Energy Fuels Inc. → Australian Strategic Materials
completedEnergy Fuels signed a Scheme Implementation Deed to buy rare earths producer Australian Strategic Materials for around US$299m (~A$450m).
Energy Fuels wanted to combine its US processing capacity with ASM's Korean metals/alloy plant and Dubbo rare earths project to build a full "mine-to-metal-and-alloy" rare earths supply chain outside China.
ASM shareholders got a strategic partner with the balance sheet to fund Dubbo's development, something ASM had struggled to do alone amid weak rare earth prices.
ASM shares surged as much as 126% to around A$1.63 on the day of the announcement, reflecting the roughly 121% premium Energy Fuels offered over ASM's prior close of A$0.725.
Coverage framed the deal as building a Western "mine-to-metal-and-alloy" rare earths champion outside China, tapping into critical-minerals policy support in both countries.
Deal mechanics
Goldman Sachs (financial adviser); Herbert Smith Freehills Kramer (Australian legal), Dentons Canada (Canadian/Korean legal), and Dorsey & Whitney (US legal) advising Energy Fuels
Not publicly disclosed
Two concurrent schemes of arrangement; ASM holders received 0.053 Energy Fuels shares plus up to A$0.13 special dividend per share — mostly scrip, with a small cash component
Not publicly disclosed
FIRB approval confirmed (Treasurer had no objection) as of April 23, 2026
Scrip-funded via new Energy Fuels shares, plus a small special dividend paid from ASM's own cash reserves