Energy Fuels Targets Mine-to-Metal Rare-Earth Supply Chain

Energy Fuels Inc. agreed to acquire Australian Strategic Materials Ltd. in a $299 million all-stock deal to build a Western mine-to-metal rare-earth supply chain. The transaction values each ASM share at A$1.60 (about $1.08) and aims to feed mined concentrate into ASM's metals plants for separation and alloy production. Energy Fuels operates the White Mesa Mill in Utah and mines rare-earth-bearing ores alongside uranium in Arizona; combining those feedstocks with ASM's downstream processing could yield separated rare-earth oxides and magnet-grade alloys used in robotics, consumer electronics and defense systems. Executives say the integration would shorten supply routes, expand domestic processing capacity, and provide an alternative to China-dominated refining and magnet manufacturing. Analysts caution that scaling separation and alloy production is technically complex, but a vertically integrated mine-to-metal chain could materially improve supply security for critical commodities needed in clean-energy and defense technologies.