Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), a leading producer of rare earth elements, uranium, and other critical materials, announced the completion of its acquisition of Australian Strategic Materials Limited (ASM), a significant step in its effort to build an integrated Western mine-to-magnet supply chain. The acquisition adds ASM’s operating Korean Metals Plant in South Korea, which currently has 1,300 tonnes per year of neodymium-iron-boron (NdFeB) alloy production capacity and commercial metallization capabilities for neodymium-praseodymium (NdPr). The plant is being expanded to 3,600 tonnes of annual NdFeB alloy capacity, with commissioning expected as early as the end of 2026.
This acquisition positions Energy Fuels to address the growing demand for rare earth magnets, which are essential components in electric vehicles, wind turbines, and defense technologies. By integrating ASM’s metals and alloys capabilities with its existing production of rare earth oxides at the White Mesa Mill in Utah, Energy Fuels now controls a more complete supply chain from mining to finished magnets. The company has also highlighted its planned acquisition of Vacuumschmelze (VAC), a permanent magnet manufacturer, which would extend its capabilities into magnet production, further solidifying its position in the Western market.
The transaction also brings ASM’s Dubbo project in Australia into Energy Fuels’ portfolio, adding a long-life resource of rare earths and other critical minerals. This complements Energy Fuels’ ongoing initiatives to expand production of NdPr, terbium, and dysprosium oxides at its White Mesa Mill, as well as its heavy mineral sands projects in Brazil, Australia, and Madagascar. The combined platform now spans mining, processing, oxides, metals, and alloys, making Energy Fuels a vertically integrated player in the rare earth industry.
“This acquisition is a major milestone in our strategy to create a secure, Western-based rare earth supply chain,” said a company spokesperson. “By adding ASM’s commercial-scale metals and alloys production, we are not only enhancing our capabilities but also helping to reduce reliance on foreign sources for these critical materials.”
ASM shares have been delisted from the Australian Securities Exchange following the completion of the transaction. Energy Fuels continues to be a leading U.S. producer of natural uranium concentrate and owns the only fully licensed conventional uranium mill in the U.S., the White Mesa Mill in Utah, where it also produces rare earth products and evaluates medical isotope recovery for emerging cancer therapies.
The move comes amid increasing global focus on securing supply chains for critical minerals, as Western nations seek to reduce dependence on China, which currently dominates rare earth processing. Energy Fuels’ acquisition of ASM is a strategic response to this geopolitical imperative, positioning the company to play a key role in the Western rare earth industry’s growth.
For more information, visit the full press release at https://ibn.fm/Yk8Fc.
