Export Finance Australia issues letter of support for the Dubbo Project

ASM is pleased to announce conditional finance support from Export Finance Australia (EFA) to secure A$ 200 million of debt funding for its Dubbo Rare Earths Project in Central NSW.

EFA has advised that it will commence detailed due diligence of the Dubbo Project, in line with the agency’s mandate to support eligible Australian projects with targeted debt solutions to supplement private market finance.

ASM Managing Director David Woodall said the Dubbo Project’s alignment with the objectives of the Australian Government’s Critical Minerals Strategy – to diversify global critical mineral supply and capture more value from the critical minerals value chain – would be a key factor in a successful application to secure Australian government financing.

“The critical metals we will produce from the Dubbo Project – including zirconium, niobium and hafnium, and the rare earth elements neodymium, praseodymium, terbium and dysprosium – are all in high demand for a suite of modern industrial applications, including energy-efficient technologies, electric vehicles, aerospace, defence and telecommunications,” Mr Woodall said.

“We are developing an integrated “mine to metals” business, which will be unique in that we will take all project products from the mine and manufacture them at our Korean and global metals plants into critical metals, alloys and powders that can be used directly by hi-tech industries.”

As outlined in EFA’s non-binding letter of support, a successful outcome from the EFA assessment and due diligence process is contingent on a number of conditions, summarised below:

  • securing offtake commitments for metal products, which diversify critical metal supply chains;
  • execution of a lump sum turnkey fixed date contract with an acceptable engineering contractor for the engineering, construction and commissioning of the Project;
  • finalising the Project’s funding plan including the raising of equity and securing funding from other lenders;
  • meeting eligibility criteria, credit and risk requirements, including, but not limited to, EFA’s “know your customer” and anti-bribery requirements and checks; and
  • the Project receiving the required regulatory and environmental approvals.

“The Dubbo Project is ready for construction, with all major State and Federal approvals and licences in place,” Mr Woodall said.

“Our discussions with potential offtake, equity and financing partners in the Dubbo Project have been very positive and are continuing. We look forward to updating the market as this progress.”


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ASM boosts leadership team ahead of key decisions

ASM is pleased to announce key leadership appointments to drive the Company’s progress towards the implementation of its “mine to manufacturer” strategy in the production of critical metals, including rare earths for advanced manufacturing.

Chief Operating Officer – Rowena Smith

Rowena Smith joins ASM from her former role with South32 as the Chief Sustainability Officer accountable for the sustainability strategy and business processes, including HSE standards, enterprise risk management systems, and climate change.

Rowena brings over 28 years of global mining experience and has held various senior roles in strategy, commercial, and operations, including Vice President Supply at South32 and General Manager Kwinana Nickel Refinery, BHP. Rowena’s early years were spent in operational leadership roles within Rio Tinto’s aluminium smelting business. Rowena holds a Bachelor of Commerce degree from the University of Western Australia and is currently the Chair of the Board for the Women and Infants Research Foundation.

Chief Financial Officer – Jason Clifton

Jason Clifton joins ASM from Woodside Energy Limited, where his most recent position was Senior Vice President Financial Services, responsible for Treasury, Tax, and Finance. Before Woodside, Jason worked in the banking industry, including roles as Chief Financial Officer of Bankwest and Chief Financial Officer of Westpac New Zealand.

Jason is a Board member at Volunteering WA, holds a Bachelor of Commerce from UWA, is a Fellow of the Institute of Chartered Accountants, a Fellow of the Financial Services Institute of Australia, and a Member of the Australian Institute of Company Directors.

General Counsel – Julie Jones

Julie Jones is an experienced General Counsel and Company Secretary with a strong background in mining and manufacturing. Julie has more than 18 years of legal, commercial, strategic, and corporate governance experience. Julie has significant experience in the areas of contract, employment, intellectual property, and mining law. Julie has comprehensive knowledge of all aspects of company secretarial matters, including the Corporations Act and ASX.

Most recently, Julie was General Counsel and Company Secretary for Matrix Composites and Engineering Ltd. Before this, Julie has held legal roles in the not-for-profit and mining industry.

President Asia – Frank Moon

Frank Moon has more than 25 years of experience in the metal and material industries, working in various global environments. He has been involved in international business development and global marketing and operation, where he held executive roles in South Korea, UK, Europe, USA, Japan, and China.

