ASM (ASM AU): More Scheme Delays As Energy Fuels Inks Large German Deal

• 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.

• However, after Energy Fuels (UUUU US) received a conditional $725mn financing commitment from the DoW, the Meeting was postponed to a “later date to be determined“ to prepare supplementary disclosure.

• Now Energy Fuels has announced a US$1.9bn transaction to acquire a mine-to-magnet rare earth platform in Germany, (likely) necessitating an IE assessment revamp; but ultimately remaining fully supportive.

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

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The Trade:

• The German transaction should boost the value of Energy Fuels shares

• ASM is trading at a 3.1% gross spread to then scrip terms.

• ASM is down 3.4% as I type; yet Energy Fuels was down ~3% yesterday on the German deal news.

• 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.