Energy Fuels Secures Overwhelming Approval for Australian Strategic Materials Acquisition

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), a leading U.S. producer of uranium, rare earth elements, and other critical minerals, announced that securityholders of Australian Strategic Materials Limited (ASX: ASM) overwhelmingly approved the company's planned acquisition of ASM at Scheme Meetings held on August 12 in Perth, Australia. The Share Scheme received approval from 98.23% of votes cast and 83.62% of ASM shareholders present and voting, while the Option Scheme received 99.97% of votes cast and support from 87.78% of participating optionholders.

The acquisition is a key step in Energy Fuels' strategy to develop an integrated Western mine-to-magnet rare earth supply chain. By adding ASM's Korean Metals Plant, planned American Metals Plant, and Dubbo Project in New South Wales to its existing rare earth oxide production at the White Mesa Mill in Utah and the Donald Project in Victoria being developed with Astron Limited, Energy Fuels aims to strengthen its position in the critical minerals sector. This move is significant for Texas and the broader U.S. economy, as it reduces reliance on foreign sources for rare earth elements, which are essential for technologies such as electric vehicles, wind turbines, and defense systems.

The approval represents a major milestone for Energy Fuels, which is already the top U.S. producer of natural uranium concentrate and owns the only fully licensed conventional uranium mill in the country. The White Mesa Mill in Utah is also a hub for rare earth production, and the integration of ASM's assets will enhance the company's capabilities across the rare earth 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, which would extend its platform into magnet production if completed. 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. Together, these acquisitions position Energy Fuels as a comprehensive supplier of critical materials, from raw ores to finished magnets, a capability that is increasingly important as global demand for rare earth magnets grows.

The ASM schemes are scheduled to seek approval from the Federal Court of Australia on August 18, with the schemes expected to become effective on August 19 and implementation targeted for August 28. The overwhelming support from ASM securityholders underscores confidence in the strategic rationale of the merger and its potential to create value for stakeholders.

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