Scheme Completed
Energy Fuels acquisition of Australian Strategic Materials
A$447m equity value
Announced 21 Jan 2026 · ASX: ASM · A$1.84 cash and scrip per share · 121% premium
Advisers
Australian Strategic Materials
Target
- Financial adviser
- Legal adviser
- Independent expert
- Valuation
- Investigating accountant
Energy Fuels
Acquirer
- Financial adviser
Other advisers
- Investigating accountant
- Target
- Australian Strategic Materials
- Acquirer
- Energy Fuels
- Structure
- Scheme of arrangement
- Completed
- 28 Aug 2026
- Sector
- Rare earths, mineral sands and critical minerals
In the league tables
- M&A financial advisers, 2026 to date Goldman Sachs #2 · MA Moelis Australia #20 · Moelis & Company #24
- M&A financial advisers, completed, 2026 to date MA Moelis Australia #14 · Goldman Sachs #15 · Moelis & Company #18
- M&A legal advisers, 2026 to date Herbert Smith Freehills Kramer #2 · A&O Shearman #12 · Dentons Canada #36 · Dorsey & Whitney #36
- M&A legal advisers, completed, 2026 to date Herbert Smith Freehills Kramer #3 · A&O Shearman #24 · Dentons Canada #24 · Dorsey & Whitney #24
- Independent experts, 2026 to date BDO #1
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- Wyloo stake in Neo Performance Materials Feb 2025 · A$79.8m · Rare earths, mineral sands and critical minerals
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Sources
- 21 Jan 2026 Energy Fuels to acquire Australian Strategic Materials ASX
- 18 May 2026 ASIC Registration of Energy Fuels Scheme Booklet ASX
- 19 Aug 2026 ASM Scheme Booklet ASX
- 28 Aug 2026 Implementation of Schemes ASX