Energy Fuels Inc. Completes Acquisition of Australian Strategic Materials

What Happened

• Energy Fuels Inc. announced on August 28, 2026 that its wholly owned subsidiary, EFR Critical Materials Pty Ltd., completed the acquisition of all ordinary shares of Australian Strategic Materials Limited (ASM) under a Scheme Implementation Deed dated January 21, 2026 (as amended March 13, 2026).
• At closing, ASM shareholders received 0.053 CHESS Depositary Interests (or, if elected, 0.053 Energy Fuels common shares) plus A$0.13 cash per ASM share. The total Scheme Consideration was approximately US$243.4 million (Share Consideration ~US$217.2M and Cash Consideration ~US$26.2M). ASM option holders received A$0.50 per option.

Key Details

• Closing date: August 28, 2026; Scheme record date: 5:00 pm Sydney time on August 21, 2026.
• New Energy Fuels shares issued as part of the deal: 14,808,572 common shares.
• The New Energy Fuels shares were issued relying on an exemption from registration under Section 3(a)(10) of the U.S. Securities Act.
• Some ASM shareholders in certain jurisdictions will receive cash proceeds from a nominee’s sale of Energy Fuels shares in lieu of directly receiving share consideration.

Why It Matters

• The transaction meaningfully expands Energy Fuels’ business through ownership of ASM and represents a total consideration of about US$243.4 million, affecting the company’s asset base and strategic footprint.
• Issuance of 14.8 million new shares increases the company’s outstanding share count (dilution effect) and was completed under a regulatory exemption rather than a registered offering—important details for investors tracking ownership and float.
• The deal terms (mix of share and cash consideration, and separate treatment of options) and the effective dates provide concrete timing and financial impact that investors can use when assessing near-term capitalization and integration plans.