ASTRON LIMITED — Capital/Financing Update 2024

Sep 25, 2024

26 September 2024

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Donald Project Joint Venture – Transaction Complete

Astron Corporation Limited (‘Astron’ or ‘the Company’) (ASX: ATR) is pleased to announce that the transaction between Astron and Energy Fuels Inc. (Energy Fuels) (NYSE American: UUUU) to establish a joint venture over the Donald Rare Earths and Mineral Sands Project (‘Donald Project’ or ‘Joint Venture’) has completed with the effective date of 26 September 2024.[1]

In accordance with the terms of the Joint Venture Agreement (JVA):

• Astron has been issued shares in Energy Fuels with a current market value of US$3.5 million;

• • The interest-free loan of $8.6 million, provided by Energy Fuels to fund Donald Project development costs from the date of execution of the JVA to the date upon which the JVA became effective, has been converted into approximately 3.2% equity in the Joint Venture company (Donald Project Pty Ltd), with Astron retaining an approximate 96.8% equity in the Joint Venture company; and

• The Rare Earths Elements Concentrate (REEC) offtake agreement with Energy Fuels, for 100% of the REEC production over the life of the project, is now in effect.

Energy Fuels will progressively increase its stake in the Venture to 49% as it funds A$183 million towards the execution and construction of the first phase of the Donald Project (Phase 1). This is expected to satisfy the majority of the equity required to complete the Phase 1 investment.

The completion of the transaction represents another material step in bringing to life the globally significant, Tier-1 Donald resource. It will signify the establishment of another western-rare earth mine to oxides value chain, and one that can come into production as soon as late 2026.

The parties are focused on advancing the project towards a positive final investment decision (FID) which is now likely in early 2025.

Since execution of the joint venture agreement on 4 June 2024, development activities for the Donald Project have continued to ramp up, including:

• process plant engineering, where the early contractor involvement phase with global engineering group Sedgman has concluded;

• auxiliary infrastructure, where the company has received approval for the accommodation village planned to be located in the town of Minyip;

• tendering of key contracts, notably, mining services and transport and logistics packages, where the Joint Venture has completed its adjudication and short-listed contractors; and

• permitting and approvals, including on-going engagement with the regulators for the Work Plan which remains on-target for delivery in H2 2024.

Since the release of the Definitive Feasibility Study in April 2023, the project capital expenditure estimate has trended upwards from an all-in cost of A$392 million with a value date of Q1 2023 ($432m nominal at Q3 2024). While work continues to better optimise and refine the capital expenditure, the current Phase 1 capital expenditure is expected to be within the range from A$450 million to A$490 million (with a value date of Q3 2024). This is a result of cost escalation, changes of scope for mining and processing operations, and revised construction efficiency and labour cost estimates.

This announcement has been authorised for lodgement to ASX by the Managing Director of Astron.

For Further Information, contact:

Tiger Brown, Managing Director +61 3 5385 7088

1 This follows from the announcements dated 4 June 2024, ‘ Joint Venture – Execution of Binding Agreements’ which outlines the principal terms of the transaction, and subsequently, the announcement dated 19 September 2024, ‘ FIRB Approval – Donald Project Joint Venture’ , which confirms that all material condition precedents under the Joint Venture Agreement have been met.

Head Office: Level 10, 224 Queen Street, Melbourne VIC 3000

www.astronlimited.com

Joshua Theunissen, Australian Company Secretary +61 3 5385 7088 Joshua.theunissen@astronlimited.com

About Astron

Astron Corporation Limited (ASX: ATR) is an Australian-based company listed on the ASX. With over 35 years of operating history, Astron has been involved in mineral sands processing, downstream product development, and the marketing and sales of zirconium and titanium related products. Astron’s prime focus is the development of its large, long-life Donald Rare Earths and Mineral Sands Project in regional Victoria, Australia. In addition to its Australian assets, the company also conducts a mineral sands trading operation based in Shenyang, China and owns and operates a zircon and titanium chemicals research facility, which includes a mineral separation facility processing mineral concentrate products into final products, in Yingkou, China.

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