ASM Secures FIRB Approval Amid Energy Fuels Acquisition Push

Australian Strategic Materials (ASX:ASM) has seen significant price movements driven by key regulatory progress in its proposed acquisition by Energy Fuels Inc. On April 23, 2026, the company announced that Australia's Foreign Investment Review Board (FIRB) approved Energy Fuels' subsidiary acquiring up to 100% of ASM, removing a major hurdle for the US$299 million deal initially agreed in January 2026 5[19][25][31]. This news triggered a sharp share price jump of over 5% to around $1.67-$1.70 AUD, with further gains noted at +2.10% and +6.58% in subsequent trading 25[32]. Trading activity spiked alongside the announcement, reflecting heightened investor interest in the rare earths miner's strategic value [32].

Market sentiment has turned bullish on the back of this development, as the acquisition positions ASM within Energy Fuels' expanded rare earths supply chain, potentially unlocking value from its Dubbo project and Korean operations [24][31]. While recent share price dipped to $1.555 (-3.42% daily, -6.89% weekly), the FIRB green light has restored optimism, with analysts maintaining a 12-month price target of 2.28 AUD 28. The ASM board continues to recommend the deal to shareholders ahead of Q2 2026 scheme meetings, provided no superior offers emerge [31].

In the past few months, ASM's share price has been influenced by broader events including the initial acquisition announcement in January 2026, which propelled shares up 116%, and a deal amendment in March [32]. A separate agreement to purchase 100 tonnes of rare earth oxides from Vietnam Rare Earth Co. added supply chain momentum 10. Sector-wide pressures, such as ASX 200 materials sector fluctuations and critical minerals demand amid global net-zero transitions, also played a role, alongside ASM dropping a Mount Squires option to focus resources 9[35]. Company updates from recent announcements underscore progress toward deal closure targeted for early July 2026 [31][32].