Mr. Moon is a Chemical Engineer from Sydney, Australia, and before joining ASM, he was operating as an expatriate in various regions. He has extensive experience working in and with South Korean Corporations and has provided consulting services to ASM for the last 18 months to assist with the development of the Ziron Tech metallisation process.

Chief Culture Officer – Tess Lackovic

Tess Lackovic is a senior people and culture executive with over 15 years’ experience within globally and locally listed mining, oil and gas, and manufacturing businesses. Holding a Bachelor of Science in Psychology and a Masters in Commerce, Tess has worked extensively in growth markets for organisations that have rapidly scaled their global operations, including Kentz, SNC Lavalin, BHP, BlueScope Steel, and several privately-held businesses.

Tess has built and led extensive teams to execute two of the biggest oil and gas construction projects in recent Australian history – Gorgon and Ichthys – and has executed multiple Greenfield expansions, complex Joint Venture partnerships, system transformations, and mergers & acquisitions in her career.

Chief Information Officer – Peter Simko

Peter Simko has over 30 years of experience in the resources, defence, and engineering industries working with companies including Clean TeQ, St Barbara, Tenix, Wiluna Mines, and WMC Resources.

He has expertise in technology, business systems, and business transformation, with a focus on business improvement, digital innovation, and project leadership.

Peter is also the founder and chair of a volunteer fundraising organisation called Rock Off MND, an annual live music event that raises funds and awareness for Motor Neurone Disease research. Peter’s qualifications include a Master of Business Administration from Deakin University, and he is a Member of the Australian Institute of Company Directors (AICD).



ASM’s Managing Director David Woodall said, “the Company is building its capability as it moves towards key decisions on the Dubbo Project in NSW, and the proposed Korean Metals Plant.”

“It’s a great reflection on the direction ASM is heading that we have been able to attract such a high calibre team to drive the business,” Mr. Woodall said.

“ASM is at the beginning of an exciting new phase as it moves towards critical decisions on financing, offtake, and equity for its projects. Our new leadership team will execute our vision to become a global, independent, and integrated critical metals producer by 2025.”


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Quarterly Activities Report to 31 March 2021


ASM Metals Business

  • Successful production of pre-sintered permanent magnets, with properties and quality confirmed by the Korean Institute of Rare Metals (KIRAM).
  • A 75kg/day run of titanium (Ti) metal powder was successfully produced by Ziron Tech at a pilot scale (metal purity 99.918%, O2 < 300ppm).
  • Quality and significant environmental benefits of high purity titanium powders confirmed by independent 3D-printed metal part producer HANA AMT. Completion of the 5,200tpa Korean Metals Plant (KMP)1 study confirming strong economics
    • Estimated capital: approximately US$35-45 million
    • Estimated annual revenue: approximately US$180-190 million
    • Estimated annual EBITDA: approximately US$45-$50 million
  • Signing of a Memorandum of Understanding (MoU) with the Chungcheongbuk-do (Chungbuk) Provincial Government and Cheongju-si (Cheongju), City Government to locate ASM’s first metals plant (KMP) within the Ochang Foreign Investment Zone in South Korea.
MoU Signing Ceremony with Chungcheongbuk-do Provincial Government and ASM’s David Woodall

Dubbo Project Optimisation

  • South Korean companies identified to progress a build, own, operate (BOO) development for the provision of renewable power, chlor-alkali plant, directly for the Dubbo Project.
  • Progressing opportunities to leverage the full breadth and depth of South Korean manufacturing capabilities to provide valuable support in the development of the Dubbo Project.


  • Announced an equity raising to primarily fund the final engineering and construction of the proposed 100% owned KMP, and accelerate the Dubbo Project’s detailed construction design.
  • Executed non-disclosure agreements and advanced discussions with several large South Korean corporations as prospective partners.
  • Continued discussions with potential strategic, and engineering and construction, partners in South Korea to present the potential economic benefits of ASM’s “mine to manufacturing” strategy.
  • Progressing discussions with South Korean Government and financial groups regarding the financing of the Dubbo Project.
  • Advanced discussions and negotiations with South Korean metals manufacturers about titanium, NdFeB, dysprosium and zirconium offtake arrangements.
  • Strategic engagement with key South Korean Government departments (Korean Institute of Technology, KORES and Ministry of Trade and Industry) on the development of the Dubbo Project.


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1 Refer to ASX announcement 2 March 2021. The material assumptions underpinning the scoping study continue to apply and have not materially changed

Completion of non-renounceable entitlement offer and shortfall notice

ASM announces the Company’s pro-rata non-renounceable entitlement offer (Entitlement Offer) of new ordinary shares in the Company (New Shares), closed on 16 April 2021 and proceeds of $26,919,096 have been raised pursuant to the Entitlement Offer.

