Published: February 25, 2026 |

[Click image to enlarge]

Energy Fuels has entered into a scheme implementation deed (SID) to acquire 100 percent of Australian Strategic Materials Limited (ASM), a leading producer of REE metals and alloys. The transaction $299 million and will be completed by way of a scheme of arrangement under Australian law.

Energy Fuels is creating what the company believes will be the largest, fully integrated REE mine-to-metal and 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.

Upon completion, the transaction will combine ASM’s operating Korean Metals Plant (KMP) and its planned American Metals Plant (AMP) with Energy Fuels’ existing REE oxide production at its White Mesa Mill in Utah. The White Mesa Mill is the only U.S. facility capable of separating monazite concentrates into both light and heavy REE oxides that are planned to be utilized in ASM’s metallization and alloying facilities in South Korea and the U.S.

The transaction addresses a lack of downstream REE refining and conversion capability, which is one the most persistent vulnerabilities in ex-China REE supply chains.

“Energy Fuels is executing our plan to create the largest fully integrated producer of REE materials outside of China, including REE oxides, metals and alloys, while supporting U.S. and allied critical mineral supply chains. The proposed acquisition of Australian Strategic Materials brings us much closer to that goal — to the benefit of Energy Fuels’ shareholders, ASM’s shareholders, and our valued customers,” said Mark Chalmers, CEO of Energy Fuel.

“We see an opportunity to deliver an expanded suite of REE products by combining U.S. rare earth oxide production at our White Mesa processing facility in the U.S. with downstream metal and alloy manufacturing capacity at ASM’s Korean Metals Plant, one of the only producing REE metals and alloys facilities outside of China. ASM’s proven skills and intellectual property will also allow us to expand REE metal and alloy capacity in the U.S. Furthermore, we would gain access to ASM’s significant Dubbo Project, providing additional long term REE development and growth opportunities to our existing mineral resource portfolio,” added Chalmers.

“Energy Fuels has a proven track record of creating value through M&A in Australia, and it represents a key market to help Energy Fuels grow its rare earth portfolio. We are committed to investing in developing ASM’s Australian projects, supporting the creation of skilled local jobs and boosting the critical resources sector,” concluded Chalmers.

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 a leading U.S.-based critical minerals company, focused on uranium, REEs, heavy mineral sands (HMS), vanadium and medical isotopes. The company has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities that process it further for the production of carbon-free nuclear energy and owns and operates several conventional and in-situ recovery uranium projects in the western United States. The company also owns the White Mesa Mill (the Mill) in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, the company also produces advanced REE products, vanadium oxide, and is evaluating the recovery of certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. The company also owns the Kwale HMS project in Kenya which ceased mining and commenced final reclamation activities at the end of 2024, and is developing three additional HMS projects: the Toliara Project in Madagascar; the Bahia Project in Brazil; and the Donald Project in Australia in which the company has the right to earn up to a 49 percent interest in a joint venture with Astron Corporation. The company is based in Lakewood, Colorado, near Denver, with its heavy mineral sands operations managed from Perth, Australia.

Be in-the-know when you’re on-the-go!

CLICK HERE to register your email address.

Copyright © 2026 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.

For licensing permission, .(JavaScript must be enabled to view this email address)