Energy Fuels Completes Acquisition of Australian Strategic Materials Rare Earth Metal and Alloy Production Added to Emerging Western Mine-to-Magnet Champion
Energy Fuels Completes Acquisition of Australian Strategic Materials
Rare Earth Metal and Alloy Production Added to Emerging Western Mine-to-Magnet Champion
DENVER, Aug. 28, 2026 - Energy Fuels Inc. (NYSE.A: UUUU) (TSX: EFR) (ASX: EF2), a leading producer
of rare earth elements (REE), uranium, and other critical materials, today announced it has completed its
acquisition of Australian Strategic Materials Limited (ASM), a leading producer of REE metals and alloys.
The acquisition of ASM marks a major milestone in Energy Fuels’ long-term growth strategy to build an
integrated mine-to-magnet rare earth platform.
Ross Bhappu, President and CEO of Energy Fuels Inc. said, “we are thrilled to welcome the ASM team to
Energy Fuels. ASM brings exceptional technical expertise, commercial experience and proven capabilities
in rare earth metals and alloys that significantly strengthen our organization and accelerate our strategy to
build a fully integrated, Western mine-to-magnet supply chain.”
By adding ASM’s operating Korean Metals Plant in Ochang, South Korea, Energy Fuels immediately gains
commercial scale metal and alloy production capacity, expanding into one of the most critical and
constrained vulnerabilities of global rare earth supply chains. Energy Fuels also intends to replicate this
capability at a new American Metals Plant as market conditions warrant, leveraging the proven technology
and operational expertise developed at the Korean Metals Plant . Additionally, ASM’s Dubbo project in
Australia brings a long-life and strategically important resource of rare earths and other critical minerals to
Energy Fuels’ portfolio.
“The closing of th e ASM acquisition is a defining moment in Energy Fuels’ strategy to become a fully
integrated mine-to-magnet rare earth company and demonstrates our team’s successful execution on that
vision. With ASM’s existing operating facilities, proven technical expertise, and intellectual property now a
part of Energy Fuels, we have assembled commercial capabilities at all upstream and midstream stages of
the rare earth permanent magnet supply chain.” said Ross Bhappu.
The acquisition of ASM adds 1,300 tonnes per year of existing neodymium-iron-boron (NdFeB) alloy
production capacity at the Korean Metals Plant, along with existing commercial metallization capabilities for
neodymium-praseodymium (NdPr), and developing metallization capabilities for dysprosium (Dy) and
terbium (Tb). This directly complements Energy Fuels' NdPr, Tb, and Dy oxide production and expansion
initiatives at its White Mesa Mill in Utah (Mill). The Korean Metals Plant is currently being expanded to
increase NdFeB alloy capacity to 3,600 tonnes per year and is expected to be commissioned as early as
the end of 2026. The expansion potentially represents enough NdFeB alloy for more than 1 million EVs per
year.
Rowena Smith, former CEO of ASM remarked, “we are excited to join Energy Fuels and contribute to a
leading Western rare earth supply chain, and I would like to thank ASM employees and shareholders for
their support in getting us to this point. The combination of Energy Fuels and ASM represents a major step
forward in the development of a secure, diversified rare earth platform that the world increasingly needs,
and we look forward to demonstrating the value that the combined company will bring.
Together with Energy Fuels’ portfolio of heavy mineral sands projects in Brazil, Australia and Madagascar,
the ASM transaction firmly establishes the Company’s position across mining, processing, oxides, metals,
and alloys, creating a robust platform for its planned entry into permanent magnet production.
The final downstream stage , magnet production, is being addressed through the Company’s planned
acquisition of permanent magnet manufacturer Vacuumschmelze (VAC), the leading rare earth permanent
magnet producer in North America and Europe . When completed, the acquisition would extend the
Company’s platform through the final stage of the rare earth supply chain.
In connection with the completion of the transaction, ASM's shares have been delisted from the Australian
Securities Exchange (ASX).
