Energy Fuels Acquires Australian Strategic Materials for $299 Million to Strengthen Rare Earths Supply Chain

Energy Fuels has agreed to acquire Australian Strategic Materials Limited in a $299 million deal, valuing the rare earths company at approximately $299 million. The acquisition will deepen Energy Fuels' rare earth integration strategy by combining upstream oxide production in the US with downstream metals and alloy manufacturing capacity in Asia and North America. ASM brings its operating Korean Metals Plant and Dubbo rare earths project, adding to Energy Fuels' pipeline of development assets. The deal is expected to close in late June 2026, subject to shareholder, court, and regulatory approvals.