Highlights

  • Australian Strategic Materials announced the Federal Court has approved the convening of Scheme Meetings related to the proposed Acquisition by Energy Fuels.
  • The proposed transaction involves the acquisition of 100% of ASM shares and quoted Options through separate schemes of arrangement.
  • The Scheme Booklet is expected to be dispatched to securityholders around 21 May 2026.
  • ASM directors continue to unanimously recommend securityholders vote in favour of the Schemes, subject to stated conditions.
  • Share Scheme and Option Scheme meetings are scheduled for 22 June 2026 in Perth.
  • ASM shares traded at AUD 1.54 during the afternoon session on 15 May 2026 and remain more than 190% higher over the past year.

Australian Strategic Materials Ltd (ASX:ASM) has provided a further update regarding its proposed acquisition by Energy Fuels Inc., with the company confirming that the Federal Court of Australia has approved the next procedural steps associated with the transaction.

The latest development relates to the proposed acquisition by EFR Critical Materials Pty Ltd, a Wholly Owned Subsidiary of Energy Fuels Inc., which intends to acquire all fully paid ordinary shares in ASM alongside the company’s quoted options through concurrent schemes of arrangement.

Shares of ASM traded at AUD 1.54 during the afternoon session on 15 May 2026, with the stock remaining more than 190% higher over the past year. The latest announcement did not contain operational or financial Earnings updates but instead focused on regulatory and Shareholder process milestones tied to the proposed transaction.

Federal Court Approves Scheme Meeting Process

According to the company’s ASX release, the Federal Court of Australia, Western Australia Registry, has approved orders allowing ASM to proceed with convening meetings for shareholders and optionholders to consider and vote on the proposed Schemes.

The Court also approved the dispatch of the Scheme Booklet, which will include explanatory materials outlining details of the transaction together with notices relating to the upcoming meetings.

The proposed acquisition structure includes two separate but concurrent schemes of arrangement. The Share Scheme relates to ASM ordinary shareholders, while the Option Scheme applies to holders of ASM quoted options traded under ASX Code ASMO.

Importantly, the company stated that the Option Scheme is conditional upon the Share Scheme becoming effective. However, the Share Scheme itself is not dependent on the Option Scheme proceeding.

The Court approval represents a key procedural milestone in the proposed acquisition timeline, allowing the company to move into the shareholder voting phase of the transaction process.

Scheme Booklet Expected Shortly

ASM confirmed that the Scheme Booklet is expected to be registered with the Australian Securities and Investments Commission (ASIC) shortly before being released to the ASX and uploaded to the company’s website.

The company expects dispatch of the Scheme Booklet to securityholders to be completed on or around 21 May 2026.

Securityholders who have elected to receive electronic communications will receive instructions via email explaining how to access and download the document online. Shareholders eligible for scrip consideration elections will also receive instructions on lodging election forms and proxy votes electronically.

Meanwhile, investors who previously selected physical communications will receive printed copies of the Scheme Booklet by post together with personalised proxy forms.

All remaining securityholders are expected to receive mailed instructions explaining how to access the documentation online and submit voting materials.

ASM advised investors to carefully review the Scheme Booklet in full before deciding how to vote at the upcoming meetings. The company also encouraged securityholders to seek independent legal, financial, taxation or professional advice if required.

Directors Continue Supporting the Schemes

ASM stated that its directors continue to unanimously recommend that securityholders vote in favour of the proposed Schemes, subject to the absence of a superior proposal and provided the Independent Expert maintains its conclusion that the transaction remains in the best interests of ASM securityholders.

The company noted that each ASM director intends to vote all shares and options under their control in support of the transaction, subject to those same conditions.

The recommendation remains an important component of the proposed acquisition process, particularly in transactions requiring approval thresholds from shareholders and court oversight.

The Scheme Booklet will include an Independent Expert’s Report prepared by BDO Corporate Finance Australia Pty Ltd. Independent expert assessments are commonly included in schemes of arrangement to provide securityholders with an external opinion regarding whether the proposal is in their best interests.

Key Meeting Dates Confirmed

ASM also outlined the indicative timetable associated with the proposed transaction.

The Share Scheme Meeting is scheduled to take place at 11:00am AWST on Monday, 22 June 2026 at Dexus Place Perth, located at Level 16, 240 St Georges Terrace in Perth.

The Option Scheme Meeting will occur later that same day following completion of the Share Scheme Meeting.

To participate in voting, ASM shareholders and optionholders must be registered on the relevant registers by 7:00pm AEST on Saturday, 20 June 2026.

Proxy forms for both meetings are required to be lodged before the specified deadlines on 20 June 2026.

Subject to shareholder approvals and Court approval at the second Court hearing scheduled for 25 June 2026, the transaction is currently expected to become effective on 26 June 2026.

ASM indicated that the implementation date for the Schemes is anticipated to be 7 July 2026.

The company also noted that the timetable remains indicative and may be subject to change depending on Court approvals, satisfaction of conditions and other transaction-related matters.

Proposed Acquisition Continues to Progress

The latest announcement marks another step forward in the proposed acquisition process first outlined earlier this year.

Schemes of arrangement are commonly used in Australia for corporate acquisitions involving listed entities, particularly where transactions require shareholder approval and court supervision.

Under this structure, approval thresholds generally require both a majority in number of voting shareholders and a specified percentage of votes cast in favour before the Court can approve implementation.

The proposed acquisition of ASM by Energy Fuels is expected to bring together businesses operating within critical materials and rare earths-related industries, sectors that have attracted increasing market attention amid global Supply chain Diversification and strategic resource development initiatives.

While the current announcement focused primarily on procedural developments rather than commercial operations, investors often closely monitor scheme progression milestones as they can influence transaction certainty and implementation timing.

About Australian Strategic Materials

Australian Strategic Materials is involved in the development and supply of critical materials and rare earths products. The company has operations and development interests connected to strategic metals used across advanced Manufacturing, clean energy technologies and industrial applications.

ASM has been focused on establishing an integrated mine-to-metals strategy, positioning itself within supply chains linked to rare earths and specialty alloy materials.

The company has attracted investor attention over recent years amid growing international focus on securing diversified supply sources for critical minerals and advanced material processing capabilities outside traditional supply markets.

Its shares have experienced significant gains over the past 12 months, with the stock remaining more than 190% higher year-on-year despite Friday’s modest decline during afternoon trading.

Investor Attention Turns Toward Voting Outcome

With Court approval now secured for the next stage of the process, investor focus is likely to shift toward the upcoming Scheme Meetings and eventual shareholder voting outcomes.

The release of the Scheme Booklet is expected to provide additional detail surrounding the transaction terms, Independent Expert findings and voting procedures.

Given the proposed acquisition remains subject to multiple approvals and conditions, Market Participants are expected to continue monitoring developments closely over the coming weeks.

The transaction timeline outlined by ASM suggests several key milestones remain ahead before implementation can proceed, including shareholder approvals, optionholder approvals and final Court approval.

What This Means for Investors

ASM’s latest update confirms that the proposed acquisition by Energy Fuels continues progressing through the formal scheme process following approval from the Federal Court to convene shareholder and optionholder meetings.

The announcement primarily focused on procedural developments, including Scheme Booklet distribution, voting timelines and meeting schedules, rather than operational or financial performance updates.

Investors are now likely to focus on the upcoming Scheme Meetings in June, the contents of the Independent Expert’s Report and the eventual shareholder voting outcome as the proposed transaction moves toward the next phase.