Energy Fuels Inc. completed its acquisition of 100 percent of Australian Strategic Materials Limited on August 28, 2026, through EFR Critical Materials Pty Ltd, a wholly owned subsidiary. The transaction was implemented by an Australian members’ scheme of arrangement, together with a separate concurrent scheme covering ASM’s quoted options. Eligible ASM shareholders received 0.053 new Energy Fuels CHESS Depositary Interests, or Energy Fuels shares where validly elected, plus A$0.13 in cash for each ASM share. Optionholders received A$0.50 in cash for each quoted option. 

The transaction was originally valued at US$299 million, approximately $416 million, or A$447 million in implied equity value. Following implementation, Australian Strategic Materials was removed from the official list of the Australian Securities Exchange on August 31, 2026.

The acquisition adds ASM’s operating Korean Metals Plant in Ochang, South Korea and the Dubbo Project in Australia to Energy Fuels’ rare-earth portfolio. The Korean facility has approximately 1,300 tonnes of annual neodymium-iron-boron alloy capacity and is being expanded toward 3,600 tonnes annually. 

Energy Fuels received Australian legal advice from Herbert Smith Freehills Kramer, Canadian and Korean advice from Dentons Canada LLP, and U.S. advice from Dorsey & Whitney LLP. A&O Shearman advised Australian Strategic Materials.