Energy Fuels Inc. announced on January 20, 2026, that it has entered into a Scheme Implementation Deed to acquire 100% of Australian Strategic Materials Limited in a transaction valued at US$299 million (approximately C$416 million). The acquisition will be completed through a scheme of arrangement under Australian law, with ASM shareholders receiving 0.053 Energy Fuels shares or CHESS Depository Interests plus a special dividend of up to A$0.13 per share, totaling A$1.60 per ASM share. This implies an equity value of approximately A$447 million for ASM. Upon completion, ASM shareholders will collectively own approximately 5.8% of Energy Fuels' outstanding shares. The transaction combines ASM's operating Korean Metals Plant and planned American Metals Plant with Energy Fuels' existing rare earth element oxide production at its White Mesa Mill in Utah, creating what the company believes will be the largest fully integrated rare earth element producer outside China.

Energy Fuels is advised by Goldman Sachs & Co. LLC as financial adviser, with Herbert Smith Freehills Kramer serving as Australian legal adviser, Dentons Canada LLP as Canadian and Korean legal adviser, and Dorsey & Whitney LLP as US legal adviser. ASM is advised by MA Moelis Australia and Moelis & Company LLC as financial advisers and A&O Shearman as legal adviser. The transaction requires ASM shareholder approval, Federal Court of Australia approval, and regulatory approvals, with closing expected in late June 2026.