Australian Strategic Materials (ASM AU) Enters Scheme With Energy Fuels (UUUU US)

Jan 21, 2026

∙ Paid

Rare earth play Australian Strategic Materials (ASM AU) (”ASM”) has entered into an Offer by way of a Scheme with Energy Fuels (UUUU US).
Energy Fuels, currently holding no shares in ASM, is offering 0.053 new Energy Fuel shares plus an unfranked dividend up to A$0.13/share, or A$1.60/share all-in, a 121% premium to undisturbed.
ASM’s board unanimously supports terms including Ian Gandal (NEC, a 13.6% shareholder). Punchy premium should see this deal comfortably get up. FIRB signing off is a Scheme condition.

The Trade:

Clean deal.
Trading wide given it’s a small deal with a large deal break.
Look to short Energy Fuels late in its trading day; long ASM, early in its trading day; however the Aussie line is not super illiquid.

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