Energy Fuels Expands Rare Earth Supply Chain with ASM Acquisition — Energy Fuels Inc.

Event summary

Energy Fuels Inc. completed its acquisition of Australian Strategic Materials Limited (ASM) on August 28, 2026.
ASM's Korean Metals Plant adds 1,300 tonnes per year of neodymium-iron-boron (NdFeB) alloy production capacity.
The plant is being expanded to 3,600 tonnes per year, potentially supplying enough alloy for over 1 million EVs annually.
Energy Fuels also gains ASM's Dubbo project in Australia, a long-life resource of rare earths and critical minerals.
ASM's shares have been delisted from the Australian Securities Exchange (ASX).

The big picture

Energy Fuels' acquisition of ASM strengthens its position in the rare earth supply chain, addressing critical vulnerabilities in global production. The move comes as demand for rare earth elements surges, driven by the electrification of transportation and the need for carbon-free energy solutions. By integrating ASM's capabilities, Energy Fuels aims to become a dominant player in the Western rare earth market, reducing reliance on Chinese suppliers.

What we're watching

Supply Chain Integration: How Energy Fuels will integrate ASM's capabilities into its existing operations to create a fully integrated mine-to-magnet supply chain.
Market Expansion: Whether the expanded NdFeB alloy capacity will position Energy Fuels as a key supplier for the growing EV market.
Execution Risk: The pace at which Energy Fuels can replicate ASM's Korean Metals Plant capabilities in a new American Metals Plant.