ASM Securityholders Approve Energy Fuels Acquisition Schemes with Overwhelming Support

Strong Shareholder and Optionholder Support for Acquisition

Australian Strategic Materials (ASX:ASM) has taken a significant step toward its acquisition by Energy Fuels Inc. after holding its long-anticipated Share Scheme and Option Scheme meetings on 12 August 2026 in Perth. The meetings, chaired by Gavin Smith and attended by key ASM directors including CEO Rowena Smith and Chair Ian Gandel, saw overwhelming proxy vote backing for the proposed schemes. Proxy votes in favour of the Share Scheme topped 97.6%, while the Option Scheme garnered nearly 99.8% support, signalling strong investor confidence in the transaction.

Details of the Scheme Consideration and Board Endorsement

Under the Share Scheme, ASM shareholders will receive 0.053 Energy Fuels CDIs or shares (depending on election) plus A$0.13 cash per ASM share held at the record date. ASM optionholders are offered a cash payment of A$0.50 per option under the Option Scheme. The ASM Board unanimously recommends voting in favour of both schemes, citing the combination as an attractive opportunity to deliver immediate and certain value. The Board emphasised that the deal aligns ASM with Energy Fuels’ proven mining and processing capabilities, enhancing financial resilience and funding optionality for ASM’s projects.

Independent Expert Confirms Fairness and Reasonableness

BDO Corporate Finance Australia Pty Ltd, appointed as Independent Expert, has reaffirmed its conclusion that the schemes are fair and reasonable and in the best interests of ASM securityholders, assuming no superior proposal emerges. This endorsement adds a layer of assurance for investors weighing the merits of the acquisition, which aims to create a vertically integrated critical materials group better positioned to navigate geopolitical and supply chain challenges.

Next Steps and Court Approval Timeline

The schemes remain subject to final approval by the Federal Court of Australia, with the second court hearing scheduled for 18 August 2026. If approved, the effective date and suspension of ASM securities trading on the ASX are expected on 19 August, with scheme implementation and consideration payments anticipated by 28 August. Energy Fuels CDIs are slated to commence normal trading on the ASX from 31 August, while the corresponding shares will trade on the NYSE American and TSX.

Strategic Significance Amid Global Critical Minerals Shift

ASM Chair Ian Gandel reflected on the company’s evolution since its 2020 demerger, highlighting the transformation of critical minerals from a niche resource sector to a strategic asset underpinning energy transition and national security. The merger with Energy Fuels is framed as a natural progression, combining complementary capabilities across mining, processing, and downstream production to bolster supply chain resilience for allied nations. This strategic alignment underscores the growing geopolitical importance of rare earths and critical minerals.