IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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Global Equity Research Ltd

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Event-Driven

Australian Strategic Materials / Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/australian-strategic-materials" target="_blank" data-smartkarma-citation="entities:30815:1" rel="noopener">Australian Strategic Materials (ASM AU)</a> IE opinion is unchanged that <a href="https://www.smartkarma.com/entities/energy-fuels-inc" target="_blank" data-smartkarma-citation="entities:12230:1" rel="noopener">Energy Fuels (UUUU US)</a>’s offer (A$0.13 cash and 0.053 UUUU shares per ASM share) is fair and reasonable.</li>
<li>The IE valued ASM at A$0.490 to A$0.973 per share, which is 30%-39% lower than its previous valuation of A$0.809 to A$1.391 per share, due to production delays at KMP.</li>
<li>The scheme vote remains low risk. At the last close and for a 28 August payment, the gross/annualised spread was 0.7%/8.2%.</li>
</ul>


The Australian Strategic Materials (ASM AU) IE opinion is unchanged that Energy Fuels (UUUU US)’s offer (A$0.13 cash and 0.053 UUUU shares per ASM share) is fair and reasonable.
The IE valued ASM at A$0.490 to A$0.973 per share, which is 30%-39% lower than its previous valuation of A$0.809 to A$1.391 per share, due to production delays at KMP.
The scheme vote remains low risk. At the last close and for a 28 August payment, the gross/annualised spread was 0.7%/8.2%.


Australian Strategic Materials (ASM AU): Revised Scheme Vote on 12 August

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On the 18th May 2026, <a href="https://www.smartkarma.com/entities/australian-strategic-materials" target="_blank" data-smartkarma-citation="entities:30815:1" rel="noopener">Australian Strategic Materials (ASM AU)</a>'s Scheme Booklet was dispatched, with a Scheme Meeting on the 22nd June, and expected implementation on the 7th July.</li>
<li>The vote was delayed after <a href="https://www.smartkarma.com/entities/energy-fuels-inc" target="_blank" data-smartkarma-citation="entities:12230:1" rel="noopener">Energy Fuels (UUUU US)</a> secured DoW financing; then a revised IE assessment was required after Energy Fuels announced a US$1.9bn mine-to-magnet rare-earth platform in Germany.</li>
<li>
<a href="https://announcements.asx.com.au/asxpdf/20260728/pdf/0723j4ytkp6sb4.pdf" target="_blank" rel="noopener">The replacement Scheme Booklet is now out</a>, with a Scheme Meeting on the12th August, and expected implementation on the 28th August. The IE (BDO) still says "fair &amp; reasonable".</li>
</ul>


On the 18th May 2026, Australian Strategic Materials (ASM AU)'s Scheme Booklet was dispatched, with a Scheme Meeting on the 22nd June, and expected implementation on the 7th July.
The vote was delayed after Energy Fuels (UUUU US) secured DoW financing; then a revised IE assessment was required after Energy Fuels announced a US$1.9bn mine-to-magnet rare-earth platform in Germany.

The replacement Scheme Booklet is now out, with a Scheme Meeting on the12th August, and expected implementation on the 28th August. The IE (BDO) still says "fair &amp; reasonable".


Australian Strategic Materials (ASM AU): Rescheduled Vote On 12th August For Energy Fuel's Scheme

<ul>
<li>Back on the 18th May 2026, <a href="https://www.smartkarma.com/entities/australian-strategic-materials" target="_blank" data-smartkarma-citation="entities:30815:1" rel="noopener">Australian Strategic Materials (ASM AU)</a>'s Scheme Booklet was dispatched, with a Scheme Meeting on the 22nd June, and expected implementation on the 7th July.</li>
<li>However, after <a href="https://www.smartkarma.com/entities/energy-fuels-inc" target="_blank" data-smartkarma-citation="entities:12230:1" rel="noopener">Energy Fuels (UUUU US)</a> received a conditional $725mn financing commitment from the DoW, the Meeting was postponed to a "later date to be determined" to prepare supplementary disclosure. </li>
<li>Now Energy Fuels has announced a US$1.9bn transaction to acquire a mine-to-magnet rare earth platform in Germany, (likely) necessitating an IE assessment revamp; but ultimately remaining fully supportive.  </li>
</ul>


Back on the 18th May 2026, Australian Strategic Materials (ASM AU)'s Scheme Booklet was dispatched, with a Scheme Meeting on the 22nd June, and expected implementation on the 7th July.
However, after Energy Fuels (UUUU US) received a conditional $725mn financing commitment from the DoW, the Meeting was postponed to a "later date to be determined" to prepare supplementary disclosure. 
Now Energy Fuels has announced a US$1.9bn transaction to acquire a mine-to-magnet rare earth platform in Germany, (likely) necessitating an IE assessment revamp; but ultimately remaining fully supportive.  


