Lakewood, Colorado-based Energy Fuels (NYSE:UUUU) announced it has entered into a Scheme Implementation Deed to acquire 100% of Australian Strategic Materials (ASX:ASM) in a transaction valuing ASM at approximately $299 million.
The deal will be implemented via a court-approved scheme of arrangement under Australian law and is expected to close in late June 2026, subject to shareholder, court, and regulatory approvals.
Under the terms, ASM shareholders will receive 0.053 Energy Fuels shares or CHESS Depository Interests per ASM share, plus a special dividend of up to A$0.13 per share, implying a total value of A$1.60 per ASM share.
Upon completion, ASM shareholders are anticipated to own roughly 5.8% of the enlarged Energy Fuels.
The acquisition significantly advances Energy Fuels’ rare earths integration strategy by combining its upstream oxide production at the White Mesa Mill in Utah—the only U.S. facility licensed to process monazite into both light and heavy rare earth oxides, including neodymium-praseodymium (NdPr), dysprosium, and terbium—with ASM’s downstream capabilities.
ASM brings its operating Korean Metals Plant, one of the few facilities outside China capable of producing rare earth metals and alloys such as NdPr, dysprosium, terbium, and NdFeB magnet-related products.
Energy Fuels plans to leverage ASM’s metallization and alloying expertise to address a key bottleneck in non-Chinese rare earth supply chains: the conversion of oxides into metals and high-performance magnets critical for electric vehicles, wind turbines, defense systems, and robotics.
The transaction also includes ASM’s Dubbo rare earths project in New South Wales, adding to Energy Fuels’ development pipeline alongside assets in Victoria, Madagascar, and Brazil, which are targeted to supply expanded feedstock for White Mesa aiming for annual production of 6,000 tonnes of NdPr oxide plus significant volumes of heavy rare earths.