Energy Fuels Inc. has entered into a Scheme Implementation Deed to acquire 100% of Australian Strategic Materials Limited 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 strategic combination brings together Energy Fuels' REE oxide production at its White Mesa Mill in Utah with ASM's operating Korean Metals Plant and planned American Metals Plant. This integration is expected to strengthen vertical integration across the REE value chain while expanding downstream refining and alloy conversion capacity. The transaction represents a significant move toward enhancing supply chain security for critical magnet materials essential to multiple high-tech industries.
The enhanced supply chain security addresses growing concerns about reliance on Chinese rare earth production, particularly for materials used in automotive, energy, robotics, and defense applications. As industries increasingly depend on rare earth elements for electric vehicles, wind turbines, and advanced military systems, this transaction positions the combined entity to provide more diversified sourcing options for Western manufacturers.
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 has been the leading U.S. producer of natural uranium concentrate for the past several years and owns the White Mesa Mill in Utah, which 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 when market conditions warrant.
The company is also developing three heavy mineral sands projects: the 100% owned Vara Mada Project in Madagascar; the 100% owned Bahia Project in Brazil; and the Donald Project in Australia in which Energy Fuels has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited. Energy Fuels trades its common shares on the NYSE American under the trading symbol "UUUU" and is also listed on the Toronto Stock Exchange under the trading symbol "EFR."
For more information about Energy Fuels, investors can visit the company's newsroom at http://ibn.fm/UUUU. The full press release detailing the acquisition is available at https://ibn.fm/bfyV9. This transaction represents a significant consolidation in the rare earth elements sector at a time when geopolitical tensions and supply chain vulnerabilities have made diversification of critical materials sourcing a strategic priority for Western nations and industries.
