By Elias Schisgall

Energy Fuels entered into an agreement to acquire Australian Strategic Materials Limited for $299 million in equity.

The transaction values ASM at 1.60 Australian dollars a share, equal to $1.08 a share, Energy Fuels said Tuesday. ASM shareholders will own roughly 5.8% of Energy Fuels stock after closing.

The uranium, critical minerals, and rare earth elements, also known as REE, producer said that following the acquisition, it will become the largest, fully-integrated rare earth elements "mine-to-metal & alloy" producer outside of China.

"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," Chief Executive Officer Mark Chalmers said.

Energy Fuels said it will be able to leverage many of ASM's existing projects, including combining the company's Korean Metals Plant and its planned American Metals Plant with Energy Fuels' existing REE oxide production at its White Mesa Mill in Utah.

The company said it will acquire ASM through a scheme of arrangement under Australian law.

The transaction requires approval by the Federal Court of Australia and the country's Foreign Investment Review Board.

ASM expects to hold a scheme meeting in late May or early June, with the scheme expected to be implemented in late June. The deal is expected to close in the first half of the year.

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

January 20, 2026 17:04 ET (22:04 GMT)

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