Energy Fuels' stock soared 8.17% during intraday trading on Tuesday, as the uranium and rare earth mining company announced a major strategic acquisition.

The company revealed plans to acquire Australian Strategic Materials Ltd. (ASM) in a deal valued at approximately $299 million, aiming to build a complete mine-to-metal rare earth supply chain and position itself as the largest rare earth producer outside of China.

This acquisition aligns with Western nations' efforts to reduce dependence on Chinese critical mineral supplies and strengthens Energy Fuels' vertically integrated rare earth capabilities. The broader uranium and nuclear energy sector also traded higher on the news.