Overview
- Energy Fuels signed a Scheme Implementation Deed to buy 100% of Australian Strategic Materials, offering 0.053 Energy Fuels shares per ASM share plus a special dividend of up to A$0.13, implying A$1.60 per share and about A$447 million in equity value.
- The companies plan to link Energy Fuels’ White Mesa Mill in Utah with ASM’s Korean Metals Plant and a planned American Metals Plant to create a mine‑to‑metal and alloy pathway outside China.
- The scheme remains conditional on ASM shareholder approval, Australia’s Federal Court process, Foreign Investment Review Board clearance, and listing approvals for the share consideration.
- If conditions are met, ASM targets a scheme meeting in late May or early June 2026 with implementation expected in late June 2026, and ASM shareholders would own roughly 5.8% of Energy Fuels post‑close.
- Australian Financial Review reports Energy Fuels may drop ASM’s proposed A$740 million Dubbo refinery if the takeover proceeds, and it notes ASM shares jumped about 120% to A$1.59 on the news.