Energy Fuels to Acquire Australian Strategic Materials

U.S. uranium and rare earth producer Energy Fuels agreed to acquire Australian Strategic Materials for about US$299 million, valuing ASM equity at A$447 million. The deal gives Energy Fuels ownership of ASM’s operating Korean Metals Plant and its planned American Metals Plant, to be integrated with the White Mesa Mill in Utah. ASM shareholders will receive 0.053 Energy Fuels shares per ASM share plus a special dividend up to A$0.13, implying A$1.60 per share. Structured as an Australian scheme of arrangement, the transaction is expected to close in the first half of 2026 subject to approvals; the bid represented roughly a 121% premium and sent ASM stock sharply higher. Energy Fuels says the combination creates the largest integrated “mine-to-metal” rare earths producer outside China, addressing a long-standing downstream gap in refining and alloy manufacturing for magnet materials. White Mesa is currently the only U.S. facility able to separate both light and heavy rare earth oxides, while ASM’s KMP produces NdPr, dysprosium and terbium metals and alloys. The expanded asset base—including Dubbo, Donald, Vara Mada and Bahia projects—would feed planned White Mesa expansions targeting about 6,000 tpa NdPr oxide, 240 tpa dysprosium and 66 tpa terbium. The move underscores Western efforts to diversify supply amid rising rare-earth prices and geopolitical competition.