Energy Fuels Inc. has entered into a Scheme Implementation Deed to acquire 100% of the issued share capital of Australian Strategic Materials Limited in a transaction valuing ASM at approximately US$299 million. The acquisition will be completed via a scheme of arrangement under Australian law and is intended to create what Energy Fuels believes will be the largest fully integrated rare earth elements mine-to-metal and alloy producer outside of China.
The strategic combination brings together Energy Fuels' rare earth elements oxide production at its White Mesa Mill in Utah with ASM's operating Korean Metals Plant and planned American Metals Plant. This integration is expected to strengthen vertical integration across the REE value chain while expanding downstream refining and alloy conversion capacity. The transaction represents a significant step toward enhancing supply chain security for critical magnet materials used across multiple high-tech industries.
The acquisition addresses growing concerns about rare earth element supply chain vulnerabilities, particularly given China's dominant position in the global market. By creating a fully integrated producer outside China, the combined entity aims to provide more secure and reliable access to these critical materials for Western manufacturers and governments. The enhanced supply chain security has implications for automotive manufacturers transitioning to electric vehicles, energy companies developing wind turbines, robotics manufacturers, and defense contractors requiring specialized materials for advanced weapon systems.
Energy Fuels, which trades on the NYSE American under the symbol "UUUU" and on the Toronto Stock Exchange under "EFR," has positioned itself as a leading U.S.-based critical materials company. The company has been the leading U.S. producer of natural uranium concentrate for the past several years and operates the only fully licensed and operating conventional uranium processing facility in the United States at its White Mesa Mill in Utah. The latest news and updates relating to UUUU are available in the company's newsroom at http://ibn.fm/UUUU.
The transaction's completion will create a company with comprehensive capabilities spanning from mining through to metal and alloy production, potentially reducing Western dependence on Chinese rare earth processing. This development comes at a time when governments worldwide are prioritizing supply chain resilience for critical minerals, with the United States and other nations implementing policies to support domestic and allied production of materials essential for clean energy technologies and national security applications.
The combined entity's operations will leverage Energy Fuels' existing infrastructure and ASM's metallurgical expertise, creating a producer capable of serving multiple sectors simultaneously. This acquisition represents a significant consolidation in the rare earth sector and could influence how Western nations approach critical mineral security in the coming years. The full press release detailing the transaction can be viewed at https://ibn.fm/bfyV9.
