Energy Fuels has signed a memorandum of understanding (MoU) with Hyperion for the supply of natural monazite sands (monazite) from the Titan project in Tennessee, US.

The US-based uranium mining company will process the monazite at its White Mesa Mill in Utah to produce mixed rare earth element (REE) products.

The Titan project covers nearly 4,000 acres of prospective titanium, rare earth minerals, high grade silica sand and zircon mineral sands properties.

The project is 100% owned by Hyperion.

Under the terms of the MoU, the two companies have agreed to enter into definitive sales agreement for the supply of monazite from the project.

Energy Fuels and Hyperion have also agreed to evaluate forming a joint venture or other similar arrangement.

Under the arrangement, Hyperion will partner with Energy Fuels, and potentially other parties for the development and operation of an integrated, low-cost and sustainable independent US rare earth supply chain.

Hyperion’s managing director Anastasios Arima said: “We are excited to progress the potential supply to Energy Fuels of American Monazite for its rare earths supply chain right here in the USA, bringing back sustainable American industry and skilled jobs for generations.

“The import dependence of the U.S. for key critical minerals, including rare earths and titanium, presents a huge threat to the security of key domestic industries, including defense, space, aerospace, renewables and electric vehicles.”

The Titan project is located in an area, where significant historic exploration was carried out DuPont, BHP and others from 1960 – 1990.

Hyperion is close to completing a three-phase drilling and bulk sampling test work programme at the project.

Arima said: “Our collaboration with Energy Fuels highlights the importance of Hyperion’s Titan Project in the U.S. as a leader in American sourced critical minerals through its plans to produce zero carbon titanium metals, delivering a clean energy future through the supply of rare earth elements for electric vehicles and the renewable power sectors.”

In November last year, Energy Fuels produced a rare earth element carbonate concentrate on a pilot scale at its White Mesa mill.