The Company received applications from eligible shareholders for 5,608,145 New Shares at the issue price of $4.80 per New Share, representing an approximate 65.23% take-up. Together with the placement to institutional and sophisticated investors of $65,000,000 (refer ASX release 26 March 2021), the gross proceeds under the capital raising are $91,919,096 (Capital Raising). The placement to institutional and sophisticated investors completed on 6 April 2021.


The proceeds of the Capital Raising will be used to provide funding for ASM to focus on advancing key workstreams including engineering and development of the Korean Metals Plant (KMP) and the FEED Study for the Dubbo Project, while also providing additional working capital and funding of corporate costs.

Managing Director, David Woodall stated “This Capital Raising builds on the momentum that ASM has generated through the technical milestones achieved since listing in July last year. The funds raised will cover important work on both the KMP and the Dubbo Project as ASM advances its critical metals strategy.”

The Directors wish to thank shareholders for their continued support of the Company, and again welcome new shareholders who participated in the Capital Raising.

New Shares are expected to be issued on Friday, 23 April 2021, with normal trading of the new shares expected to begin on Monday, 26 April 2021.

ASM maintains the flexibility to place shortfall under the entitlement offer but has made no decision to do so at this stage.

For further information regarding the Offer please contact Company Secretary, Dennis Wilkins, on +61 8 9227 5677 or via email at dennis@dwcorporate.com.


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ASM to bolster balance sheet through $65m placement and up to a further $41m through entitlement offer

ASM is pleased to announce that the Company has received firm commitments from sophisticated, professional and institutional investors for the placement of approximately 13.5m fully paid ordinary shares (New Shares) at $4.80 per New Share, raising $65m in gross proceeds (Placement).

Managing Director, David Woodall, commented: “We are delighted to have completed the placement component of this raising from existing and new international and Australian institutional investors. I am very pleased to welcome new shareholders to the Company, who join our register at a truly exciting time as we finalise plans to develop our first metallisation facility in Korea.

The funds raised significantly bolster our balance sheet, placing the Company in a strong position as we progress key workstreams which include the development of the proposed Korean Metals Plant and advancing key FEED workstreams on the Dubbo Project in New South Wales.

Importantly, we continue to advance our strategy for sustainable growth, with a primary focus on developing ASM into a globally relevant, independent and integrated metals producer by 2022.”


  • Firm commitments received to raise approximately $65m through Placement at $4.80 per share
  • Strong international and domestic demand, with several high-quality institutions participating in the Placement
  • Funds raised from the Placement significantly strengthens ASM’s existing cash position, with further funds expected to be raised from the Entitlement Offer
  • Proceeds provide funding for ASM to focus on advancing key workstreams including engineering and development of Korean Metals Plant and the FEED Study for the Dubbo Project, while also providing additional working capital and funding of corporate costs
  • 1 for 14 Entitlement Offer will now proceed, at the same pricing as the Placement, to raise up to a further $41m, with some of ASM’s largest shareholders committing to take up approximately 29.4% of entitlements under the Entitlement Offer

The Placement

A total of 13,541,667 New Shares will be issued under the Placement at a price of $4.80 per New Share (Offer Price) under ASM’s ASX Listing Rule 7.1 placement capacity.

New Shares issued under the Placement will rank equally with existing ASM ordinary shares. The Offer Price represents a discount of:

  • 4% to the Company’s last closing price on 23 March 2021 of $4.99; and
    10% to the 5-day volume-weighted average price of $5.35.

Settlement of the Placement is scheduled to occur on Thursday, 1 April 2021.

Entitlement Offer

ASM is also undertaking a 1 for 14 pro-rata non-underwritten, non-renounceable entitlement offer to eligible shareholders to raise up to approximately a further $41m (before costs) (Entitlement Offer).

Eligible shareholders as at the Record Date of Wednesday, 31 March 2021, with a registered address in Australia or New Zealand, will be invited to participate in the Entitlement Offer at the Offer Price (being the same price as the Placement). The Entitlement Offer is expected to open on Wednesday, 7 April 2021, and close at 5pm (Perth time) on Friday, 16 April 2021, unless extended. As the Entitlement Offer is non-renounceable, entitlements will not be tradable or otherwise transferable.

