Australian Strategic Materials (ASM AU): 22nd June Vote On Energy Fuel's Scheme

• Back on the 21st Jan 2026, rare earth play Australian Strategic Materials (ASM AU) (”ASM”) entered into a Scheme with Energy Fuels (UUUU US).

• Energy Fuels offered 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. Ian Gandal, ASM’s largest shareholder, was supportive.

• The Scheme Booklet is now out, with a Scheme Meeting on the 22nd June, and expected implementation on the 7th July 2026. The IE (BDO) says “fair & reasonable“.

The Trade:

• Clean deal.

• Trading wide-ish (2.9% gross) as it’s a small deal with a large deal break.

• If illiquid arbs are your thing, 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.