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Madagascar

Vara Mada (Toliara) Project

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Summary

Mine TypeOpen Pit
Study CompletedFeasibility
StagePermitting
Commodities
  • Heavy Minerals
  • Ilmenite
  • Rutile
  • Zircon
  • Leucoxene
  • Monazite
  • Garnet
Mining Method
  • Truck & Shovel / Loader
  • Dry mining
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Mine Life... Lock
SnapshotVara Mada (Toliara) is a world-class, advanced-stage, and large-scale heavy mineral sand (HMS) project, containing significant low-cost ilmenite (titanium), zircon (zirconium), and monazite (REE) Mineral Reserves and Resources.

On Jan. 8, 2026, Energy Fuels Announces Updated Feasibility Study for Toliara Rare Earth and HMS Project.

A two-stage production profile has been defined, reflecting a planned increase in mining rates as the mining advances into areas of lower grade around Year 5.

Stage 1 will consist of a single dry mining unit (DMU) feeding a wet concentrator plant to produce a heavy mineral concentrate, which is subsequently processed in a mineral separation plant to produce ilmenite, rutile, and zircon. A monazite-rich tailings stream from the MSP will then be upgraded in the monazite concentrator plant.

Stage 2 will add an identical DMU and WCP to increase mining rates.
Latest NewsEnergy Fuels Announces Updated Feasibility Study for Toliara Rare Earth and HMS Project in Madagascar Confirming World-Class Scale and Economics, Including $1.8 Billion NPV and Ramping Up to Over $500 Million of Expected Annual EBITDA     January 8, 2026

Owners

SourceSource
CompanyInterestOwnership
Energy Fuels Inc. 100 % Indirect
Base Toliara SARL (operator) 100 % Direct
Base Resources, a wholly owned subsidiary of the Energy Fuels Inc, owns the Toliara Project.

Contractors

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Deposit type

  • Mineral sands

Summary:

The Ranobe deposit comprises five mineralized units: the upper sand unit (USU) and its sub-units, the surface silt unit (SSU) and an upper silty sand unit (USSU), the intermediate clay sand unit (ICSU), and the lower sand unit (LSU).

While the LSU has been excluded from the current Mineral Resource estimate because of observed differences in the mineral assemblage and limited available mineralogical and metallurgical data for this unit, significant upside potential is believed to exist based on existing drilling results and future exploration and resource definition is planned.

Deposit Types
Variability in mineralization grade of the Ranobe deposit occurs both down the mega-dune system profile and laterally. This reflects the mechanism of mineralization where heavy mineral (HM) is concentrated within the sands by aeolian winnowing, within a mobile dune complex that has experienced multiple episodes of deposition and erosion during the dune building process. The mineralization generally thickens (from 3 m to 39 m) and decreases in grade westwards away from the scarp slope. The deposit anisotropy parallels the scarp slope, with higher HM grades concentrated along the mega-dune crest line.

The primary factor controlling grade and geology continuity is mega-dune morphology. The limestone morphology also impacts sand deposition and continuity of grade along the eastern extents of the Ranobe deposit and in the central part of the deposit, where numerous limestone pinnacles occur.

Mineralization
The deposit is hosted within a stabilized mega-dune system, which is arrested along the basement scarp and extends for approximately 22 km north-northwest. The entire dune unit is mineralized with an assemblage of ilmenite, zircon, rutile, and monazite concentrated within the sands by aeolian winnowing. The mineralization generally thickens (from 3 m to 39 m) and decreases in grade westwards away from the scarp slope. The deposit anisotropy parallels the escarpment slope, with higher HM grades concentrated along the mega-dune crest line. The geological controls on mineralization appear related to areas where the morphology of the LST escarpment (and the ridgelines that extend west from the escarpment) has acted as a barrier to aeolian transport mechanisms of the mobile sand mass that has resulted in concentration of heavy minerals via winnowing of the lighter material.

