ASM (ASM AU) Delays Scheme Vote As Energy Fuel Secures Conditional Pentagon Funding

• Back on the 18th May 2026, Australian Strategic Materials (ASM AU)‘s Scheme Booklet was dispatched, with a Scheme Meeting on the 22nd June, and expected implementation on the 7th July.

• Then a wobble. On the 15th June, with Energy Fuels (UUUU US)‘s share price down ~39% since making the Offer, the IE reiterated scrip terms were fair and reasonable.

• Now the Scheme Meeting has been postponed to a “later date to be determined“ to prepare supplementary disclosure, after Energy Fuels received a conditional $725mn financing commitment from the DoW.

ASM is not super liquid. Look away now if this is not your thing

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The Trade:

• A slightly less clean deal given timing risk.

• Trading wide at 9.4% gross.

• If illiquid arbs are your bag, and not already in, depending on borrow cost, look to short Energy Fuels late in its trading day; long ASM, early in its trading day.

• Shares are down 2.4% today, as I type.