Energy Fuels shareholders approve ASM acquisition

Energy Fuels Inc. said on Friday its shareholders had approved the acquisition of uranium assets from ASM International for $195 million, a deal aimed at expanding the company’s uranium production capacity.

The transaction, first announced in April, includes ASM’s uranium processing and mining assets in the U.S. and is expected to close in the second half of 2024, subject to regulatory approvals. Energy Fuels said the acquisition would strengthen its position in the domestic uranium market amid rising demand for nuclear fuel.

Shareholders voted overwhelmingly in favor of the deal during a special meeting held on Thursday, with the company stating that over 90% of votes cast supported the acquisition. Energy Fuels did not disclose the final vote tally but confirmed the outcome met the required thresholds for approval.

The acquisition follows Energy Fuels’ recent expansion efforts, including the restart of its White Mesa Mill in Utah, which the company says will enhance its ability to process domestic uranium ore. ASM International, a subsidiary of the Dutch conglomerate ASML, will retain a minority stake in the uranium assets post-close.

Energy Fuels, which operates as a uranium producer and processor, has seen increased investor interest amid a global push for cleaner energy sources and reduced reliance on foreign uranium supplies. The company’s shares were up 2.3% in premarket trading on Friday following the announcement of the shareholder vote.