Energy Fuels Inc., a mining company listed on NYSE American and TSX, announced on June 23, 2026, a definitive agreement to acquire 100 percent of Vacuumschmelze GmbH & Co. KG and its consolidated subsidiaries from Ara Partners for total cash-and-stock consideration of approximately 1.9 billion dollars based on Energy Fuels' closing share price of 16.12 dollars as of June 22, 2026. The combination creates a fully integrated platform to strengthen global critical rare earth element supply chains.

Vacuumschmelze is a leading advanced magnetics company with over 100 years of production expertise, more than 400 patents, and over 1,000 customers. The company operates magnet production facilities in North America, Europe, and Asia, including a state-of-the-art facility in Sumter, South Carolina, with capacity to produce 2,000 tonnes per annum of permanent magnets, scalable to 12,000 tonnes per annum. Over the last decade, Vacuumschmelze has produced and shipped more than one billion rare earth permanent magnets. Its product portfolio includes permanent magnets such as sintered neodymium-iron-boron and samarium-cobalt, as well as soft magnetics including amorphous and nanocrystalline alloys. Approximately 85 percent of the company's output is produced to customer specifications, reflecting deep design-in relationships with customer partnerships averaging over 30 years with their largest accounts.

The transaction brings together Energy Fuels' upstream rare earth element assets, including low-cost rare earth element mining projects and existing separation capacity, with Vacuumschmelze's downstream rare earth magnet manufacturing expertise. The combined company will also benefit from Energy Fuels' planned acquisition of Australian Strategic Materials Limited, which will add existing commercial-scale rare earth metals and alloys capacity in South Korea and plans to build a new metals and alloys facility in the United States. The combined company aims to serve customers across North America, Europe, and Asia in high-growth sectors including automotive, aerospace and defense, robotics, data centers, electronics, and industrial automation.

Ross Bhappu, President and Chief Executive Officer of Energy Fuels, stated that this is a transformational moment for the company and the global rare earth supply chain. "Together with Vacuumschmelze, we will strengthen global rare earth and magnet supply chains, providing a reliable, secure and diversified source of critical materials from mines to highly valued permanent magnets. In addition, Vacuumschmelze's rapid solidification and crystalline businesses provide a soft-magnetics platform that is expected to result in greater scale, broader customer reach and enhanced ability to invest in innovation, manufacturing and growth. The combination of our two companies provides enhanced shareholder value and positions Energy Fuels as a leading, secure and trusted supplier for critical materials that are essential for national security and the safety and integrity of Western supply chains."

Dr. Erik Eschen, President and Chief Executive Officer of Vacuumschmelze, stated that the transaction reinforces Vacuumschmelze as the cornerstone of a resilient and reliable permanent magnet supply chain. "Joining forces with Energy Fuels gives our team, our technology, and our customers something that no other Western platform can offer today: a fully integrated supply chain platform from mine to finished magnet. With Energy Fuels' proven upstream capabilities and Vacuumschmelze's downstream expertise, proprietary intellectual property, and the state-of-the-art Sumter Facility, we will be uniquely positioned to serve rapidly growing demand across various sectors including automotive, aerospace, defense, hyperscale data centers, robotics, semiconductors and beyond."

Troy Thacker, Managing Partner of Ara Partners, added that rare earth magnets are essential to both decarbonization and national security, and Vacuumschmelze is a foundational supplier to that critical supply chain. "The combination with Energy Fuels gives Vacuumschmelze a fully integrated platform and the resources to meet rapidly growing global demand. Ara is proud to have backed Vacuumschmelze's growth and intends to remain a committed shareholder, supporting this expanded team as the platform reaches its full potential."

Following completion of the transaction, Vacuumschmelze will become a wholly owned subsidiary of Energy Fuels and will retain its branding and historic identity. Vacuumschmelze's technology base, engineering expertise, and manufacturing footprint will remain critical to the success of Energy Fuels, with Vacuumschmelze maintaining its headquarters in Hanau, Germany. The combined company will continue to serve Vacuumschmelze's over 1,000 customers while investing in manufacturing, innovation, customer relationships, and operational capabilities across North America, Europe, and Asia.

Energy Fuels has received a conditional commitment for up to 725 million dollars from the U.S. Office of Strategic Capital, a 20-year loan to accelerate the planned expansion of the White Mesa Mill in Utah and the construction of the American Metals Plant. Energy Fuels and its joint venture partner Astron Limited are progressing discussions with Export Finance Australia and other lenders targeting a 220 million Australian dollar lending package to support development of Phase 1 of the Donald Rare Earth and Mineral Sand Project. Additionally, Vacuumschmelze holds an existing 41 million dollar grant from the U.S. Department of War which provides for the buildout of a metal-making facility in the United States that is expected to directly benefit the combined company.

The Sumter Facility will be an integral part of Energy Fuels' mine-to-magnet platform. The facility's existing capacity of 2,000 tonnes per annum is expected to be supported by rare earth oxides extracted from monazite mined at Energy Fuels' shovel-ready Donald Project in Australia, which is expected to receive a positive Final Investment Decision in early third quarter 2026 and to be commissioned in 2028. In its first phase, the Donald Project is expected to produce monazite to be processed into separated rare earth oxides at Energy Fuels' existing processing circuits at the White Mesa Mill, with upgrades expected to be completed by the end of 2027. The separated oxides are expected to be converted into rare earth metals and alloys at the Korean Metals Plant and used to make permanent magnets at the Sumter Facility.

Energy Fuels' planned Phase II expansion of the White Mesa Mill is expected to increase its separation capacity to up to 6,000 tonnes per annum of neodymium-praseodymium oxide and approximately 288 tonnes per annum of dysprosium and 80 tonnes per annum of terbium oxide by mid-2029. This expansion is expected to be fed by monazite from the Donald Project and Energy Fuels' Vara Mada and Bahia heavy mineral sands projects, which are currently in their permitting and development stages.