Energy Fuels finalized its acquisition of Australian Strategic Materials (ASM) on August 28, 2026. The deal reached completion following overwhelming approval from ASM shareholders earlier in the month.
The transaction integrates ASM’s commercial-scale metals and alloys plant in South Korea with Energy Fuels’ White Mesa Mill in Utah. This merger establishes a comprehensive mine-to-magnet rare earth supply chain located outside of China.
Energy Fuels aims to become a major Western producer of critical minerals through this integrated infrastructure. The company now controls both rare earth oxide production and downstream metal processing capabilities.