Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) has entered into a Scheme Implementation Deed to acquire 100% of the issued share capital of Australian Strategic Materials Limited (ASX: ASM) in a transaction valuing ASM at approximately US$299 million. The acquisition will be completed via a scheme of arrangement under Australian law and is intended to create what Energy Fuels believes will be the largest fully integrated rare earth elements mine-to-metal and alloy producer outside of China.
The combination brings together Energy Fuels' rare earth oxide production at its White Mesa Mill in Utah with ASM's operating Korean Metals Plant and planned American Metals Plant. This vertical integration across the REE value chain is expected to expand downstream refining and alloy conversion capacity, enhancing supply chain security for critical magnet materials used in automotive, energy, robotics, and defense applications.
Energy Fuels is a leading U.S.-based critical materials company focused on uranium, rare earth elements, heavy mineral sands, vanadium, and medical isotopes. The company owns and operates several conventional and in-situ recovery uranium projects in the western United States and has been the leading U.S. producer of natural uranium concentrate for the past several years. Its White Mesa Mill is the only fully licensed and operating conventional uranium processing facility in the United States. At the mill, Energy Fuels also produces advanced REE products and vanadium oxide, and is evaluating the potential recovery of certain medical isotopes for cancer treatments.
Australian Strategic Materials brings an operating metals plant in Korea and plans for an American Metals Plant, which will provide downstream processing capabilities for rare earth oxides into metals and alloys. This acquisition positions Energy Fuels to supply critical materials for permanent magnets used in electric vehicles, wind turbines, robotics, and defense systems, reducing dependence on Chinese supply chains.
The transaction is subject to customary conditions, including approval by ASM shareholders, Australian court approval, and regulatory clearances. Completion is expected in the second half of 2025. For more details, the full press release is available at https://ibn.fm/bfyV9.
Energy Fuels trades on the NYSE American under the symbol UUUU and on the TSX under EFR. Latest news and updates are available at http://ibn.fm/UUUU.
