Companies · UUUU
Energy Fuels Inc.
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Updated Aug 28, 2026
Energy Fuels completes ASM acquisition for $243M in cash and stock, securing rare earths and critical minerals assets.
Energy Fuels closed the acquisition of Australian Strategic Materials Limited (ASM) on August 28, 2026, paying AUS$243.4 million in aggregate consideration: US$217.2 million in newly issued common shares (14.8 million shares at closing price) plus US$26.2 million in cash. The transaction, announced via Scheme Implementation Deed in January 2026 and amended in March, delivers Energy Fuels downstream rare earth and critical minerals processing capability in Australia, directly supporting the company's vertical integration strategy in defense-critical supply chains. This is Energy Fuels' first material acquisition outside uranium and is a threshold shift from a pure producer to a vertically integrated rare earths company.
Tone: bullishRevenue
$65.9M
UUUU 10-K · FY 2025
Employees
1,069
Revenue FY2024
$78.1M
Founded
1987
Profile
UUUU 10-K Item 1 · Feb 26, 2026Energy Fuels is a U.S.-based critical minerals producer operating the only licensed and operating conventional uranium mill in the United States, the White Mesa Mill in Utah. The company produces uranium, vanadium, and separated rare earth elements (REEs), and is developing heavy mineral sands (HMS) projects globally to secure monazite feedstock for its REE supply chain. It is also evaluating recovery of medical radioisotopes for targeted alpha therapy (TAT) cancer treatments.
Read filing description ↓ Collapse description ↑
Energy Fuels produces several of the critical minerals essential to the United States energy security and other advanced technologies, including uranium, vanadium, REEs (including NdPr, Dy and Tb) and HMS (including titanium and zirconium minerals), in an effort to strengthen domestic supply chains and reduce reliance on foreign-controlled sources. The Company owns conventional uranium, uranium/vanadium and REE/HMS properties and projects in various stages of operation, development, exploration and permitting, as well as fully permitted uranium and uranium/vanadium projects on standby. The Mill is the only licensed and operating uranium mill, and the only uranium mill capable of producing separated REEs, in the U.S. today. The Mill is our key to building a critical minerals hub in the U.S. due to its notable ability to process uranium, vanadium, REE products, and, potentially, radioisotopes for medical applications. Uranium is the strategic fuel powering carbon-free, emission-free baseload nuclear energy. The REE products we produce are essential to manufacture permanent magnets for traction motors in electric vehicles, hybrid EVs, defense systems, robotics and other advanced technologies. The titanium and zirconium products derived from our HMS products are used in national security and other key industries. The radioisotopes we are evaluating recovering from our REE and uranium processing streams have the potential to provide materials needed for emerging TAT cancer treatments. In addition, Energy Fuels recovers uranium from third-party sourced other uranium-bearing materials not derived from natural or native ores at its Mill, known as Alternate Feed Materials, thereby recycling valuable resources that would otherwise be lost to direct disposal and returning them to the fuel cycle to support U.S. nuclear energy and national security objectives.
Primary products
- natural uranium concentrate (U3O8)
- vanadium pentoxide (V2O5)
- separated NdPr oxide
- heavy rare earth concentrate (Sm+ mixed RE concentrate)
- dysprosium (Dy) oxide (pilot scale)
- terbium (Tb) oxide (pilot scale, expected early 2026)
Business segments
End markets
Geographies
Named customers
Named competitors
“The Company believes it has a competitive advantage over many of its peers in the U.S. domestic uranium space and in the world REE space, outside of China, to the extent it has diversified business opportunities, including its ability to produce uranium, its ability to recover RE Carbonate and separate REEs, from monazite sand ores, its ability to recover vanadium as market conditions may warrant, and its potential ability to recover certain radioisotopes for use in TAT medical therapeutics.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues declined from $78.1 million in 2024 to $65.9 million in 2025, driven primarily by the wind-down of HMS segment revenues from the Kwale Project, which ceased mining at end of 2024 and completed its final product sales in April 2025, partially offset by higher uranium revenues.
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