Australian Strategic Materials (ASX:ASM) said a new independent expert review continued to conclude that Energy Fuels' proposed acquisition of the company is fair and in the best interests of shareholders, according to a Monday filing with the Australian bourse.

The new review followed movements in Energy Fuels' share price, which required the independent expert to consider the impact of the movements on its opinion.

Australian Strategic Materials said its board continues to unanimously recommend that security holders vote to approve the deal in the absence of a superior proposal.

The company's shares gained over 3% in recent Monday trade.