Aug. 12, 2026 10:30AM PST
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Energy Fuels expects to complete the acquisition on August 28, following a final approval hearing before the Federal Court of Australia scheduled for August 18.

Brian Jackson / Adobe Stock
Shareholders of Australian Strategic Materials (ASM) (ASX:ASM,OTCPL:ASMMF) overwhelmingly approved a takeover by Colorado-based uranium and rare earths producer Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU), the company announced on Wednesday (August 12).
ASM shareholders met in Perth, with over 98 percent of the votes in favor, well beyond what was needed.
As for the payout, shareholders are able to receive 0.053 Energy Fuels CHESS Depositary Interests, plus AU$0.13 in cash for each share they own. Those holding options can get AU$0.50 in cash for each one.
The deal advances both companies' goals of creating a mine-to-magnet business, linking Energy Fuels’ White Mesa uranium and rare earths mill in Utah, US, with downstream commercial rare earth metals and alloy production at ASM's operating Korean Metals Plant and planned American Metals Plant.
Upstream, ASM's advanced-stage Dubbo rare earths and critical minerals project, located in New South Wales, will serve as a potential feedstock source for the White Mesa mill. This builds on Energy Fuels' Donald project joint venture in Victoria, where it aims to secure raw monazite feedstock for processing into light and heavy rare earth oxides.
"Today's vote marks an important milestone for Energy Fuels, with ASM shareholders set to join a strong, well-capitalised business with a clear growth strategy," Energy Fuels President and CEO Ross Bhappu said.
"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 transaction fits into a larger consolidation strategy across the critical minerals sector. Energy Fuels has been consistently advancing its rare earths ambitions in recent years, building upon its existing uranium production.
Most recently, on July 29, Energy Fuels began construction on an expansion at White Mesa to process heavy rare earth oxides, with target completion dates set for late 2027 for terbium and dysprosium, and 2028 to produce several others.
Separately, the company entered into a definitive agreement in June to acquire permanent magnet manufacturer Vacuumschmelze for approximately US$1.9 billion in cash and stock, extending its downstream manufacturing capabilities into North America and Europe.
Energy Fuels is funding its expansion push from a working capital balance of nearly US$1 billion as of June 30, alongside a conditional US$725 million loan commitment from the US Office of Strategic Capital.
Transaction costs and project investments resulted in a second quarter net loss, but the company's core uranium segment delivered 865,000 finished pounds of uranium concentrate during the period.
Combined mining and milling costs for ore from its Pinyon Plain mine averaged US$23 per pound, which the company believes places its production costs among the lowest in the global uranium-mining industry.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics.
When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.
When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.
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Investor Insight
Generation Uranium offers investors high-leverage exposure to a potential major discovery in Canada’s underexplored and resource-rich Thelon Basin, led by a management team with a proven track record of securing high-value exits.
Overview
Generation Uranium (CSE:GEN, OTCQB:GENR, FRA:W85) is a Canadian exploration company focused on wealth creation through discovery within the uranium sector. The company’s primary strategy is to build a high-caliber exploration team that can rapidly test and drill high-potential targets, de-risking projects for potential takeover by larger producers. Currently centered in the prolific Thelon and Angikuni Basins of Nunavut, the company is also actively evaluating additional project acquisitions in the Athabasca Basin to expand its portfolio.

The company is led by a veteran management team with nearly 30 years of experience in mineral development. CEO Michael Collins has a significant track record of building and exiting public companies, including the co-founding of Bluerock Resources, a conventional uranium producer during the 2000-2008 cycle. This expertise is paired with a focused business model that leverages modern geophysical targeting to accelerate exploration timelines and reduce costs, ensuring the company can deliver results quickly in a bullish uranium market.
Company Highlights
- Strategic Location in a Premier Uranium District: The flagship Yath Project is located in Nunavut’s Thelon Basin, contiguous to ATHA Energy’s Angilak Project, which hosts the high-grade Lac 50 deposit.
- High-Grade Discovery Potential: Historical surface sampling at the Yath Project has yielded exceptional uranium grades, including boulders testing at 9.81 percent, 3.95 percent, and 2.14 percent U3O8.
- Expert Management with Exit Experience: Led by CEO Michael Collins, the team has decades of experience in mineral exploration and a history of co-founding companies that were later acquired, such as Prime Mining and Nuclear Fuels.
- Low-Cost, Rapid Exploration Strategy: By leveraging modern geophysics and extensive historical data, the company aims for a "short road to discovery," de-risking projects quickly to maximize shareholder value.
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Key Project
Yath Project - Nunavut, Canada
The Yath Project is Generation Uranium’s flagship project. This 100 percent owned property covers about 120 square kilometers within the underexplored Thelon Basin in Nunavut, Canada. The project is located where the Yathkyed and Angikuni sub-basins meet, which is a region known globally for high-grade uranium potential. It sits directly along the same trend as the Angilak Project owned by ATHA Energy (TSXV:SASK, OTCQB:SASFK, FWB:XSU.F), which contains the Lac 50 deposit, one of the highest-grade uranium resources found outside of the Athabasca Basin with a historical mineral resource estimate of 43.3M lbs at an average grade of 0.69 percent U3O8.

The Yath Project is contiguous to the Lac 50 trend and is crossed by several regional faults and basin boundaries. Past exploration work has already identified high priority targets, while surface sampling in the area has produced uranium grades from boulders, with some testing at 9.81 percent, 3.95 percent, and 2.14 percent U3O8.
The company has commenced its initial field program at the site, set to define and rank drill targets. Historic showings will be combined with new anomalies from the MMT geophysics survey, preparing the project for an anticipated drill permit.
Management Team
Michael Collins - CEO & Director
Michael Collins is a professional geoscientist with nearly 30 years of experience in mineral exploration. He has co-founded several public companies, including Exploits Discovery, Prime Mining (acquired in 2025), and Nuclear Fuels (merged with Premier American Uranium in 2025). He is also currently a director of First Atlantic Nickel.
Christoph Bruening - Director
Christoph Bruening is the founder and managing partner of Value Relations GmbH, a full-service investor relations and public relations agency in Frankfurt with over 25 years of excellence, focusing on mining, exploration, biotech and health care. In addition, he has listed over 600 companies on the Frankfurt Stock Exchange and is a speaker and author of several publications, including on rare earths and uranium.
Dallas Miller - Director
Dallas Miller has been working within the international mining industry for over 15 years, working with BHP and Santos Ltd. He has experience on the ground from an operational standpoint, as well as being an integral part of raising millions of dollars in capital funding for both private and public companies in recent years.
Roger Leschuk - VP Corporate Development
Roger Leschuk has been in corporate management for over two decades, with the past 15 years dedicated to corporate development and investor relations. He has experience participating in and assisting with mergers and acquisitions, and was an investment advisor for various services such as stocks, mutual funds and tax-sheltered investments. He is a Chartered Investment Manager and a Fellow of the Canadian Securities Institute.
Monty Sutton - CFO
Monty Sutton brings over 35 years of experience in public markets and corporate governance. He previously served as CFO for Nuclear Fuels from its IPO through its acquisition.
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Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics.
When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.
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