to commence development activities have been received. The Company updated the 2023 Donald Project JORC-compliant DFS into an S-K 1300 and NI 43-101-compliant FS, which was furnished through a Form 8-K filing on February 26, 2026, and which is incorporated into this Form 10-K by reference as Exhibit 96.8. Remaining pre-FID work includes entering into suitable offtake agreements for the JV products and for the downstream REE products to be produced by the Company from the monazite/xenotime it expects to receive from the project, arranging financing for the project and maintaining crews and advancing certain development activities pending a positive FID. The Company plans to spend AUD$22.3 million (approximately $14.9 million at December 31, 2025 exchange rates) for Pre-FID activities in 2026. A FID is expected as early as Q1 2026.