FY23 Financial Report

Today we released our Financial Report for the year ended 30 June 2023 (FY23).

FY23 represents a milestone year for ASM’s mine to metals business, having commenced production from our first metallisation plant.

Korean Metals Plant ramping up
The Korean Metals Plant (KMP) is ASM’s foundational downstream metallisation plant, opened in May 2022. During FY23, the plant commenced first sales of NdPr (neodymium praseodymium) metal to Korean customer NS World, secured its first NdFeB (neodymium iron boron) alloy sales contract to US customer Noveon Magnetics Inc, and commissioned its NdFeB alloy strip caster. After 30 June 2023, ASM announced a new long-term binding sales agreement with USA Rare Earth for the supply of NdFeB alloy.

Delivery of these strategic objectives demonstrates the technical capability at the KMP and the growing reputation ASM is building within the global high-tech metals market.

In FY24 the Company is focused on expanding its customer base, continuing technical validation of the NdFeB strip alloy to customer requirements, first delivery of NdFeB alloy, and ramp-up of NdFeB alloy towards name plate production of 600 tonnes per annum (tpa), aligned to sales. As further sales are concluded and delivery schedules determined, ASM will consider when Phase 2 expansion to 3,600 tpa will occur to align with customer demand.

Dubbo delivers important milestones
Upstream in ASM’s mine to metals business model is the Dubbo Project, a rare earths and critical minerals deposit in Central West New South Wales. ASM intends to develop the Dubbo Project to produce oxides and mixed chlorides of rare earths, zirconium, niobium and hafnium, which can either be metallised at the KMP, or distributed to other global manufacturing customers.

Evaluation activities at Dubbo continued to progress well during FY23, focusing on technical flowsheet enhancements, engineering design, approvals and early establishment activities. Notably, Stage 1 Engineering, Procurement and Construction Definition work commenced with Hyundai Engineering Co., Ltd in January 2023 and was completed in July. In addition, ASM received NSW government approval for the Dubbo Project SSD Modification Report 1, which determined several improvements to the existing approved plan.

These important milestones continue to support ASM’s opportunity as the Company moves toward final investment decision (FID), targeted by December 2024.

ASM continued to progress opportunities with potential offtake partners and strategic investors in a broad range of industries and jurisdictions, in support of the Dubbo Project during the year. Active discussions are currently underway in relation to all products across ASM’s diverse portfolio, and the Company will update the market when binding agreements are concluded.

Dubbo Project Community Newsletter

ASM Chief Operating Officer Chris Jordaan with engineers from Bechtel Australia inspecting the Shibble Bridge in Dubbo.

There has been plenty happening at our Dubbo Project and within the Dubbo community over recent months.

Our latest Community Newsletter provides a wrap-up of the project progress we’ve made and highlights where the ASM team has continued to build positive partnerships with local stakeholders.

From a project perspective, the non-process infrastructure (NPI) study work with Bechtel Australia is well underway. The study work will advance the engineering maturity of the NPI design in key areas outside of the process plant, including:

  • Residue storage and handling facilities,
  • Site water management,
  • Utility design and supply, and
  • Site establishment planning.

Significantly, this work will contribute to developing capital and operating costs estimates key to ASM making its final investment decision on the Dubbo Project by the end of 2024.

Out in the community, we’ve continued to work with Regional Development Australia (RDA) Orana, schools associated with the Dubbo College ASPIRE program and, most recently, the colourful Cross Cultural Carnivale!

Click the button below to read the full newsletter.

The Dubbo Cross Cultural Carnivale in September celebrated the town’s growing and vibrant multicultural community.



ASM presents at KABC-AKBC Joint Meeting in Seoul

Participants from the 44th KABC-AKBC Joint Meeting in Seoul, South Korea

Australia’s long-standing partnership with South Korea continues to grow, as demonstrated at the recent 44th Australia Korea Business Council Joint Meeting in Seoul. The meeting brings together key decision makers in Government and industry from both countries and the ASM team was delighted to participate once again.

ASM was represented by a number of the team including Managing Director & CEO Rowena Smith, who had the privilege of sharing our ‘mine to metals’ story to an esteemed audience, including WA Premier the Hon Roger Cook.

ASM’s flagship Korean Metals Plant, which produced its first product in financial year 2023, is a great example of the growing ties between the two countries and the opportunities that exist to build new and emerging industries.

ASM Managing Director & CEO Rowena Smith on stage at the 44th KABC-AKBC Joint Meeting