Energy Fuels Advances ASM Acquisition Following Overwhelming Securityholder Approval

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), a leading U.S. producer of uranium and rare earth elements, has received overwhelming approval from securityholders of Australian Strategic Materials Limited (ASX: ASM) for its planned acquisition. The approval, announced on Aug. 12 in Perth, Australia, saw 98.23% of votes cast in favor of the Share Scheme and 83.62% of ASM shareholders present and voting in support. The Option Scheme also received strong backing, with 99.97% of votes cast and 87.78% of participating optionholders in favor. ASM is now scheduled to seek approval from the Federal Court of Australia on Aug. 18, with the schemes expected to become effective on Aug. 19 and implementation targeted for Aug. 28.

This acquisition is a strategic move by Energy Fuels to advance the development of an integrated Western mine-to-magnet rare earth supply chain. By adding ASM’s Korean Metals Plant, planned American Metals Plant, and the Dubbo Project in New South Wales to its portfolio, Energy Fuels aims to strengthen its position in the rare earth market. The company already produces rare earth oxides at its White Mesa Mill in Utah and is developing the Donald Project in Victoria with Astron Limited. The acquisition of ASM’s assets will complement these operations, creating a more comprehensive supply chain from mining to magnet production.

In addition to the ASM acquisition, Energy Fuels has agreed to acquire Vacuumschmelze (VAC), a permanent magnet manufacturer. This separate transaction, if completed, would extend Energy Fuels’ platform into magnet production. The VAC acquisition is expected to close in early 2027, subject to regulatory approvals and other conditions, and is not a condition of the ASM transaction.

The approval of the ASM acquisition is a significant milestone for Energy Fuels, which has been a leading U.S. producer of natural uranium concentrate. The company owns the only fully licensed conventional uranium mill operating in the U.S., the White Mesa Mill in Utah, where it also produces rare earth products. Energy Fuels is also developing heavy mineral sands and rare earth projects in Madagascar, Brazil, and Australia, further expanding its global footprint.

The move comes at a time when the demand for rare earth elements is growing, driven by their use in various technologies, including electric vehicles, wind turbines, and defense applications. By securing a Western-based supply chain, Energy Fuels aims to reduce reliance on foreign sources, particularly China, which dominates the global rare earth market. This acquisition is expected to have a positive impact on the industry by providing a more secure and diversified supply of critical minerals.

For more information on Energy Fuels and its operations, visit the company’s newsroom at http://ibn.fm/UUUU. The full press release regarding the ASM acquisition can be viewed at https://ibn.fm/EgNOk.