Energy Fuels (EFR) M&A announcement summary

Deal rationale and strategic fit

• Acquisition creates the largest fully integrated mine-to-metal and alloy rare earth platform outside China, filling a critical supply chain gap for Western markets and expanding access to both heavy and light rare earths and critical minerals.

• Combines REE oxide production in the U.S. with downstream metal and alloy manufacturing in South Korea and planned U.S. facilities, leveraging ASM's technology and operational expertise.

• ASM's operational Korean Metals Plant and construction-ready Dubbo Project add immediate and future production capacity, strengthening the pipeline for REE supply and growth.

• Strategy aligns with U.S. and Australian government interests in critical minerals security and supply chain resilience.

• Combined group benefits from significant funding capacity and a diversified asset base across multiple jurisdictions.

Financial terms and conditions

• Acquisition structured as an Australian scheme of arrangement for 100% of ASM at AUD 1.60 per share, implying a value of AUD 447 million (US$299 million), with ASM shareholders receiving 0.053 Energy Fuels shares or CHESS Depositary Interests per ASM share (AUD 1.47 value) plus up to AUD 0.13 cash dividend per ASM share.

• ASM option holders receive AUD 0.50 per listed option under a concurrent scheme.

• ASM shareholders will own about 5.8% of the combined group post-closing.

• Implied ASM equity value represents a 121% premium to last close.

Synergies and expected cost savings

• Integration enables margin uplift of approximately 20% by controlling the full value chain, reducing commodity price exposure, and enhancing vertical integration.

• Access to low-cost feedstock from diversified sources, including Dubbo, Donald, Bahia, and Toliara projects.

• Potential to further reduce capital and operating costs by processing intermediate products at existing facilities.

• Reduced risk profile through asset, geographic, and commodity diversification, including uranium, rare earths, and mineral sands.

• Flexibility to sell REE products at multiple stages to end-users, increasing value capture.