Energy Fuels Inc. has completed its acquisition of Australian Strategic Materials Limited, instantly adding operating metal and alloy production capacity to its expanding rare earth supply chain.

Earlier project announcements valued the transaction at US$299 million. The completion of the deal delivers Energy Fuels control of the operating Korean Metals Plant in Ochang, South Korea, alongside the Dubbo rare earth and critical minerals project in Australia.

The transaction adds 1,300 tonnes per year of existing neodymium-iron-boron alloy production capacity, complemented by commercial metallization capabilities for neodymium-praseodymium and developing capabilities for dysprosium and terbium. These midstream assets directly connect with Energy Fuels' ongoing processing operations at the White Mesa Mill in Utah, where the company commenced construction on a commercial-scale heavy rare earth element circuit in July 2026 to produce terbium and dysprosium oxide.

The Korean Metals Plant is currently undergoing an expansion to lift neodymium-iron-boron alloy capacity to 3,600 tonnes per year. Energy Fuels expects to commission this plant expansion as early as the end of 2026, with the scaled output potentially providing enough alloy for more than one million electric vehicles annually.

“we are thrilled to welcome the ASM team to Energy Fuels. ASM brings exceptional technical expertise, commercial experience and proven capabilities in rare earth metals and alloys that significantly strengthen our organization and accelerate our strategy to build a fully integrated, Western mine-to-magnet supply chain.”

— Ross Bhappu, President and CEO of Energy Fuels Inc.

Following the completion of the transaction, ASM shares have been delisted from the Australian Securities Exchange. Energy Fuels is also advancing its planned acquisition of permanent magnet manufacturer Vacuumschmelze to complete the final downstream stage of its integrated platform.

Read the full announcement: Energy Fuels Completes Acquisition of Australian Strategic Materials