Energy Fuels recently released a feasibility study report for its wholly-owned Vara Mada heavy mineral sands project in Madagascar. The report indicates that the project demonstrates significant economic benefits and strategic importance, with the potential to positively impact the global supply chain landscape for rare earth elements and critical minerals. It is reported that the Vara Mada project was formerly known as the Toliara project. Energy Fuels officially integrated it into its portfolio in 2024 after acquiring the Australian company Base Resources. The project primarily focuses on the production of monazite (a phosphate mineral rich in rare earth elements) while also possessing development potential for ilmenite and zircon. According to the feasibility study report, the project is planned to achieve an annual production capacity of 959,000 tons of ilmenite, 66,000 tons of zircon, 24,000 tons of monazite, and 8,000 tons of rutile upon commissioning. The initial design of the project envisions a mine life of 38 years, with the potential for further extension through enhanced drilling exploration and process technology optimization.