Interesting question and a bit above my payscale, but as the old song goes "fools rush in where angels fear to tread"... so I'll have a go at it!
As you say, the A$180m Energy Fuels contribution to the Donald Phase 1 J.V. would more than cover the proposed 40% equity component of the project, if it is all applied then it would actually cover 45% of the total project funding requirement of A$400m, leaving A$220 in debt to be financed.
Given the Albanese government's (and Scomo's previously) push to assist in funding development of critical mineral projects, including mineral sands projects such as the Sheffield/Yansteel Thunderbird J.V. and Strandline's Coburn project (...not traveling too well unfortunitly, big issues with the ramp up to nameplate which might make them nervous about backing more MS miners?), Liontown's Kathleen Valley lithium project (very high risk in today's markets?) and the real big money being splashed for the Eneabba and Nolans R.E. projects, you would have to think that they could find some loose coin down the back of the couch to help us out Donald.
There are some differences however; Donald is not in Northern Australia (so no NAIF funding) or being backed by Australia's Richest Person and National Treasure, Gina Rinehart (and her phalanx of lobbyists). And there may be a price to pay for ATR being ultimately H.K. based, having business interests in the PRC and Tiger B. having a Chinese mother... though the answer to that is pretty obvious, the J.V. will be Australian based and controlled at arm's length by predominantly AUS & US shareholders. On the plus side Energy Fuels is one of the few North American uranium producers still operation and aspiring to become a major US producer of refined RE's with Donald monazite/xenotime feedstock, so they may be able to call on president Biden's US$400 BILLION 'Inflation Reduction Act' largesse to assist in their commitments to Donald Phase 1 (maybe president Donald phase 2 would help out?), particularly as Australia, while not quite being the 51st State of the US, is considered to be little buddy No.1, kinda like Texans but with funny accents.
So, the A$220m of Donald J.V. debt; I'm no finance guru but lets say A$75m from the Critical Minerals Facility (via EFA) + US$50m ($A75m) Inflation Reduction Act funding leaves A$70m in a commercial loan syndicate, maybe with some underwriting guarantees from the Australian or US govs to spread the risk around ... as I said earlier it's all a bit above this HotCopper pundit's payscale, and that's why ATR "appointed ICA Partners,one of Australia’s leading boutique advisory firms, as financial advisor in relation to the project financing of the Phase 1 of the Donald Rare Earths and Mineral Sands Project" (ATR 8/3/2023 announcement).
What none of this addresses if how Energy Fuels/UUUU is going to fund it's A$180/US$117m initial buy in to the Donald Phase 1 project. Looking at their financial statements on Yahoo Finance they have been running some pretty serious operating cashflow deficits for a while but they did have US$75m in cash and no debt at the end of 2023. Maybe they will have to raise some capital themselves?
I suspect all will be revealed soon ...DYOR & GLTAH!
(20min delay)