Energy Fuels Acquires Australian Strategic Materials for $299M
Energy Fuels announced it has entered into a Scheme Implementation Deed, or SID, to acquire 100% of the issued share capital of Australian Strategic Materials, a leading producer of REE metals and alloys. The transaction values ASM at $299M and will be completed by way of a scheme of arrangement under Australian law. Energy Fuels will host a conference call on the transaction on Wednesday, January 21. Energy Fuels is creating what the company believes will be the largest, fully integrated REE "mine-to-metal & alloy" producer outside of China to close a critical strategic gap in global supply chains for magnet applications, including automotive, robotic, energy, and defense technologies. The transaction implies an equity value of A$447M or $299M, for ASM and a total implied value of A$1.60 per ASM share. The transaction is expected to be accretive on NAVPS with significant value creation opportunity from margin uplift. Post-closing, ASM shareholders, as a group, would own approximately 5.8% of Energy Fuels' outstanding shares. The transaction is subject to ASM shareholder approval, approval by the Federal Court of Australia, regulatory approval by Australia's Foreign Investment Review Board, and approval for listing of Energy Fuels common shares on the NYSE and TSX or CHESS Depositary Interests intended to be issued under the transaction on the ASX. ASM expects to hold its scheme meeting in late-May or early-June 2026 and, if all conditions to the transaction are satisfied or waived, the scheme is expected to be implemented in late-June 2026. Subject to satisfaction of all conditions, including shareholder and regulatory approvals, Energy Fuels expects that the transaction will close late in the first half of 2026. Energy Fuels is advised by Goldman Sachs & Co., Herbert Smith Freehills Kramer, Dentons Canada and Dorsey & Whitney on the transaction. ASM is advised by MA Moelis Australia and Moelis & Company and A&O Shearman.
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