The aeolian dune system has little induration, low clay content, and variable HM concentrations (averaging approximately 6%, but up to 25% HM) overlying a fluvial or lagoonal unit of clayey sand with minor induration, moderate clay content, and low HM. Along the western margin of the deposit, a thick marginal marine sand sequence occurs at depth, which contains minor indurated horizons, low to moderate clay content, and variable HM concentrations (including strandlines) with up to 40% HM.

The mineral resource extends for 20 km north-south and averages 3 km wide east-west. The average depth of mineralization from the surface to the 1.5% HM cut-off is 20 m, with a range of 3 m to 39 m.

The heavy minerals of economic interest (in order of abundance) are ilmenite, zircon, monazite, leucoxene, and rutile, although significant quantities of garnet have been observed in the deeper marine sands.

The heavy minerals were eroded from hinterland basement rocks, transported by rivers to the ocean, and from there reworked by wave action and deposited as detrital grains on a beach. Subsequently, they were blown by the wind to their ultimate position in the Ranobe deposit, along with detrital grains of quartz.

Reserves

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Mining Methods

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Required Heavy Mobile Equipment

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Comminution

Crushers and Mills

Milling equipment has not been reported.

Processing

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Water usage

Parameter2025
Groundwater 1,315 m3/h
Third-party water 160 m3/day

Commodity Production

CommodityProductUnitsAvg. AnnualLOM
Heavy Minerals kt 0 *
Ilmenite Chloride kt 249 *9,374 *
Ilmenite Slag kt 260 *9,806 *
Ilmenite Sulphate kt 450 *16,944 *
Ilmenite Total kt 959 *36,124 *
Rutile Mineral in concentrate kt 8 *284 *
Zircon Mineral in concentrate kt 66 *2,476 *
Monazite Mineral in concentrate kt 24 *895 *
* According to 2025 study.

Operational metrics

Metrics
Hourly mining rate  ....  Subscribe
Hourly processing capacity  ....  Subscribe
Annual ore mining rate  ....  Subscribe
Annual production capacity  ....  Subscribe
Ore tonnes mined, LOM  ....  Subscribe
Tonnes processed, LOM  ....  Subscribe
* According to 2025 study.

Production Costs

CommodityUnitsAverage
Assumed price Monazite USD  ....  Subscribe
Assumed price Rutile USD  ....  Subscribe
Assumed price Zircon USD  ....  Subscribe
Assumed price Ilmenite USD  ....  Subscribe
* According to 2025 study / presentation.

Operating Costs

CurrencyAverage
OP mining costs ($/t milled) USD  ....  Subscribe
Processing costs ($/t milled) USD  ....  Subscribe
Total operating costs ($/t milled) USD  ....  Subscribe
* According to 2025 study.

Project Costs

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscribe
Expansion CapEx $M USD  ......  Subscribe
Sustaining CapEx $M USD  ......  Subscribe
Closure costs $M USD  ......  Subscribe
Total CapEx $M USD  ......  Subscribe
OP OpEx $M USD  ......  Subscribe
Processing OpEx $M USD 1,478
Total OpEx $M USD  ......  Subscribe
Income Taxes $M USD  ......  Subscribe
Royalty payments $M USD  ......  Subscribe
Gross revenue (LOM) $M USD  ......  Subscribe
After-tax Cash Flow (LOM) $M USD  ......  Subscribe
After-tax NPV @ 10% $M USD  ......  Subscribe
After-tax IRR, %  ......  Subscribe
After-tax payback period, years  ......  Subscribe

Personnel

Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Jun 30, 2025
....................... Subscription required ....................... Subscription required Subscription required Jun 30, 2025
....................... Subscription required ....................... Subscription required Subscription required Jan 15, 2026
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....................... Subscription required ....................... Subscription required Subscription required Jan 20, 2026

Workforce

Total WorkforceYear
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Aerial view:

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