• Donald Rare Earth and Mineral Sands Project awarded Major Project Status and received conditional $80m debt support
• Final Investment Decision for Donald Project Phase 1 targeted for Q1 2026
• Procurement of long-lead items commenced, water pipeline construction completed

Astron Limited (ASX: ATR) released its Quarterly Activities Report for the period ending 31 December 2025. Key highlights include: The Donald Rare Earth and Mineral Sands Project was awarded Major Project Status by the Australian Federal Government and received a conditional Letter of Support for up to $80m of senior debt from Export Finance Australia. Discussions with lenders, including EFA, continue to advance towards finalising a credit approved term sheet for the project financing facility. The Final Investment Decision for Donald Project Phase 1 is now targeted for the end of Q1 2026. Procurement of long-lead time items has commenced with purchase orders executed for select mechanical equipment and the execution of the process plant earthworks contract. Construction of the water pipeline between Minyip pump station and the mine site was completed on-time and on-budget. Astron sold 686,974 shares of U.S. based critical minerals producer Energy Fuels Inc. during the quarter, generating gross proceeds of approximately US$9.8m (~A$14.7m) to be applied to progressing the Donald Project. Astron received its ATO Class Ruling in relation to the recently completed redomicile transaction, confirming that capital gains tax rollover relief is available to shareholders.