Energy Fuels' ASM Acquisition Wins Shareholder Approval, Scheme Implementation Targeted for August 28, 2026

Energy Fuels Inc. announces that securityholders of Australian Strategic Materials Limited (ASX: ASM) voted overwhelmingly in favor of the transaction at the Scheme Meetings held in Perth, Australia, on August 12, 2026. 98.23% of the votes cast by ASM shareholders were in favor of the Share Scheme, and 83.62% of ASM shareholders present and voting voted in favor. The Option Scheme was approved by 99.97% of the votes cast, and 87.78% of ASM optionholders present and voting were in favor. Both results for the Share Scheme exceed the requirements for shareholder approval, being more than 75% of the votes cast and more than 50% of the securityholders present and voting. Under the Share Scheme, each ASM shareholder is entitled to receive 0.053 new Energy Fuels CHESS Depositary Interests (CDIs) plus A$0.13 cash for each ASM share held at the Scheme Record Date. Under the Option Scheme, ASM option holders are entitled to receive A$0.50 cash per option. Implementation of the Schemes is targeted for August 28, 2026.

Company Overview

Energy Fuels Inc. (NYSE American: UUUU | TSX: EFR) is a US-based critical materials company focused on uranium, rare earth elements, heavy mineral sands, vanadium, and medical isotopes. The company owns and operates conventional and in-situ recovery uranium projects in the western United States and, per its most recently filed Annual Report on Form 10-K, has been the leading U.S. producer of natural uranium concentrate for several years. Energy Fuels also owns the White Mesa Mill in Utah, the only fully licensed and operating conventional uranium processing facility in the United States. The company is developing 3 heavy mineral sands projects: the 100% owned Vara Mada Project in Madagascar, the 100% owned Bahia Project in Brazil, and the Donald Project in Australia, in which it has the right to earn up to a 49% interest in a joint venture (JV) with Astron Limited.

Shareholder Vote Results

At the Scheme Meetings held in Perth, Australia, on August 12, 2026, ASM securityholders voted in favor of the transaction. 98.23% of votes cast by ASM shareholders were in favor of the Share Scheme, with 83.62% of ASM shareholders present and voting in favor. The Option Scheme was approved by 99.97% of votes cast, with 87.78% of ASM optionholders present and voting in favor. Both results for the Share Scheme exceed the requirements for shareholder approval, being more than 75% of votes cast and more than 50% of securityholders present and voting.

Under the Share Scheme, each ASM shareholder is entitled to receive 0.053 new Energy Fuels CHESS Depositary Interests plus A$0.13 cash for each ASM share held at the Scheme Record Date. Under the Option Scheme, ASM option holders are entitled to receive A$0.50 cash per option.

President and Chief Executive Officer of Energy Fuels Inc., Ross Bhappu, commented on the shareholder vote and the strategic significance of the ASM acquisition: 

"Today's vote marks an important milestone for Energy Fuels, with ASM shareholders set to join a strong, well-capitalized business with a clear growth strategy. ASM's rare earth metals and alloy-making capacity is a critical addition to our platform as we work to build what we believe will be the West's only integrated mine-to-magnet rare earth business. The combination moves us closer to offering customers a reliable allied-source alternative across the full supply chain. Australia is central to that platform, from our Donald Project in Victoria, which we are developing with Astron Limited and which is planned to feed the supply chain, through to ASM's Dubbo Project in New South Wales and their operating metals and alloys capacity in South Korea. We look forward to completing the next steps in the acquisition of ASM and closing the transaction on August 28, 2026."

Next Steps

ASM will apply to the Federal Court of Australia for approval of the Schemes on August 18, 2026. If approved, a copy of the Court order will be lodged with the Australian Securities and Investments Commission (ASIC), and the Schemes will become effective, with the targeted effective date of August 19, 2026. ASM Securities is targeted to be suspended from trading on the Australian Securities Exchange (ASX) from the close of trading on the effective date. Implementation of the Schemes, for which Scheme Consideration will be provided to ASM securityholders, is targeted for August 28, 2026.