Energy Fuels has moved closer to acquiring Australian Strategic Materials after ASM securityholders overwhelmingly approved the proposed transaction.
Energy Fuels plans to acquire 100% of ASM through wholly owned subsidiary EFR Critical Materials under Australian schemes of arrangement. Under the Share Scheme, ASM shareholders are entitled to receive 0.053 new Energy Fuels CHESS Depositary Interests and A$0.13 in cash for each ASM share. Option holders are entitled to A$0.50 per option.
Of the ASM shareholder votes cast, 98.23% supported the Share Scheme, while 83.62% of shareholders present and voting supported it. The Option Scheme received 99.97% of votes cast, with 87.78% of participating optionholders supporting the resolution.
ASM is scheduled to seek Federal Court of Australia approval for the schemes on August 18, 2026. If approved, the schemes are expected to become effective August 19, with implementation targeted for August 28.
The acquisition would expand Energy Fuels’ rare earth operations by adding ASM’s Korean Metals Plant, planned American Metals Plant, and Dubbo Project in New South Wales. Energy Fuels is also developing the Donald Project in Victoria through a joint venture with Astron.
Together with Energy Fuels’ White Mesa Mill in Utah, the company intends to create an integrated Western rare earth supply chain covering mining, processing, separation, metals, and alloys. Energy Fuels has separately agreed to acquire permanent magnet manufacturer Vacuumschmelze, which would extend that platform into magnet production if completed.
KEY QUOTES:
“Today’s vote marks an important milestone for Energy Fuels, with ASM shareholders set to join a strong, well-capitalised business with a clear growth strategy.”
“ASM’s rare earth metals and alloy-making capacity is a critical addition to our platform as we work to build what we believe will be the West’s only integrated mine-to-magnet rare earth business. The combination moves us closer to offering customers a reliable allied-source alternative across the full supply chain.”
“Australia is central to that platform, from our Donald Project in Victoria, which we are developing with Astron Limited and which is planned to feed the supply chain, through to ASM’s Dubbo Project in New South Wales and their operating metals and alloys capacity in South Korea. We look forward to completing the next steps in the acquisition of ASM and closing the transaction on August 28, 2026.”
Ross Bhappu, President and CEO of Energy Fuels