ASM (ASM AU): More Scheme Delays As Energy Fuels Inks Large German Deal

<ul>
<li>Back on the 18th May 2026, <a href="https://www.smartkarma.com/entities/australian-strategic-materials" target="_blank" data-smartkarma-citation="entities:30815:1" rel="noopener">Australian Strategic Materials (ASM AU)</a>'s Scheme Booklet was dispatched, with a Scheme Meeting on the 22nd June, and expected implementation on the 7th July. </li>
<li>Then a wobble. On the 15th June, with <a href="https://www.smartkarma.com/entities/energy-fuels-inc" target="_blank" data-smartkarma-citation="entities:12230:1" rel="noopener">Energy Fuels (UUUU US)</a>'s share price down ~39% since making the Offer, the IE reiterated scrip terms were fair and reasonable. </li>
<li>Now the Scheme Meeting has been postponed to a "later date to be determined" to prepare supplementary disclosure, after Energy Fuels received a conditional $725mn financing commitment from the DoW.</li>
</ul>


Back on the 18th May 2026, Australian Strategic Materials (ASM AU)'s Scheme Booklet was dispatched, with a Scheme Meeting on the 22nd June, and expected implementation on the 7th July. 
Then a wobble. On the 15th June, with Energy Fuels (UUUU US)'s share price down ~39% since making the Offer, the IE reiterated scrip terms were fair and reasonable. 
Now the Scheme Meeting has been postponed to a "later date to be determined" to prepare supplementary disclosure, after Energy Fuels received a conditional $725mn financing commitment from the DoW.


ASM (ASM AU) Delays Scheme Vote As Energy Fuels Secures Conditional Pentagon Funding

<ul>
<li>Back on the 21st Jan 2026, rare earth play <a href="https://www.smartkarma.com/entities/australian-strategic-materials" target="_blank" data-smartkarma-citation="entities:30815:1" rel="noopener">Australian Strategic Materials (ASM AU)</a> ("ASM") entered into a Scheme with <a href="https://www.smartkarma.com/entities/energy-fuels-inc" target="_blank" data-smartkarma-citation="entities:12230:1" rel="noopener">Energy Fuels (UUUU US)</a>. </li>
<li>Energy Fuels offered 0.053 new Energy Fuel shares PLUS an unfranked dividend up to A$0.13/share, or A$1.60/share all-in, a 121% premium to undisturbed. Ian Gandal, ASM's largest shareholder, was supportive.</li>
<li>
<a href="https://announcements.asx.com.au/asxpdf/20260518/pdf/06zplyjb1dl7hh.pdf" target="_blank" rel="noopener">The Scheme Booklet is now out</a>, with a Scheme Meeting on the 22nd June, and expected implementation on the 7th July 2026. The IE (BDO) says "fair &amp; reasonable".</li>
</ul>


Back on the 21st Jan 2026, rare earth play Australian Strategic Materials (ASM AU) ("ASM") entered into a Scheme with Energy Fuels (UUUU US). 
Energy Fuels offered 0.053 new Energy Fuel shares PLUS an unfranked dividend up to A$0.13/share, or A$1.60/share all-in, a 121% premium to undisturbed. Ian Gandal, ASM's largest shareholder, was supportive.

The Scheme Booklet is now out, with a Scheme Meeting on the 22nd June, and expected implementation on the 7th July 2026. The IE (BDO) says "fair &amp; reasonable".


Australian Strategic Materials (ASM AU): 22nd June Vote On Energy Fuel's Scheme

Australia

Australian Strategic Materials Limited operates as a holding company. The Company, through its subsidiaries, focuses on producing specialty metals and oxides for advanced technologies. Australian Strategic Materials serves customers worldwide.

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Australian Strategic Materials (ASM AU)