Certain large shareholders (including ASM’s largest shareholder Abbotsleigh Proprietary Limited) who hold a combined voting power of 29.4% have committed to take up their full pro-rata entitlements under the Entitlement Offer, totalling approximately $12m.

The terms and conditions and further details of how to participate in the Entitlement Offer will be set out in the Offer Booklet which is expected to be sent to eligible shareholders on Wednesday, 7 April 2021. The Offer Booklet will include a personalised entitlement and acceptance form. Copies of the Offer Booklet will also be available on the ASX and the Company’s website.

Proceeds from the Placement and Entitlement Offer will be primarily used as follows:

  • To fund the final stage of engineering and construction of ASM’s proposed Korean
    Metals Plant (KMP);
  • Further engineering (FEED) work in relation to the Dubbo Project in NSW;
  • Corporate costs; and
  • Working capital and offer costs.


The indicative timetable for the Placement and Entitlement Offer is set out below:


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ASM signs MOU with South Korean provincial government for metals plant location

ASM has signed a memorandum of understanding (MoU) with the Chungcheongbuk-do (Chungbuk) Provincial Government and Cheongju-si (Cheongju), City Government to locate its first metals plant (Korean Metals Plant or KMP) within the Ochang Foreign Investment Zone in Korea.

The Chungbuk Provincial Government MoU covers supply of utilities, administrative licenses and permit procedures, including the Korean Standard Industrial Classification code for rare metals and rare earth metals. The MoU also includes a government grant, in accordance with the Foreign Investment Promotion Act.

Chungbuk is located 115km south of the Korean capital, Seoul, and 20km north of Daejeon, the site of the metalisation pilot plant. The region has substantial existing infrastructure and a competent technical workforce.

Provincial Governor Si-Jong Lee said, “To sustain the growth of the Chungcheongbuk-do economy, we strongly support this investment. ASM is establishing its Korean headquarters, R&D centre and metals plant in the Ochang Foreign Investment Zone. This will provide key rare earth metals to the Korean economy and local employment to revitalise our local economy.”

ASM Managing Director, David Woodall, said “This MoU, along with the strong support from the Korean Ministry of Trade, Industry and Energy (MOTIE) and the Chungbuk Provincial Government, provides ASM with confidence to build the metals plant in the Ochang Foreign Investment Zone. With key Korean manufacturing companies like LG Chemical, Samsung SDI, SK Hynix, and Hyundai Mobis within close proximity, we are confident that building our first metal plant in this well established industrial area will provide significant benefits.”

ASM’s Korean Metals Plant will initially produce high-purity neodymium-iron-boron powder and titanium powder using the innovative, low-energy metallisation process developed by ASM’s Ziron Tech team.

Last week, ASM announced it had completed an internal scoping study for the initial 5,200tpa metals plant, with the results demonstrating the feasibility of the Korean Metals Plant (ASX announcement, 2 March 2021).


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Scoping study demonstrates feasibility of ASM Korean metals plant


  • Initial 5,200tpa Korean Metals Plant study delivers strong economics
    • Estimated capital – approximately US$35-45million
    • Estimated annual revenue – approximately US$180m-190m
    • Estimated annual EBITDA – approximately US$45m-$50m
  • Expenditure of US$ 1.5m on detailed engineering approved by ASM Board & underway
  • A final investment decision (FID) on the 5,200tpa Korean Metal Plant expected in mid-2021
  • Plans to expand the 5,200tpa Metal Plant to over 16,000tpa by 2024
  • Commercial production of Titanium and NdFeB metal powder from ASM’s existing Korean commercial pilot plant proposed to commence in Q2 2021

ASM has completed an internal Scoping Study for an initial 5,200tpa metals plant (Korean Metals Plant or KMP) in Korea. The results of the study demonstrate the feasibility of the Korean Metals Plant.

As a result of the positive outcome of the Scoping Study, the ASM Board has approved an expenditure of approximately US$1.5million for detailed design engineering. This will provide a fully engineered scope of works and further refine capital estimates, before making a final investment decision by June 2021. The Korean Metals Plant will initially produce high-purity neodymium iron boron powder and titanium powder using the innovative, low-energy metallisation process developed and patented by ASM’s Ziron Tech team.

With the completion of the detailed engineering and the confirmation of the capital costs of the KMP, an investment decision is anticipated by June 2021. Construction of the Korean Metals Plant is expected to be completed by mid-2022, with metal production to progressively increase, expecting to reach full capacity of 5,200tpa by mid-2022.

