Energy Fuels (UUUU) Set to Acquire Australian Strategic Materials

The share price of Energy Fuels Inc. (NYSEAMERICAN:UUUU) surged by 16.23% between January 16 and January 23, 2026, putting it among the Energy Stocks that Gained the Most This Week.

Energy Fuels Inc. (NYSEAMERICAN:UUUU) is a leading US-based critical minerals company, focused on uranium, rare earth elements, heavy mineral sands, vanadium, and medical isotopes.

Energy Fuels Inc. (NYSEAMERICAN:UUUU) announced on January 20 that it had agreed to acquire rare earth metals producer Australian Strategic Materials in an all-stock deal worth $299 million. The strategic move is part of the company’s efforts to build ‘the largest, fully integrated rare earth elements mine-to-metal and alloy producer outside of China’. The acquisition will combine ASM’s Korean Metals Plant, one of the few facilities outside China currently producing REE metals and alloys, with Energy Fuels’ own REE oxide production at its White Mesa Mill in Utah.

Mark S. Chalmers, CEO of Energy Fuels Inc. (NYSEAMERICAN:UUUU), commented:

“Energy Fuels is executing our plan to create the largest fully integrated producer of REE materials outside of China, including REE oxides, metals and alloys, while supporting U.S. and allied critical mineral supply chains. The proposed acquisition of Australian Strategic Materials brings us much closer to that goal.

We see an opportunity to deliver an expanded suite of REE products by combining U.S. rare earth oxide production at our White Mesa processing facility in the U.S. with downstream metal and alloy manufacturing capacity at ASM’s Korean Metals Plant, one of the only producing REE metals and alloys facilities outside of China. ASM’s proven skills and intellectual property will also allow us to expand REE metal and alloy capacity in the U.S. Furthermore, we would gain access to ASM’s significant Dubbo Project, providing additional long term REE development and growth opportunities to our existing mineral resource portfolio.”

Energy Fuels Inc. (NYSEAMERICAN:UUUU) garnered significant analyst attention following the announcement, and on January 20, B. Riley raised its price target on the stock from $22 to $27 while maintaining a ‘Buy’ rating. Similarly, on January 22, Canaccord also increased its price target on Energy Fuels Inc. (NYSEAMERICAN:UUUU) from C$26 to C$37, and kept a ‘Buy’ rating on the shares.

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