Energy Fuels to Acquire ASM in $299M Rare Earths Deal, Shares Rise

Energy Fuels Inc. (ENTGF) has agreed to acquire 100% of Australian Strategic Materials Limited (ASM) in a $299 million all-share transaction, subject to court, shareholder, and regulatory approval. The deal, structured as a scheme of arrangement under Australian law, is expected to close by June 30, 2026. Under the terms, ASM shareholders will receive 0.053 Energy Fuels shares or CHESS Depository Interests per share, plus a special dividend of up to A$0.13, totaling A$1.60 per share. Post-transaction, ASM shareholders will own approximately 5.8% of Energy Fuels. The acquisition integrates Energy Fuels’ U.S.-based White Mesa Mill—sole U.S. facility licensed to process monazite into light and heavy rare earth oxides—with ASM’s Korean Metals Plant, a key non-Chinese producer of NdPr, Dy, Tb, and NdFeB alloys. The deal also includes ASM’s Dubbo project in New South Wales, expanding Energy Fuels’ global rare earth development pipeline. The company aims to scale White Mesa to produce 6,000 tonnes annually of NdPr oxide, alongside dysprosium and terbium, supporting Western demand for clean energy, defense, and EV supply chains.