Energy Fuels Completes Australian Strategic Materials Deal to Expand Rare Earth Platform

04:36 PM EDT, 08/28/2026 (MT Newswires) -- Energy Fuels (EFR.TO) after trade Friday said it completed its acquisition of Australian Strategic Materials (ASM). "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," the company said. The deal adds ASM's operating Korean Metals Plant, giving Energy Fuels immediate metal and alloy production capacity. The plant currently produces 1,300 tonnes per year of neodymium-iron-boron alloy and is being expanded to 3,600 tonnes per year, with completion expected by the end of 2026, the company said. Along with Energy Fuels' heavy mineral sands projects in Brazil, Australia, and Madagascar, the ASM deal strengthens the company's position across mining, processing, oxides, metals, and alloys "creating a robust platform for its planned entry into permanent magnet production", it added. Following the transaction, ASM shares were delisted from the ASX, according to the statement.