On June 2, Energy Fuels rose 8.23% in regular trading, trading at $19.01/share, with trading volume of $82.08 million.

On the news front, the company announced a approximately $299 million acquisition of Australian Strategic Materials Ltd. (ASM), aiming to build a complete mine-to-metal rare earth supply chain and position itself as the largest rare earth producer outside of China. The deal values the Australian company's equity at approximately A$447 million (A$308.8 million).

The acquisition aligns with Energy Fuels' broader strategic pivot. In its fiscal year financial results, management highlighted a breakthrough year with uranium mining exceeding 1.7 million pounds and processing surpassing 1 million pounds, while rare earth operations achieved significant progress. The ASM deal is expected to strengthen the company's vertically integrated rare earth capabilities at a time when Western nations are actively seeking to reduce dependence on Chinese critical mineral supplies. The broader uranium and nuclear energy sector also traded higher, with Ur-Energy up 20.76%, Uranium Energy up 6.86%, and Cameco up 6.15%.

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