Energy Fuels Acquires Australian Strategic Materials

Energy Fuels Inc has acquired Australian Strategic Materials (ASM) for an undisclosed amount, consolidating control over a rare earths supply chain that stretches from Australian mining to South Korean metal processing. The transaction, confirmed by both companies, transfers ownership of ASM’s projects and operational assets to the US-based uranium and critical minerals producer.

ASM is developing the Dubbo Project in New South Wales, Australia, a polymetallic deposit intended to produce metal oxides and mixed chlorides. The company has worked with the Australian Nuclear Science and Technology Organisation to refine an advanced flowsheet for oxide recovery. Its flagship metals plant in Ochang, South Korea, opened in 2022 and delivered its first commercial sale of neodymium praseodymium metal in September, with initial output focused on neodymium products and titanium alloy.

For Energy Fuels, the acquisition adds a downstream processing capability that complements its existing uranium and rare earth element extraction operations in the United States. The company gains access to ASM’s metallisation technology and its Korean facility, which can convert separated oxides into finished metals. This vertical integration is intended to shorten the path from mined ore to magnet-grade material, a segment where Western producers have lagged behind Asian competitors.

The deal also brings the Dubbo Project into Energy Fuels’ portfolio, providing a potential long-term source of heavy rare earths and critical minerals. While the project has not yet reached construction, its advanced test work and defined flowsheet reduce technical risk. The combined entity will hold assets across three continents, with processing capacity in Korea and development-stage mining in Australia.

The acquisition positions Energy Fuels to supply rare earth metals to customers in defence, automotive, and electronics sectors, though no specific contracts have been disclosed. Integration of ASM’s Korean operations into Energy Fuels’ existing supply chain will require coordination across regulatory regimes in the US, Australia, and South Korea. The combined company’s near-term focus will be on maintaining output at the Ochang plant while advancing Dubbo toward a construction decision.