Energy Fuels to Acquire Australian Strategic Materials in $299 Million Deal Aimed at Creating Major Rare Earth Producer

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) announced it has entered into a Scheme Implementation Deed to acquire 100% of the issued share capital of Australian Strategic Materials Limited (ASX: ASM) in a transaction valuing ASM at approximately US$299 million. The acquisition will be completed via a scheme of arrangement under Australian law and is intended to create what Energy Fuels believes will be the largest fully integrated rare earth elements mine-to-metal and alloy producer outside of China.

The transaction combines Energy Fuels' rare earth elements oxide production at its White Mesa Mill in Utah with ASM's operating Korean Metals Plant and planned American Metals Plant. This integration is expected to strengthen vertical integration across the REE value chain, expand downstream refining and alloy conversion capacity, and enhance supply chain security for critical magnet materials used in automotive, energy, robotics, and defense applications. The latest news and updates relating to UUUU are available in the company's newsroom at http://ibn.fm/UUUU.

The acquisition represents a significant strategic move in the critical materials sector, where securing non-Chinese supply chains has become increasingly important for Western nations. By combining operations in the United States, Australia, and South Korea, the merged entity aims to create a diversified production base that reduces dependency on Chinese rare earth processing and manufacturing. This development comes amid growing global demand for rare earth elements in clean energy technologies, electric vehicles, and advanced defense systems.

The transaction's completion via a scheme of arrangement under Australian law provides a structured framework for the acquisition, which requires approval from ASM shareholders and relevant regulatory authorities. The combined company's operations will span multiple continents, with processing facilities in Utah and South Korea, and development projects in Australia and other locations. This geographic diversification is designed to mitigate operational risks and create a more resilient supply chain for critical materials essential to modern technologies.

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