Australian Strategic Materials (ASX:ASM) received the green light from the Foreign Investment Review Board for its acquisition by Energy Fuels.
The written confirmation from the Treasurer of Australia marks the removal of a regulatory hurdle, signalling that the Commonwealth has no objection to Energy Fuels' subsidiary, EFR Critical Minerals, acquiring up to a 100% interest in the company.
The transaction is set to be executed via separate but concurrent schemes of arrangement covering both ordinary shares and quoted options.
With FIRB approval now secured, the focus shifts to the remaining customary conditions, most notably the upcoming scheme meetings scheduled for the second quarter of 2026.
The ASM board of directors has maintained its unanimous recommendation, urging securityholders to vote in favour of the deal, provided no superior proposal emerges and an independent expert confirms the merger serves the best interests of the stakeholders.
Investors can expect a detailed scheme booklet to be dispatched in May, following approval from the Federal Court of Australia.
If ASM securityholders and the court provide the necessary endorsements, the acquisition is expected to be finalised in early July.
At the time of reporting, Australian Strategic Materials’ share price was $1.67.