Astron (ASX:ATR) and its joint venture partner Energy Fuels secured a non-binding and conditional letter of support from Export Finance Australia for up to AU$80 million of senior debt project financing for the Donald project in Victoria, according to a Tuesday filing with the Australian bourse.

The joint venture is aiming for a 50:50 debt-to-equity gearing ratio and is collaborating with export credit agencies and senior lenders to secure the project financing facility, the filing said.

Astron shares rose 19% in afternoon trade on Tuesday and earlier reached their highest since March 2022.