Energy Fuels Inc. has entered into a Scheme Implementation Deed to acquire 100% of Australian Strategic Materials Limited (ASM) in a transaction valuing the Australian rare earths company at approximately US$299 million. The deal will be executed 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, for a total implied value of A$1.60 per share. Post-transaction, ASM shareholders are expected to own roughly 5.8% of Energy Fuels.
The acquisition significantly deepens Energy Fuels’ rare earth integration strategy by combining upstream oxide production in the United States with downstream metals and alloy manufacturing capacity in Asia and, potentially, North America. Energy Fuels’ White Mesa Mill in Utah is currently the only U.S. facility licensed to process monazite into both light and heavy rare earth oxides, including neodymium-praseodymium (NdPr), dysprosium, and terbium.
ASM brings to the deal its operating Korean Metals Plant, one of the few facilities outside China producing rare earth metals and alloys such as NdPr, Dy, Tb, and magnet-related alloys, including NdFeB. Energy Fuels plans to pair this capability with its own oxide output, addressing a critical bottleneck in non-Chinese rare earth supply chains: downstream refining and conversion.
The transaction also includes ASM’s Dubbo rare earths project in New South Wales, adding to Energy Fuels’ growing pipeline of development assets alongside projects in Victoria, Madagascar, and Brazil. These projects are intended to supply feedstock for an expanded White Mesa operation targeting annual production of 6,000 tonnes of NdPr oxide, along with meaningful volumes of dysprosium and terbium.
Rare earths, particularly magnet materials, have become a strategic priority for Western governments and manufacturers seeking to reduce dependence on China-dominated supply chains. By integrating mining, separation, metallization, and alloying, Energy Fuels is positioning itself as a rare ex-China supplier capable of serving automotive, defense, robotics, and clean energy markets at multiple points along the value chain.
Source: Oilprice