Australian Strategic Materials shareholders have overwhelmingly voted in favour of US-based critical minerals company Energy Fuels acquiring 100 per cent of the business, clearing a major hurdle towards building a fully integrated rare earth supply chain.
At scheme meetings held on August 12, 98.23 per cent of votes cast by ASM shareholders supported the transaction. Under the approved scheme, ASM shareholders will receive 0.053 new Energy Fuels CHESS Depositary Interests plus 13 cents in cash for each ASM share held. ASM optionholders will receive 50 cents in cash per option.
The acquisition brings ASM’s flagship Dubbo Project in New South Wales and its operating Korean Metals Plant into Energy Fuels’ portfolio. When combined with Energy Fuels’ White Mesa Mill in Utah and its Donald heavy mineral sands joint venture in Victoria, the merger establishes an end-to-end platform spanning mining, processing, separation, and metal alloy production.
Energy Fuels CEO Ross Bhappu said: “ASM’s rare earth metals and alloy-making capacity is a critical addition to our platform as we work to build what we believe will be the West’s only integrated mine-to-magnet rare earth business.
“The combination moves us closer to offering customers a reliable allied-source alternative across the full supply chain.”
The acquisition remains subject to approval from the Federal Court of Australia, with a hearing scheduled for August 18. If granted, the scheme will become effective on August 19, prompting the suspension of ASM shares from the ASX before final transaction implementation on August 28.
Energy Fuels is also advancing a separate acquisition of permanent magnet manufacturer Vacuumschmelze, expected to close in early 2027, which would extend the combined entity’s capabilities directly into magnet manufacturing for automotive, defence, and clean energy sectors.
