Australian Strategic Materials Ltd · ASX:ASM

Australian Strategic Materials — Investor Presentation (January 2026)

17 slides from Australian Strategic Materials's investor presentation, Jan 21, 2026

  1. Slide 1: Energy Fuels to acquire Australian Strategic Materials

    Rare Earths. Energy Fuels to Critical Minerals. acquire Australian High-tech Metals. Strategic Materials 21 January 2026

  2. Slide 2: Disclaimer & Competent Person’s Statement

    Disclaimer & Competent Person’s Statement Disclaimer & Competent Person’s Statement This Presentation, and the information provided in it, does not constitute, and is not intended to constitute, financial product or investment advice (nor tax, accounting or legal advice). It has been prepared withou

  3. Slide 3: Disclaimer & Competent Person’s Statement (continued)

    Disclaimer & Competent Person’s Statement Forward looking statements (continued…) prove to be materially incorrect, as are statements about market and industry trends, which are based on interpretations of current Past performance and previously reported information market conditions. Pro forma info

  4. Slide 4: Transaction overview & highlights

    Transaction overview & highlights Delivering a near-term Western “mine to metal & alloy” rare earths champion © ASM 2026 | 4

  5. Slide 5: Transaction overview

    Transaction overview Australian Strategic Materials Limited (ASM) has entered into a scheme implementation deed with Energy Fuels Inc. (Energy Fuels) for a total implied value of A$1.60 per ASM Share.1 • Under the Scheme, eligible ASM shareholders will be entitled to receive:  0.053 Energy Fuels sh

  6. Slide 6: Transaction highlights

    Transaction highlights Near-term Western “mine to metal & alloy” supply chain delivering 1 heavy and light rare earths Direct access to Energy Fuels’ proven operating track record with strategy aligned to 2 government interests 3 Ownership in a larger group with significant funding capacity 4 Reduce

  7. Slide 7: Near-term Western “mine to metal & alloy” supply chain delivering light and heavy rare earths

    1. Near-term Western “mine to metal & alloy” supply chain delivering light and heavy rare earths The transaction will provide shareholders access to a large share of the rare earth element (REE) value chain and a significantly greater proportion of the non-China market. PRO-FORMA VALUE CHAIN COVERAG

  8. Slide 8: Direct access to Energy Fuels’ proven operating track record with strategy aligned to government interests

    2. Direct access to Energy Fuels’ proven operating track record with strategy aligned to government interests Energy Fuels is uniquely positioned to unlock the inherent value of ASM’s assets with its unmatched capability in solvent extraction, world class REE portfolio assets and access to global ma

  9. Slide 9: Ownership in a larger group with significant funding capacity

    3. Ownership in a larger group with significant funding capacity The Pro-Forma group’s strong balance sheet, including significant cash position and superior access to capital markets, provides the ideal platform to accelerate and deliver on ASM’s development pipeline. FINANCIAL HIGHLIGHTS PRO-FORMA

  10. Slide 10: Reduced risk through asset and commodity diversification

    4. Reduced risk through asset and commodity diversification The combined group will have a reduced risk profile through asset, geographic and commodity diversification, producing uranium, rare earths, mineral sands and critical minerals across multiple tier-1 and Western jurisdictions which are all

  11. Slide 11: Significant and attractive premium for ASM shareholders with ongoing exposure to strong growth pipeline

    5. Significant and attractive premium for ASM shareholders with ongoing exposure to strong growth pipeline The total implied value of A$1.60 per ASM Share represents an immediate and attractive premium as well as providing ASM shareholders with the ability to participate in significant future upside

  12. Slide 12: Energy Fuels overview

    Energy Fuels overview Building a globally significant critical minerals company based in the United States © ASM 2026 | 12

  13. Slide 13: Corporate overview

    Corporate overview Energy Fuels is a dual listed (NYSE: UUUU, TSX: EFR) Denver-based critical mineral company which leads in the U.S. production of uranium, with a strong emerging presence in rare earth elements mining, processing and separation. OVERVIEW CAPITAL STRUCTURE (16-JAN-2026) • Energy Fue

  14. Slide 14: Portfolio summary

    Portfolio summary Energy Fuels owns a diversified portfolio of assets (which has grown materially with the acquisition of Base Resources) located across geography, commodity and stage of development. PORTFOLIO DIVISION OVERVIEW ASSET LOCATIONS Uranium, rare earth & vanadium processing Asset Location

  15. Slide 15: Processing and end products capabilities

    Processing and end products capabilities Energy Fuels’ strategy involves leveraging existing infrastructure, excess capacity, and its diverse asset base to produce several ‘in demand’ critical materials. Mines and Minerals Processing End Products and applications Uranium and Vanadium Ore U3O8 Fuel f

  16. Slide 16: White Mesa Mill (Utah)

    White Mesa Mill (Utah) The White Mesa Mill is the only operating conventional uranium mill in the U.S. capable of separating monazite into rare earth oxides that are planned to be utilised in ASM’s metallisation facilities. WHITE MESA MILL RARE EARTH SEPARATION FACILITIES OVERVIEW – WHITE MESA MILL

  17. Slide 17: Thank you

    Rare Earths. Critical Minerals. Thank you High-tech Metals. asm-au.com © ASM 2026 | 17

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