Energy Fuels Inc. has agreed to acquire Australian Strategic Materials Limited (ASM) in a deal valuing the rare-earth metals producer at US$299 million, as the company moves to build a vertically integrated rare-earths business outside China.
Under a Scheme Implementation Deed (SID) signed by the parties, Energy Fuels will acquire 100 percent of ASM’s issued share capital via a scheme of arrangement under Australian law. Following completion, ASM shareholders as a group are expected to hold about 5.8 percent of the enlarged Energy Fuels.
The acquisition is intended to create what Energy Fuels describes as the largest fully integrated rare-earth “mine-to-metal and alloy” producer outside China, targeting a critical gap in magnet metals supply chains for automotive, robotics, energy, and defense applications.
The transaction would bring together ASM’s operating Korean Metals Plant (KMP) and its planned American Metals Plant (AMP) with Energy Fuels’ rare earth oxide production at the White Mesa Mill in Utah. White Mesa is currently the only U.S. facility capable of separating monazite concentrates into both light and heavy rare earth oxides, which are planned to be processed into metals and alloys at ASM’s facilities in South Korea and the United States.
The deal builds on its recent expansion in Australia, including the acquisition of Base Resources Limited completed in October 2024, and a joint venture with Astron Corporation finalized in June 2024.
"Energy Fuels is executing our plan to create the largest fully integrated producer of REE materials outside of China, including REE oxides, metals and alloys, while supporting U.S. and allied critical mineral supply chains,” Energy Fuels CEO Mark S. Chalmers said in a press release. “We see an opportunity to deliver an expanded suite of REE products by combining U.S. rare earth oxide production at our White Mesa processing facility in the U.S. with downstream metal and alloy manufacturing capacity at ASM's Korean Metals Plant, one of the only producing REE metals and alloys facilities outside of China. ASM's proven skills and intellectual property will also allow us to expand REE metal and alloy capacity in the U.S. Furthermore, we would gain access to ASM's significant Dubbo Project, providing additional long term REE development and growth opportunities to our existing mineral resource portfolio.”
“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 capitalised critical minerals business,” said ASM managing director and CEO Rowena Smith. “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.”
On the transaction, Energy Fuels is being advised by Goldman Sachs & Co. LLC as financial adviser, with Herbert Smith Freehills Kramer as Australian legal adviser, Dentons Canada LLP as Canadian and Korean legal adviser, and Dorsey & Whitney LLP as U.S. legal adviser. ASM is being advised by MA Moelis Australia and Moelis & Company LLC as financial advisers and A&O Shearman as legal adviser.
The deal is expected to close late in the first half of 2026, subject to customary closing conditions.
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