Mr. Ross Bhappu reports

ENERGY FUELS' ACQUISITION OF AUSTRALIAN STRATEGIC MATERIALS WINS SHAREHOLDER APPROVAL

Energy Fuels Inc. has reached a major milestone toward its planned acquisition of Australian Strategic Materials Ltd. (ASX: ASM), with ASM securityholders overwhelmingly voting in favour of the transaction at the scheme meetings held in Perth, Australia, on Aug. 12, 2026.

Ross Bhappu, president and chief executive officer of Energy Fuels, said: "Today's vote marks an important milestone for Energy Fuels, with ASM shareholders set to join a strong, well-capitalized business with a clear growth strategy. ASM's rare earth metals and alloy-making capacity is a critical addition to our platform as we work to build what we believe will be the West's only integrated mine-to-magnet rare earth business. The combination moves us closer to offering customers a reliable allied-source alternative across the full supply chain. Australia is central to that platform, from our Donald project in Victoria, which we are developing with Astron Ltd. and which is planned to feed the supply chain, through to ASM's Dubbo project in New South Wales and their operating metals and alloys capacity in South Korea. We look forward to completing the next steps in the acquisition of ASM and closing the transaction on Aug. 28, 2026."

ASM securityholders overwhelmingly vote in favour of combination with Energy Fuels

As previously announced, Energy Fuels entered into a scheme implementation deed to acquire 100 per cent of ASM through EFR Critical Materials Pty. Ltd., a wholly owned subsidiary of Energy Fuels, by way of schemes of arrangement under Australia's Corporations Act 2001 (Cth). Under the share scheme, each ASM shareholder is entitled to receive 0.053 new Energy Fuels CHESS depositary interest plus 13 Australian cents in cash for each ASM share held at the scheme record date. Under the option scheme, ASM option holders are entitled to receive 50 Australian cents in cash per option.

At the scheme meetings held in Perth, Australia, ASM securityholders voted in favour of the transaction: 98.23 per cent of the votes cast by ASM shareholders were in favour of the share scheme, and 83.62 per cent of ASM shareholders present and voting (in person or by proxy) voted in favour. The option scheme was approved by 99.97 per cent of the votes cast, and 87.78 per cent of the ASM optionholders present and voting at the option scheme meeting (in person or by proxy) were in favour of the option scheme resolution. Both results for the share scheme exceed the requirements for shareholder approval, being more than 75 per cent of the votes cast and more than 50 per cent of the securityholders present and voting.

Next steps

As a next step, ASM will apply to the Federal Court of Australia for approval of the schemes, which is scheduled to occur on Aug. 18, 2026. If the court approves the schemes, a copy of the court order will be lodged with the Australian Securities and Investments Commission (ASIC) and the schemes will become effective, which is expected to occur on Aug. 19, 2026. ASM securities are expected to be suspended from trading on the Australian Securities Exchange (ASX) from the close of trading on the effective date. Implementation of the schemes, on which the scheme consideration will be provided to ASM securityholders, is expected to occur on Aug. 28, 2026.

A fully integrated mine-to-magnet platform

The acquisition of ASM would add commercial-scale rare earth metals and alloys capability, through ASM's Korean metals plant, and a planned American metals plant, to Energy Fuels' rare earth oxide production at its White Mesa mill in Utah. Together with ASM's Dubbo project in New South Wales and the Donald project in Victoria, which Energy Fuels is developing in a joint venture with Astron, the transaction is intended to advance an integrated Western supply chain spanning mining, processing, separation, metals and alloys.

Separately, and subject to its own conditions, Energy Fuels has agreed to acquire the permanent magnet manufacturer Vacuumschmelze (VAC), which, if completed, would extend the platform through to magnet production. Completion of the VAC acquisition which, subject to regulatory approvals and certain other conditions, is expected to occur in early 2027, is not a condition to the ASM schemes.

Energy Fuels has the current commercial capacity to produce light rare earth oxides at its mill, and also recently announced construction has begun on an expansion to enable the large-scale production of heavy rare earth oxides, which are planned to be used by Energy Fuels to produce rare earth metals, alloys and magnets essential to the automotive, robotics, data centre, energy, and defence industries.

About Energy Fuels Inc.

Energy Fuels is a leading U.S.-based critical materials company, focused on uranium, rare earth elements (REEs), heavy mineral sands, vanadium and medical isotopes.

We seek Safe Harbor.