A strategic move to lead the global rare earths chain
Energy Fuels Inc, the U.S. producer of uranium and critical materials, announced on January 20, 2026 that it signed a Scheme Implementation Deed (SID) to purchase 100 % of Australian Strategic Materials Limited (ASM) for approximately US$299 million.
The transaction, which will be completed through a scheme of arrangement under Australian law and will be subject to regulatory and shareholder approvals, is primarily aimed at consolidating the rare earth elements (REE) value chain outside of China, one of the biggest vulnerabilities in today’s global markets.
Energy Fuels convened an investor conference call on January 21, 2026 in which it detailed that the operation intends to cover the entire production chain “from mine to metal and alloy“, from ore separation to the production of advanced rare earth metals and alloys.
Industrial integration: from separation of oxides to metals and alloys
The acquisition brings together complementary capabilities. On the one hand, the White Mesa Mill plant in Utah – owned by Energy Fuels – is currently the only facility in the U.S. capable of separating monazite concentrates into light and heavy rare earth oxides, an essential raw material for producing advanced metals.
On the other hand, ASM contributes the Korean Metals Plant (KMP), one of the few facilities outside China already producing rare earth metals and alloys, including neodymium-praseodymium (NdPr), dysprosium (Dy) and terbium (Tb), as well as alloys such as NdFeB and DyFe.
Economic implications, approval and next steps
Under the terms of the SID, ASM shareholders will receive 0.053 Energy Fuels shares or CHESS depositary interests for each ASM share, plus a special cash dividend, valuing each ASM share at approximately A$1.60 (≈US$1.08).
After the closing of the transaction, ASM’s current shareholders would hold approximately 5.8% of the outstanding capital of Energy Fuels.
The deal already has the unanimous recommendation of ASM’s board of directors, although it still depends on multiple approvals: from the shareholders themselves, the Federal Court of Australia, the Foreign Investment Review Board of Australia and the listing of the new securities on the relevant stock exchanges. The ASM shareholders’ meeting is expected to be held between late May and early June 2026 and, if all conditions are met, the transaction is expected to be implemented by the end of June 2026.
Source: and Photo: https://investors.energyfuels.com