Energy Fuels Inc. (NYSE American: UUUU; TSX: EFR), a U.S.-based critical materials company, entered into a definitive agreement to acquire 100% of Vacuumschmelze GmbH & Co. KG, Ara VAC TopCo US LLC, and their consolidated subsidiaries (collectively, "VAC") from private equity firm Ara Partners. The transaction has a total cash-and-stock consideration of approximately US$1.9 billion based on Energy Fuels' closing share price of US$16.12 as of June 22, 2026, and is intended to create a fully integrated mine-to-magnet platform to strengthen global critical rare earth element (REE) supply chains. Under the terms of the agreement, Energy Fuels will acquire VAC for US$718 million in cash and 65.853 million newly issued Energy Fuels common shares, and will assume approximately US$140 million of VAC's adjusted net debt. VAC is a leading advanced magnetics company with over 100 years of production expertise, more than 400 patents, over 1,000 customers, and magnet production facilities in North America, Europe, and Asia, including a facility in Sumter, South Carolina. Following closing, Ara Partners is expected to own 19.9% of Energy Fuels and have the right to nominate one director to the board. The agreement includes customary closing conditions and regulatory approvals, with completion targeted for early 2027.