Energy Fuels Finalizes Acquisition of Australian Strategic Materials

The deal provides Energy Fuels with immediate commercial-scale capacity for metal and alloy production, a segment of the global supply chain that remains heavily concentrated in non-Western markets. By absorbing the operating Korean Metals Plant in Ochang, the company secures an existing output of 1,300 tonnes per year of neodymium-iron-boron alloys. Plans are already underway to expand this facility to 3,600 tonnes by the end of 2026, a volume sufficient to supply components for over one million electric vehicles annually.

Ross Bhappu, President and CEO of Energy Fuels, described the acquisition as a defining milestone in the firm's transition toward a complete mine-to-magnet platform. The company intends to mirror the technical processes currently utilized in South Korea to eventually establish an American-based metals plant. With the addition of the Dubbo project, Energy Fuels gains a long-term resource base that complements its existing uranium and heavy mineral sands operations across Brazil, Australia, and Madagascar. Following the transaction, Australian Strategic Materials has been delisted from the Australian Securities Exchange.