Energy Fuels Completes Australian Strategic Materials Acquisition, Adding Rare Earth Metal & Alloy Capacity

• Energy Fuels completed its acquisition of Australian Strategic Materials Limited (ASM), adding rare earth metal and alloy production capabilities to its developing mine-to-magnet platform.
• The acquisition adds the operating Korean Metals Plant in Ochang, South Korea, with an existing neodymium-iron-boron alloy production capacity of 1,300 tonnes per year.
• The Korean Metals Plant is being expanded toward 3,600 tonnes per year of neodymium-iron-boron alloy capacity, with commissioning targeted as early as the end of 2026.
• ASM adds commercial neodymium-praseodymium metallization capabilities alongside developing dysprosium and terbium metallization capabilities.
• The acquisition also adds the Dubbo project in Australia, while Energy Fuels intends to replicate the Korean Metals Plant's capabilities through a potential American Metals Plant as market conditions warrant.

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.

Australian Strategic Materials Acquisition Adds Operating Metal & Alloy Capacity

Energy Fuels announced on August 28, 2026, that it had completed its acquisition of Australian Strategic Materials, adding existing rare earth metal and alloy capabilities to its developing integrated mine-to-magnet platform. Australian Strategic Materials' shares were delisted from the Australian Securities Exchange following completion of the transaction.

The acquisition adds the operating Korean Metals Plant in Ochang, South Korea, to Energy Fuels' portfolio. The facility has 1,300 tonnes per year of existing neodymium-iron-boron alloy production capacity, together with commercial neodymium-praseodymium metallization capabilities and developing dysprosium and terbium metallization capabilities. These capabilities complement Energy Fuels' neodymium-praseodymium, terbium and dysprosium oxide production and expansion initiatives at the White Mesa Mill in Utah.

Energy Fuels President & Chief Executive Officer Ross Bhappu described the acquisition as an extension of the company's rare earth strategy:

“The closing of the ASM acquisition is a defining moment in Energy Fuels' strategy to become a fully integrated mine-to-magnet rare earth company and demonstrates our team's successful execution on that vision.”

Korean Metals Plant Expansion Targets 3,600 Tonnes Per Year

Energy Fuels is expanding the Korean Metals Plant from its existing 1,300 tonnes per year of neodymium-iron-boron alloy production capacity toward 3,600 tonnes per year. The company is targeting commissioning of the expanded capacity as early as the end of 2026. Energy Fuels stated that the expansion could potentially represent enough neodymium-iron-boron alloy for more than 1 million electric vehicles per year.

Energy Fuels also intends to replicate the Korean Metals Plant's capabilities through a new American Metals Plant as market conditions warrant. The proposed facility would leverage technology and operating expertise developed at the Korean Metals Plant. Development of the American Metals Plant remains a forward-looking objective rather than an existing production capability.

Dubbo Adds Australian Critical Minerals Exposure

The ASM acquisition also adds the Dubbo project in Australia to Energy Fuels' portfolio. The company describes Dubbo as a long-life resource containing rare earths and other critical minerals.

Together with Energy Fuels' heavy mineral sands projects in Brazil, Australia and Madagascar, the ASM transaction establishes the company's position across mining, processing, oxides, metals and alloys. Energy Fuels describes these capabilities as the platform for its planned entry into permanent magnet production.

Magnet Production Remains the Planned Final Downstream Stage

Permanent magnet production remains the final planned downstream stage of Energy Fuels' mine-to-magnet strategy. The company is addressing this through its planned acquisition of permanent magnet manufacturer Vacuumschmelze (VAC), which Energy Fuels describes as the leading producer of rare-earth permanent magnets in North America and Europe.

The VAC transaction has not yet been completed. Energy Fuels states that, if completed, the acquisition would extend its platform through the final stage of the rare earth supply chain. The completed ASM acquisition therefore adds operating metal and alloy capabilities, while the planned VAC transaction remains the proposed step into permanent magnet manufacturing.

Next Steps

The nearest disclosed milestone is the expansion of the Korean Metals Plant toward 3,600 tonnes per year of neodymium-iron-boron alloy production capacity, with commissioning targeted as early as the end of 2026. Energy Fuels also intends to pursue a new American Metals Plant as market conditions warrant, although development of that facility remains forward-looking. The planned VAC acquisition represents the other major downstream milestone. If completed, Energy Fuels states that the transaction would add permanent magnet manufacturing to its existing and developing mining, processing, oxide, metal and alloy capabilities.

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