ASM will continue to pursue its collaborative strategy with Korean manufacturers to independently produce key critical metals, focusing on rare earths, titanium and zirconium metals, alloys, and powders. ASM expects to expand the capacity of the KMP to over 16,000tpa by the end of 2024, to meet the potential Korean demand.

ASM Managing Director, David Woodall, said: “Our ability to commercially produce high-purity critical metals for advanced technology manufacturers in Korea gives ASM an excellent foundation to be an independent fully integrated critical metals producer globally. With the US$4.5million grant in 2020 from the Korean Government and the excellent work and milestones delivered by our Ziron Tech team, we are confident about our strategy to integrate into Korea’s critical metals sector.”

“Korea is phase one. Once complete, this will provide the template for future ASM metals plants in other regions. We’ll now continue to progress our ‘mine to manufacturer’ strategy using our pilot plant furnaces in the second half of 2021, with the production of titanium and rare earth permanent magnet alloy powders. This will enable ASM to commence providing critical metals directly into the Korean manufacturing sector.”

The Scoping Study demonstrates the potential for the KMP to deliver a profitable standalone downstream business for ASM while the company progresses the Dubbo Project. ASM’s KMP will supply high-purity products direct to the Korean market, providing manufacturers with a stable and secure domestic supply of metals. ASM will continue discussions and negotiations for offtake contracts to grow its customer base and market presence.

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ASM Produces Rare Earth Permanent Magnets at Korean Institute of Rare Metals Facility


  • Two kilograms of pre-sintered permanent magnets successfully produced from ASM’s high-purity neodymium-iron-boron (NdFeB) powder
  • Magnetic properties and quality confirmed by the Korean Institute of Rare Metals (KIRAM)

ASM reports that the Korean Institute of Rare Metals (KIRAM) has successfully produced and tested two kilograms of pre-sintered permanent magnets from ASM’s high-purity neodymium-iron-boron (NdFeB) powder from its pilot plant in Korea.

KIRAM’s testing provides a strong indication that ASM’s NdFeB alloy is suitable to produce rare earth permanent magnets that are commercially in demand. This certification is further validation of ASM’s strategy to become an independent, fully integrated “mine to manufacturer” producer of critical metals.

ASM managing director, David Woodall said, “The excellent support and collaborative work between the Ziron Tech and KIRAM teams delivered a truly significant result. It provides ASM with confidence that our integrated business model – from the Dubbo Project to metals production – can play an important part in the Korean Government’s ‘New Green Deal’.

“We now have confirmation of the quality and high purity of the permanent magnet alloy and titanium powders ASM can deliver to the Korean industry and eventually the global markets. ASM is now planning to advance in the next few months with the detailed engineering, incorporating both the recently produced titanium and now the permanent magnet powders as part of an initial 5,200 tonnes per year plant in Korea, projected to be fully operational by mid-2022. This is a very significant transition for the company as we continue to progress the development of the Dubbo Project in the central western, NSW.”


KIRAM scientists made a strip-cast sample using five kilograms of the NdFeB powder produced by ASM’s Ziron Tech team. The strip was then examined using scanning electron microscopy (SEM) and Energy Dispersive X-Ray Spectroscopy (EDS) to confirm the microstructure (Figure 1) and magnetic orientation.

NdFeB strip alloy produced from Ziron Tech power (SEM/EDS result)

Some of the Ziron Tech NdFeB alloy was pressed into a two-kilogram block to measure the magnetic characteristics using VSM (Vibrating Sample Magnetometry) and compared with a similar sample made from a commercially available alloy. These tests (Figure 2) indicated that ASM’s pre-sintered magnet exhibited superior magnetic properties than the commercial sample.

Results of Vibrating Sample Magnetometer (VSM) tests comparing the Ziron Tech pre-sintered alloy with a commercially available powder.

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ASM Titanium Powder Approved for 3D Printing by Korean Advanced Manufacturing Company


  • Independent 3D-printed metal part producer HANA AMT has confirmed the high purity of ASM’s titanium powder
  • A 75kg/day run of titanium (Ti) metal powder was successfully produced by Ziron Tech at a pilot scale (metal purity 99.918%)
  • Significant environmental benefits of ASM’s novel metal process were confirmed by HANA AMT

ASM has received confirmation of its high-purity titanium powder from HANA AMT, a Korean 3D printing group. HANA AMT performed a detailed analysis of 20kg of the titanium powder, confirming a purity of 99.918%.

