Energy Fuels to Acquire Base Resources by October 2, 2024

On September 12, 2024, Energy Fuels Inc. announced that the Federal Court of Australia approved its acquisition of Base Resources Limited through a scheme of arrangement under Australia's Corporations Act. This approval is the final step required before the transaction is set to close on October 2, 2024. Following this, a copy of the Court order will be lodged with the Australian Securities and Investments Commission, making the scheme effective on September 13, 2024. As a result of this acquisition, September 13, 2024, will mark the last day of trading for Base Resources on the Australian Stock Exchange. Additionally, a Special Dividend of AUD$0.065 per share is scheduled to be paid to Base shareholders on October 1, 2024. The acquisition is expected to enhance Energy Fuels' position as a leading producer of uranium and rare earth elements, which are critical for the energy transition. Energy Fuels has been actively involved in uranium production and has recently expanded its operations to include advanced rare earth element materials. The company operates the White Mesa Mill, the only conventional uranium mill in the U.S., and has a significant uranium resource portfolio. The acquisition of Base Resources is anticipated to further strengthen its capabilities in the critical minerals sector. The completion of this acquisition is subject to various risks, including regulatory approvals and market conditions. However, the company remains optimistic about its future prospects and the potential benefits of this strategic move in the evolving energy landscape.