Annual Report 2024

ASM is pleased to present its 2024 Annual Report, highlighting the strategic and operational progress the Company made during the past financial year and the path it is on to successfully deliver its mine to metals strategy.

“It is fair to say, the critical minerals sector has been firmly in the spotlight and ASM is well positioned to benefit from and support this national and international market momentum.

With the right assets, technical capability and team, ASM’s mine to metals strategy offers an end-to-end sustainable supply chain, capable of building a leading position as a global producer of rare earths, critical minerals and high-tech metals..”

Ian Gandel, ASM Chairman

Interactive Critical Minerals Prospectus showcases the Dubbo Project

Australian Strategic Materials (ASM or the Company) welcomes the release of a new digital Australian Critical Minerals Prospectus – a key resource in building international partnerships and supporting the development of Australia’s critical minerals sector.

The Dubbo Project profile, as featured in the interactive Australian Critical Minerals Prospectus.

ASM’s cornerstone rare earths and critical minerals Dubbo Project is featured in the prospectus, which “showcases investment-ready projects that have significant potential to address anticipated production shortfalls, build supply chain security, and deliver progress on a net zero future.”

The interactive digital resource was launched by Minister for Trade and Tourism, Senator the Hon Don Farrell, and Minister for Resources, the Hon Madeleine King MP in Perth, Western Australia.

“Australia is ready and willing to meet the growing global demand for critical minerals, and we welcome international investment in key projects across the country,” said Senator Farrell. “Australia has all the critical minerals the world needs and we need investment to get these projects up and running.”

Globally significant resource

Located in Dubbo, NSW the Dubbo Project is a globally significant resource of rare earths, zirconium, niobium and hafnium. With all major approvals and permits in place, the project is construction ready and targeting final investment decision in 2026 and commencing production in 2028.

The Dubbo Project represents a major opportunity for the development of mid-stream processing in Australia – extracting more value onshore from the country’s critical mineral resources. Through its planned refining and separation plant, the Dubbo Project will process minerals through to oxides and mixed chlorides. These materials will be either sold to international customers or sent for metallisation at ASM’s global metals plants, the first of which is operational in Ochang, South Korea.

“The Dubbo Project is one of the most advanced rare earths projects in Australia and we value the exposure provided via the Critical Minerals Prospectus. The prospectus demonstrates the breadth of opportunities in Australia and highlights how these projects can effectively contribute to the development of sustainable, alternative supply chains,” said ASM Managing Director and CEO, Ms Rowena Smith.

“With a 20-year life of mine, advanced onshore processing capability, and established metallisation production in a likeminded jurisdiction, ASM is uniquely capable of adding value across these emerging supply chains. We hope that through tools like the Australian Critical Minerals Prospectus, the Australian Government continues to support and promote those projects that are most materially advanced and have the potential to address the objectives of the 2023-2030 Critical Minerals Strategy in the timeframe required.”

Overseas investment

In 2024, ASM received letters of interest for conditional debt funding of up to US$600 million from the Export-Import Bank of the United States (US EXIM) and up to A$400 million from Export Development Canada (EDC). Funding from these export credit agencies is linked to potential US and Canadian equipment, goods and services, to be supplied in the construction phase of the Dubbo Project.

“Australia’s resources industry has been developed with foreign investment, and we need overseas investment to build our critical minerals industry. This new online Australian Critical Minerals Prospectus will help drive investment into the sector,” said Minister King.

ASM