Australian Strategic Materials (ASM) is pleased to announce that it has entered into a binding Scheme Implementation Deed (SID) with Energy Fuels Inc. (NYSE: UUUU; TSX: EFR) (Energy Fuels) under which it is proposed that Energy Fuels will acquire 100% of the issued share capital of ASM by way of a court-approved Scheme of Arrangement under Part 5.1 of the Corporations Act 2001 (Cth).
Highlights
- Compelling total implied value of A$1.60 per ASM share comprising:
- 0.053 Energy Fuels shares or CHESS Depositary Interests for each ASM share held, at an implied value of A$1.47 per ASM share; and
- an unfranked special dividend of up to A$0.13 per ASM share, permitted to be paid by ASM prior to implementation of the Scheme.
- The transaction would deliver a substantial implied premium to recent trading prices of approximately:
- 121% to ASM’s last closing share price of A$0.725 on 20 January 2026; and
- 133% to the 30-day VWAP of approximately A$0.687.
- Energy Fuels and ASM have also agreed terms as to a separate, but concurrent, Option Scheme, pursuant to which ASM Option holders will receive A$0.50 per ASM Option (ASX: ASMO).
“This proposed combination delivers a significant premium for ASM shareholders and ensures our shareholders retain the opportunity to participate in the substantial upside of a larger, better capitalised critical minerals business. We are pleased to recommend this transaction not only for the value it delivers but it accelerates the execution of our mine to metals strategy in a way that unlocks greater scale, de-risks delivery and positions us to capture the full potential of our rare-earths opportunity.”
Rowena Smith, Managing Director & CEO, ASM