• Astron divests 686,974 shares of Energy Fuels Inc. at US$14.24 per share, generating US$9.8m (A$15.2m)
• Proceeds to optimize capital structure and support growth initiatives without diluting shareholder equity
• Astron to receive further US$14m (A$21.7m) in Energy Fuels shares upon Final Investment Decision for Donald Project

Astron Limited (ASX: ATR) has announced the divestment of 686,974 shares in U.S. based critical minerals producer Energy Fuels Inc. at an average price of approximately US$14.24 per share, generating gross proceeds of approximately US$9.8 million (A$15.2 million at current exchange rates). The sale of Astron's shareholding in Energy Fuels unlocks immediate value from the Donald Rare Earth and Mineral Sands Project joint venture, allowing the company to optimize its capital structure and provide enhanced liquidity and financial flexibility in support of its growth initiatives, without diluting shareholder equity. The shares, then valued at US$3.5 million, were initially issued to Astron on 26 September 2024 as part of the landmark Donald Project joint venture agreement (JVA) between Energy Fuels and Astron. The JVA also provides for a further US$14 million of Energy Fuels shares (A$21.7 million at current exchange rates) to be issued to Astron at the time the Final Investment Decision for the development of the Donald Project is taken. The Donald Project joint venture is the cornerstone of Astron's resources portfolio, and recent regulatory approvals and the joint venture's progression position the project for a Final Investment Decision targeted for 2026 (late 2025 / early 2026), with Phase 1 production targeted to commence in H2 2027.

The sale of Astron's Energy Fuels shares enhances the company's resilience, strengthens its balance sheet, and supports its advancement towards production at the Donald Project, reinforcing Astron's ability to capitalize on the rising global demand for rare earth elements without compromising its conviction in the value of the joint venture and its pivotal role in the Western world's critical minerals supply chain.