Energy Fuels (UUUU.US) announced on Tuesday that it has agreed to acquire rare earth metals producer Australian Strategic Materials (ASM) for $299 million, a transaction set to be completed via a scheme of arrangement under Australian law. Energy Fuels stated it is building what it believes will be "the largest, fully integrated rare earth element mine-to-metal and alloy producer outside of China," aiming to fill a critical strategic gap in the global supply chain for magnet applications. This acquisition will combine ASM's operational metal plant in South Korea—one of the few rare earth metal and alloy production facilities outside of China—and its planned U.S. metal plant with Energy Fuels' existing rare earth oxide production line at its White Mesa facility in Utah. The White Mesa plant is the only facility in the United States capable of separating monazite concentrate into light and heavy rare earth oxides, which are intended for use in ASM's metalization and alloying plants in South Korea and the United States. Previously, B. Riley raised its price target for Energy Fuels to $27 and maintained a Buy rating.