The titanium metal powder assayed came from a run of 75kg produced at ASM’s metallisation pilot plant during January 2021. ASM and HANA AMT have signed a non-disclosure agreement as they progress negotiations towards an initial 1,500 tonne per year offtake agreement for titanium metal powder.

20kg titanium metal ingot produced by ASM (left), Creation of Ti metal powder (centre), HANA AMT 3D-printed metal products (right)

Contributing to the progress of this agreement, the independent assay analysis of ASM’s titanium powders demonstrated the following comparison with industry standards (table 1):

Titanium Metal Powder

Elements Industry Standard – %* ASM Ti Powder – %
Ti Balance 99.918
Fe < 0.010 0.002
Al < 0.005 0.003
Cr < 0.005 0.003
Mo < 0.005 0.001
Mn < 0.005 0.001
Ni < 0.005 0.002
Zr < 0.005 0.001
Cu < 0.005 0.003
Co < 0.005 0.002
B < 0.005 0.001
C < 0.005 0.001
Ni < 0.010 0.009
H < 0.005 0.003
O < 0.080 0.050

Table 1 – Assay Comparison completed by HANA AMT
* ASTM B299 – Standard Specification for Titanium

ASM managing director, David Woodall said, “This independent review of ASM’s titanium metal powder is a great validation of our patented metal process, confirming the high purity and the environmental benefits of the metal ASM can produce for the manufacturing sector in Korea. We look forward to progressing negotiations and continuing discussions with other potential offtake and strategic partners during our time in Korea.”

SEM Image of ASM’s Ti powder (left), ASM’s Ti powder sparks bright orange, indicating high quality due to low oxygen (right)

“Our team continues to work closely with the Korean Institute of Rare Metals (KIRAM) to produce sample permanent magnets for the Korean market to review over the coming weeks. This is a promising start of the year, with 2021 a foundation year for ASM, as we progress our vision to become a fully integrated critical metals producer – supplying metals from the mine direct to manufacturers, through the delivery of the Dubbo Project and the establishment of our metals business.”

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Quarterly Activities Report to 31 December 2020


ASM Metals Business

  • Completed acquisition of 95% interest in joint venture partner Ziron Technology Corporation (Ziron Tech)
  • Produced 8.6kg of high-purity zirconium metal powder at 98% Zr and 1.5% Hf
  • Korean Atomic Energy Research Institute (KAERI) confirmed de-hafniated zirconium metal meets Korean market requirements
  • Agreement with Dongkuk Refractories & Steel to design, develop, assemble, install and verify a 250kg/day commercial plant
  • Produced 120kg of titanium copper alloy (99.5% purity)
  • Confirmed commercial scalability of the innovative metallisation process
  • Confirmed significant environmental benefits of innovative metal process
  • Produced 200kg of ferro-neodymium (FeNd – Nd 80%, Fe 20%), a key constituent of strip cast permanent magnet alloys
  • Produced 6kg of a neodymium iron boron (NdFeB) magnet alloy at the Korean Institute of Rare Metals (KIRAM) facility
ASM’s Chairman Ian Gandel and Managing Director David Woodall with the successful Ziron Tech team that delivered commercial metal production.

Dubbo Project Optimisation

  • Optimisation Feasibility Study (OFS) on track for completion at the end of Q1 2021
  • Confirmed the simplification of the Zr circuit, with negligible impact on de-hafniated zirconium circuit
  • Independent review of rare earth processing circuit confirmed the validity of the Dubbo Project flow sheet and also identified opportunities for optimisation
  • Optimisation of the flow sheet informed finalisation of the OFS scope, with Hatch proceeding on this basis
  • Mining consultants engaged for OFS mining costs update
  • Utilities, reagents, and consumables quantities have been confirmed, with potential providers invited to quote on supply, capital costs, and delivery
  • Requests for quotations for the supply of the processing plant have been sent to key suppliers, with updated pricing information expected by the end of February 2021
  • Logistics analysis is well advanced with no major issues identified in delivery and export


  • Cash position totalled A$ 12.4 M
  • Executed and progressed non-disclosure agreements with large Korean EPC companies during the quarter
  • Executed agreement with Dongkuk Refractories & Steel to complete the design, development, and construction of a commercial metal plant. Detailed engineering is expected in Q2 2021
  • Progressed discussions with potential strategic partners
  • Continued discussions about metal offtake agreements with potential Korean manufactures
  • Continued discussions with key Korean Government departments Korean Institute of Technology, Korean Institute of Rare Metals, Ministry of Trade and Industry.


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