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Energy Fuels to Acquire ASM in $299M Deal

1/21/2026

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Summary

Story summary

Energy Fuels Inc. announced an all-stock takeover of Australian Strategic Materials Ltd. (ASM) valued at $299 million to create a mine-to-metal supply chain for rare earth elements.
The deal values ASM shares at A$1.60 per share (about $1.08) and awaits shareholder and regulatory approvals.
ASM's shares surged 126% after the announcement.
The takeover would enhance production capabilities at Energy Fuels' Arizona mine and ASM's facilities in Korea and Australia.

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Story summary

Energy Fuels Inc. announced an all-stock takeover of Australian Strategic Materials Ltd. (ASM) valued at $299 million to create a mine-to-metal supply chain for rare earth elements.
The deal values ASM shares at A$1.60 per share (about $1.08) and awaits shareholder and regulatory approvals.
ASM's shares surged 126% after the announcement.
The takeover would enhance production capabilities at Energy Fuels' Arizona mine and ASM's facilities in Korea and Australia.