Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) has entered into a Scheme Implementation Deed to acquire 100% of the issued share capital of Australian Strategic Materials Limited (ASX: ASM) in a transaction valuing ASM at approximately US$299 million. The acquisition will be completed via a scheme of arrangement under Australian law.
The transaction is intended to create what Energy Fuels believes will be the largest fully integrated rare earth elements (REE) mine-to-metal and alloy producer outside of China. This will be achieved by combining Energy Fuels' REE oxide production at its White Mesa Mill in Utah with ASM's operating Korean Metals Plant and planned American Metals Plant. The White Mesa Mill is the only fully licensed and operating conventional uranium processing facility in the United States.
The acquisition is expected to strengthen vertical integration across the REE value chain, expand downstream refining and alloy conversion capacity, and enhance supply chain security for critical magnet materials. These materials are essential for automotive, energy, robotics, and defense applications, making this transaction strategically important for reducing dependence on Chinese rare earth production.
Energy Fuels is a leading U.S.-based critical materials company focused on uranium, rare earth elements, heavy mineral sands, vanadium and medical isotopes. The company has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities for the production of carbon-free nuclear energy. At the White Mesa Mill, Energy Fuels also produces advanced REE products, vanadium oxide when market conditions warrant, and is evaluating the potential recovery of certain medical isotopes from existing uranium process streams needed for emerging Targeted Alpha Therapy cancer treatments.
The company is also developing three heavy mineral sands projects: the 100% owned Vara Mada Project in Madagascar; the 100% owned Bahia Project in Brazil; and the Donald Project in Australia in which Energy Fuels has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited. Energy Fuels is based near Denver, Colorado, and trades its common shares on the NYSE American under the trading symbol "UUUU" and on the Toronto Stock Exchange under the trading symbol "EFR."
The latest news and updates relating to UUUU are available in the company's newsroom at http://ibn.fm/UUUU. To view the full press release about this acquisition, visit https://ibn.fm/bfyV9.
