Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), a leading U.S. producer of rare earth elements, uranium, and other critical materials, has completed its acquisition of Australian Strategic Materials Limited (ASM), a move that significantly expands its capabilities in the rare earth supply chain. The acquisition, which was announced earlier this year, adds ASM's operating Korean Metals Plant in South Korea, which currently has 1,300 tonnes per year of neodymium-iron-boron (NdFeB) alloy production capacity and commercial metallization capabilities for neodymium-praseodymium (NdPr) oxides.
The Korean Metals Plant is being expanded to 3,600 tonnes of annual NdFeB alloy capacity, with commissioning expected as early as the end of 2026. This expansion will position Energy Fuels to meet the growing demand for rare earth metals and alloys, which are essential components in electric vehicle motors, wind turbines, and other high-tech applications. The acquisition also includes ASM's Dubbo project in Australia, which provides a long-life source of rare earths and other critical minerals, further diversifying Energy Fuels' resource base.
This strategic acquisition complements Energy Fuels' ongoing production and expansion initiatives for NdPr, terbium, and dysprosium oxides at its White Mesa Mill in Utah, as well as its heavy mineral sands projects in Brazil, Australia, and Madagascar. By integrating these assets, Energy Fuels now has a platform that spans mining, processing, oxides, metals, and alloys. The company's planned acquisition of Vacuumschmelze (VAC), a permanent magnet manufacturer, would extend this platform into magnet production, creating a truly end-to-end supply chain.
The completion of the transaction underscores Energy Fuels' commitment to building a Western mine-to-magnet supply chain, reducing reliance on China for these critical materials. With the global push towards electrification and renewable energy, the demand for rare earth magnets is expected to surge, and Energy Fuels is positioning itself to be a key supplier.
Mark Chalmers, President and CEO of Energy Fuels, stated, "This acquisition is a transformative step in our strategy to become a leading Western producer of rare earth materials. The addition of ASM's metals and alloys capabilities, combined with our existing processing infrastructure, allows us to offer a complete solution to customers seeking a secure, non-Chinese source of rare earth products."
ASM shares have been delisted from the Australian Securities Exchange following the completion of the transaction. For more details on the acquisition, visit https://ibn.fm/Yk8Fc.
Energy Fuels is a leading U.S. critical materials company with a focus on uranium, rare earth elements, heavy mineral sands, vanadium, and the development of medical isotopes. The company owns the only fully licensed conventional uranium mill in the U.S., the White Mesa Mill in Utah, where it also produces rare earth products and evaluates medical isotope recovery for emerging cancer therapies. Energy Fuels is also developing three heavy mineral sands/rare earths projects: the Vara Mada Project in Madagascar, Bahia Project in Brazil, and Donald Project in Australia (through a joint venture with Astron Limited). Headquartered in Lakewood, Colorado, its shares trade on the NYSE American under the ticker UUUU and on the TSX under EFR.
For the latest news and updates on Energy Fuels, visit the company's newsroom at http://ibn.fm/UUUU.
