Energy Fuels Inc. has moved a step closer to completing its acquisition of Australian Strategic Materials Limited after securityholders overwhelmingly voted in favour of the transaction at scheme meetings in Perth, Australia.

A total of 98.23% of the votes cast by shareholders supported the share scheme, exceeding the required threshold of 75% of votes cast and 50% of present securityholders. Under the terms of the transaction, each ASM shareholder is entitled to receive 0.053 new Energy Fuels CHESS Depositary Interests plus A$0.13 cash per share, while option holders will receive A$0.50 cash per option.

The transaction adds ASM’s operating metals and alloys capacity in South Korea and its Dubbo Project in New South Wales to Energy Fuels’ rare earth oxide production at the White Mesa Mill in Utah. The company is also developing the Donald Project in Victoria through a joint venture with Astron Limited to supply feedstock for the platform.

“ASM’s rare earth metals and alloy-making capacity is a critical addition to our platform as we work to build what we believe will be the West’s only integrated mine-to-magnet rare earth business. The combination moves us closer to offering customers a reliable allied-source alternative across the full supply chain.”

— Ross Bhappu, President and Chief Executive Officer

Energy Fuels also holds a definitive agreement to acquire permanent magnet manufacturer Vacuumschmelze, with completion expected in early 2027, though that transaction is not a condition of the ASM schemes.

The acquisition now requires approval from the Federal Court of Australia, with a hearing scheduled for August 18, 2026. If approved, the schemes are expected to become effective on August 19, 2026, with implementation and the provision of scheme consideration scheduled for August 28, 2026.

Read the full announcement: Energy Fuels' Acquisition of Australian Strategic Materials Wins Shareholder Approval