Energy Fuels to acquire Australian Strategic Materials in major rare earths deal

Australian Strategic Materials (ASM) announced it has entered into a binding scheme implementation deed, under which it is proposed U.S.-based Energy Fuels (NYSE: UUUU; TSX: EFR) will acquire 100% of the issued stock of ASM – thereby taking full control of the company and its subsidiaries.

Energy Fuels is a globally significant critical minerals company based in the US. With a market cap of ~US$5 billion, they are the country’s largest uranium provider, and an emerging global leader in the production of separated rare earth oxides and heavy mineral sand products.

Implementation of the ccheme is subject to conditions, including approval by the Federal Court of Australia and regulatory approval from the Australian Foreign Investment Review Board. The ASM board of directors and management team are confident the transaction will proceed as planned and believe the opportunity strongly aligns with the objectives of The United States–Australia Framework for Securing of Supply in the Mining and Processing of Critical Minerals and Rare Earths.

“This proposed combination delivers a significant premium for ASM shareholders and ensures our shareholders retain the opportunity to participate in the substantial upside of a larger, better capitalized critical minerals business. We are pleased to recommend this transaction not only for the value it delivers but it accelerates the execution of our mine to metals strategy in a way that unlocks greater scale, de-risks delivery and positions us to capture the full potential of our rare earths opportunity," ASM managing director and CEO, Rowena Smith, commented.

Information about ASM is available at https://asm-au.com/. For more information on Energy Fuels, please go to www.EnergyFuels.com/