Australian Strategic Materials eyes best day on takeover proposal from US firm

Energy Fuels

20/01/2026 23:54

** Shares of Australian Strategic Materials ASM.AX rise as much as 105.5% to A$1.495, their biggest intraday pct gain

** Stock touches its highest level since October 22

** Critical metals producer says U.S.-listed critical mineral co Energy Fuels UUUU.A will acquire ASM for A$1.60 per share

** Under deal, ASM shareholders receive 0.053 Energy Fuels' shares and an unfranked special dividend of up to A$0.13 for each ASM share

** Deal implies 121% premium on ASM's closing price from January 20 and values ASM at A$447 million ($300.92 million)

** Deal would create global mid-tier rare earth elements producer outside China with a presence in the United States, South Korea and Australia, should it go through

** Co says its board has unanimously recommended ASM shareholders vote in favour of deal

** Stock rose 31.1% in 2025, nearly doubled in value YTD

($1 = 1.4854 Australian dollars)

(Reporting by Aamir Sheik Khalid in Bengaluru)

((Aamir.SheikKhalid@thomsonreuters.com))