About Energy Fuels
Energy Fuels is a leading U.S.-based critical materials company, focused on rare earth elements (REEs),
uranium, heavy mineral sands, vanadium and medical isotopes. Energy Fuels, which owns and operates
several conventional and in -situ recovery uranium pro jects in the western United States, has been the
leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear
utilities for the production of carbon -free nuclear energy. Energy Fuels also owns the White Mesa Mil l in
Utah, which is the only fully licensed and operating conventional uranium processing facility in the United
States. At the Mill, Energy Fuels also produces advanced REE products, vanadium oxide (when market
conditions warrant), and is evaluating the p otential recovery of certain medical isotopes from existing
uranium process streams needed for emerging targeted alpha therapy cancer treatments. Through its
acquisition of ASM, Energy Fuels also owns the operating Korean Metals Plant in Ochang, South Kore a,
which provides rare earth metallization and alloying capabilities, including the production of neodymium -
iron-boron (NdFeB) alloys. Energy Fuels is developing three (3) heavy mineral sands projects: the 100%
owned Vara Mada Project in Madagascar; the 100% owned Bahia Project in Brazil; and the Donald Project
in Australia in which Energy Fuels has the right to earn up to a 49% interest in a joint venture with Astron
Limited. Energy Fuels, based near Denver, Colorado, trades its common shares on the NYSE A merican
under the trading symbol "UUUU" and on the Toronto Stock Exchange under the trading symbol "EFR ."
Additionally, Energy Fuels trades its CHESS Depositary Interests (CDIs) on the ASX Limited under the
trading symbol "EF2." For more information on Energy Fuels, please visit http://www.energyfuels.com.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within
the meaning of applicable United States and Canadian securities legislation, which may include, but are
not limited to, statements with respect to: any expectation that the Company will maintain its position as a
leading U.S.-based critical materials company; any expectation that the proposed acquisition of VAC will
complete as planned or at all; any expectation that the Company's growth strategy will b e realized; any
expectation that the Company will successfully build an integrated mine-to-magnet rare earth platform or build
a fully integrated, Western mine-to-magnet supply chain; any expectation that the Company will develop a
new American Metals Plant; any expectation that The Korean Metals Plant will be expanded to increase
NdFeB alloy capacity to 3,600 tonnes per year or that it will be commissioned as early as the end of 2026;
any expectation with respect to rate, quantities or duration of product ion; and any expectation that any of
Energy Fuels' other projects will advance to a positive final investment decision and be developed.
Generally, these forward-looking statements can be identified by the use of forward -looking terminology
such as "plans," "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates,"
"forecasts," "intends," "anticipates," " does not anticipate," or "believes," or variations of such words and
phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken,"
"occur," "be achieved" or "have the potential to." All statements, other tha n statements of historical fact,
herein are considered to be forward -looking statements. Forward -looking statements involve known and
unknown risks, uncertainties and other factors which may cause the actual results, performance or
achievements of the Comp any to be materially different from any future results, performance or
achievements express or implied by the forward-looking statements.
Factors that could cause actual results to differ materially from those anticipated in these forward -looking
statements include risks associated with: commodity prices and price fluctuations; market factors, including
future demand for rare earth elements and rare earth permanent magnets; engineering, construction,
processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays;
changes to regulatory requirements; legal challenges; competition from other producers; government and
political actions or inactions; and the other factors described under the caption "Risk Factors" in the
Company's most recently filed Annual Report on Form 10-K and Quarterly Report filed on Form 10-Q, which
are available for review on EDGAR at www.sec.gov/edgar.shtml, on SEDAR+ at www.sedarplus.ca, and on
the Company's website at www.energyfuels.com. Forward-looking statements contained herein are made
as of the date of this news release, and Energy Fuels disclaims, other than as required by law, any obligation
to update any forward -looking statements whether as a result of new information, results, future events,
circumstances, or if management's estimates or opinions should change, or otherwise. There can be no
assurance that forward -looking statements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not
to place undue reliance on forward-looking statements. Energy Fuels assumes no obligation to update the
information in this communication, except as otherwise required by law.
Investor and Media Contact:
Kim Ronkin Casey, Director of Investor Relations
303-389-4165
Energy Fuels Inc.
225 Union Boulevard, Suite 600
Lakewood, Colorado 80228 USA
Authorized for release by the Energy Fuels Disclosure Committee