Energy Fuels wins shareholder approval for Australian Strategic Materials acquisition

Canada NewsWire

ASM shareholder approval marks a key step toward completing Energy Fuels' acquisition of ASM and advancing its rare earth mining, metals and alloys capability

DENVER , Aug. 12, 2026 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), a leading U.S. producer of uranium, rare earth elements ("REE"), and other critical minerals, is pleased to announce it has reached a major milestone toward its planned acquisition of Australian Strategic Materials Limited (ASX: ASM) ("ASM"), with ASM Securityholders overwhelmingly voting in favor of the transaction at the Scheme Meetings held in Perth, Australia on August 12, 2026.

Ross Bhappu, President and Chief Executive Officer of Energy Fuels said

"Today's vote marks an important milestone for Energy Fuels, with ASM shareholders set to join a strong, well-capitalised business with a clear growth strategy.

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.

Australia is central to that platform, from our Donald Project in Victoria, which we are developing with Astron Limited and which is planned to feed the supply chain, through to ASM's Dubbo Project in New South Wales and their operating metals and alloys capacity in South Korea.

We look forward to completing the next steps in the acquisition of ASM and closing the transaction on August 28, 2026."

ASM Securityholders Overwhelmingly Vote in Favor of Combination with Energy Fuels

As previously announced, Energy Fuels entered into a Scheme Implementation Deed to acquire 100% of ASM through EFR Critical Materials Pty Ltd, a wholly owned subsidiary of Energy Fuels, by way of schemes of arrangement under Australia's Corporations Act 2001 (Cth). Under the Share Scheme, each ASM shareholder is entitled to receive 0.053 new Energy Fuels CHESS Depositary Interests plus A$0.13 cash for each ASM share held at the Scheme Record Date. Under the Option Scheme, ASM option holders are entitled to receive A$0.50 cash per option.

At the Scheme Meetings held in Perth, Australia, ASM securityholders voted in favor of the transaction. 98.23% of the votes cast by ASM shareholders were in favor of the Share Scheme, and 83.62% of ASM shareholders present and voting (in person or by proxy) voted in favor. The Option Scheme was approved by 99.97% of the votes cast, and 87.78% of the ASM Optionholders present and voting at the Option Scheme Meeting (in person or by proxy) were in favor of the Option Scheme Resolution. Both results for the Share Scheme exceed the requirements for shareholder approval, being more than 75% of the votes cast and more than 50% of the securityholders present and voting.

Next Steps

As a next step, ASM will apply to the Federal Court of Australia for approval of the Schemes, which is scheduled to occur on August 18, 2026. If the Court approves the Schemes, a copy of the Court order will be lodged with the Australian Securities and Investments Commission (" ASIC ") and the Schemes will become effective, which is expected to occur on August 19, 2026. ASM Securities are expected to be suspended from trading on the Australian Securities Exchange ("ASX") from the close of trading on the Effective Date. Implementation of the Schemes, on which the Scheme Consideration will be provided to ASM securityholders, is expected to occur on August 28, 2026.