Australian Strategic Materials Limited (ASX: ASM), a company focused on developing and processing critical materials, has provided an update regarding the proposed acquisition by EFR Critical Materials Pty Ltd, a wholly owned subsidiary of Energy Fuels Inc. The acquisition involves 100% of ASM’s fully paid ordinary shares and quoted options through concurrent schemes of arrangement.
Following previous postponements, ASM and Energy Fuels are preparing a supplementary Scheme Booklet to provide securityholders with additional disclosure. This includes Energy Fuels’ recent US$725 million financing commitment from the U.S. Office of Strategic Capital and its definitive agreement to acquire 100% of Vacuumschmelze GmbH & Co. KG. Subject to ASIC review and Court approval, ASM anticipates dispatching the Supplementary Scheme Booklet to securityholders around late July 2026.
The Scheme Meetings, initially scheduled for 22 June 2026, are now indicatively expected to be held in early to mid-August 2026. Pending approval by ASM Securityholders at these meetings, Court sanction, and satisfaction or waiver of remaining conditions precedent, the implementation of the Schemes is projected to occur before the end of August 2026. ASM will confirm final dates and details once the timetable is finalised.
The ASM Board of Directors continues to unanimously recommend that ASM Securityholders vote in favour of the Schemes. This recommendation stands in the absence of a superior proposal and subject to the Independent Expert maintaining the conclusion that the Schemes are in the best interests of ASM Securityholders.
