Australian Strategic Materials Limited (ASM, ASX: ASM), a company focused on developing and processing critical materials projects, today announced that the schemes of arrangement for its acquisition by EFR Critical Materials Pty Ltd, a wholly-owned subsidiary of Energy Fuels Inc. (Energy Fuels), have become effective. The acquisition comprises a members’ scheme for fully paid ordinary shares (Share Scheme) and a separate creditors’ scheme for quoted options (Option Scheme). The Federal Court of Australia, Western Australian Registry, formally approved the schemes on 18 August 2026, marking a significant step in the transaction. Consequently, ASM Securities will be suspended from trading on the ASX from the close of trading today, Wednesday, 19 August 2026.
Under the Share Scheme, eligible ASM shareholders are entitled to receive 0.053 New Energy Fuels CDIs, or New Energy Fuels Shares if validly elected, in addition to A$0.13 in cash for each ASM share held. Shareholders wishing to elect to receive New Energy Fuels Shares must do so by 5:00 pm (AWST) today, 19 August 2026. Ineligible Foreign Shareholders will not receive New Energy Fuels CDIs or shares directly; instead, their entitlements will be allotted to and sold by a Sale Agent, with net cash proceeds, plus the A$0.13 cash consideration, remitted to them. For option holders, the Option Scheme consideration provides A$0.50 cash for each ASM option.
The Share Scheme Record Date and Option Scheme Record Date for determining these entitlements is set for 5:00 pm (AWST) on Friday, 21 August 2026. New Energy Fuels CDIs are expected to commence trading on the ASX on a deferred settlement basis from Thursday, 20 August 2026. The implementation of both schemes, including the payment of cash consideration, is scheduled for Friday, 28 August 2026. Normal trading of New Energy Fuels CDIs on the ASX is anticipated to begin on Monday, 31 August 2026, coinciding with the termination of official quotation of ASM shares and options on the ASX at the close of trading that day.
