Astron (ASX:ATR) said discussions with Export Finance Australia, other government financing agencies, and commercial lenders for a AU$200 million senior debt package to fund phase one of its Donald rare earth and mineral sands project remain ongoing, according to an Australian bourse filing on Wednesday after market hours.

The company expects to reach a final investment decision (FID) in the fourth quarter following these discussions, with first production targeted for 2028, per the filing. It continues to advance engineering, procurement, module fabrication, earthworks, power supply, cultural heritage activities, and project management preparations ahead of the decision.

Energy Fuels, the joint venture partner, supported the project with a AU$97.4 million contribution as part of its AU$183 million earn-in, the filing said.