Interim Financial Report

Today we released our Interim Financial Report for the half-year ended 31 December 2023.

Key milestones during the half-year included:

  • Completion of Stage 1 of the Engineering, Procurement and Construction (EPC) Definition work conducted by Hyundai Engineering Company.
  • Commencement and completion of the scoping phase of the Non-Process Infrastructure (NPI) Study Work conducted by Bechtel Australia Pty Ltd (Bechtel).
  • Commencement of Non-Process Infrastructure (NPI) Study Work by Bechtel, following scoping phase.
  • Commencement and progression of the solid residue storage facility study work by Stantec.
  • Conclusion of terbium (Tb) and dysprosium (Dy) heavy rare earth separation test work by Australian Nuclear Science and Technology Organisation (ANSTO) on the Dubbo Project’s process flowsheet.
  • Completion of studies examining opportunities to reduce greenhouse gas emissions.
    These and other essential activities will help ensure the Company is well positioned to commence construction following Final Investment Decision on the Dubbo Project.

Dubbo Project featured in Australian Critical Minerals Prospectus

Australian Strategic Materials (ASM) is proud to be featured in the latest Australian Critical Minerals Prospectus, produced by the Australian Trade and Investment Agency (Austrade).

The Prospectus showcases investment-ready critical minerals projects that have significant potential to address anticipated production shortfalls, build supply chain security, and deliver progress on a net zero future.

ASM’s cornerstone Dubbo Project, located in Central West New South Wales, is a globally significant rare earths and critical minerals deposit that includes neodymium, praseodymium, dysprosium, terbium, zirconium, niobium and hafnium. The project has all major approvals in place and is construction ready.

On the launch of the prospectus, Minister for Resources, the Hon Madeleine King MP, said: “Australia’s critical minerals are key to the world’s energy transformation.

“But we need to attract investment to get these minerals out of the ground, to process them here, to build the batteries, wind turbines and solar panels required make the switch to a lower carbon economy.

“This prospectus will help attract the investment we need to build new industries, create jobs and reduce global emissions.”

 

Quarterly activities report to 31 December 2023

ASM Managing Director and CEO Ms Rowena Smith (centre left) was part of an Australian trade delegation to the US in Q4.

We are pleased to advise our Quarterly Activities Report to 31 December 2023 has been released.

In line with ASM’s strategic business priorities, this Quarter the Company:

  • Participated in a trade delegation to the US and established strong potential funding pathways with North American government agencies and export credit finance agencies;
  • Continued sample product evaluations and offtake discussions with potential Dubbo Project customers and investors;
  • In early January 2024, successfully progressed to a shortlist of preferred suppliers in one competitive process with respect to potential offtake for the Dubbo Project;
  • Progressed critical early establishment work at the Dubbo Project; and
  • Commenced enhancements to the neodymium production line at the Korean Metals Plant and conducted upgrades to laboratory facilities.

WATCH: 2023 in review

During 2023, Australian Strategic Materials (ASM) made strong progress against its mine to metals strategy.

Delivering on strategic and operational milestones, we have laid the foundations for critical next steps at our Dubbo Project and Korean Metals Plant that will drive our momentum in 2024.

As the year draws to a close, take a look at some of the progress we’ve made over the past 12 months.

Australia announces updated Critical Minerals List

Dubbo Project orebody
The Dubbo Project has a unique orebody of rare earths and critical minerals.

ASM is pleased to note that materials to be produced from its globally significant Dubbo Project remain firmly on the Australian Government’s updated Critical Minerals List.

The revised list has been launched by Federal Minister for Resources the Hon Madeleine King MP.

The unique, long-life Dubbo Project deposit will produce the rare earth elements of neodymium, praseodymium, dysprosium and terbium, in addition to zirconium, hafnium and niobium. These elements all play a critical role in the global clean energy transition.

According to the Department of Industry, Science and Resources, Australia’s Critical Minerals List contains minerals:

  • essential to our modern technologies, economies and national security, specifically the priority technologies set out in the Critical Minerals Strategy
  • for which Australia has geological potential for resources
  • in demand from our strategic international partners
  • that are vulnerable to supply chain disruption.

The full Critical Minerals List can be viewed, here.

Once operational, the Dubbo Project will mine, separate and refine its materials onsite to produce metal oxides and mixed chlorides. Products will then be shipped to ASM’s metallisation plants and/or direct to global customers.

 

WATCH: 2023 Annual General Meeting

Throughout 2023, ASM has continued to deliver on its unique mine to metals strategy.

At our Annual General Meeting (AGM) held in Perth today (Wednesday 22 November), ASM’s Board of directors and management team were on hand to discuss the year’s highlights and look at what lies ahead.

You can view the full meeting in the video below…

From early establishment activities at the Dubbo Project, to production ramp-up at our Korean Metals Plant, ASM is building an alternative supply chain of rare earths, critical minerals and high-tech metals that will support the clean energy transition.

As set out by ASM MD & CEO Rowena Smith in her presentation, as we look to 2024, we have a clear pathway ahead for our Dubbo Project.

Targets include, finalising offtakes and early establishment activities, completing project financing, and taking final investment decision.

You can download Rowena’s presentation, here.

All resolutions placed before shareholders at the AGM were passed – the results of which can be found, here.

For an overview of what we delivered in 2023, check out our year in review video…

IMARC 2023

The ASM team enjoyed a packed agenda at the 2023 International Mining and Resources Conference +Expo (IMARC), participating in several insightful panel discussions, engaging with a range of national and international government stakeholders and presenting the ASM mine to metals opportunity to a broad investor audience.

Participating in two panel sessions, ASM Managing Director and CEO Rowena Smith provided her thoughts on the practical steps needed to facilitate an alternative global supply of critical minerals, and the significance of partnerships at all points of Australia’s critical minerals value chain when looking to achieve this.

Following up on Rowena’s comments, Bloomberg TV conducted a live interview at the event, where she had the opportunity to further discuss ASM and Australia’s role in the creation of an alternative critical minerals supply chain.   

With a large international audience, on the sidelines of the event ASM also participated in ‘Korea Day in Sydney’ – facilitated by Austrade and KOMIR Australia – where ASM’s General Counsel and Company Secretary Annaliese Eames presented the ASM story.

At the Mines and Money Investment Theatre, Rowena had the opportunity to walk investors through the Company’s mine to metals strategy, highlighting the progress made at both our Dubbo Project and Korean Metals Plant over the past year.

WATCH: MD & CEO Rowena Smith presents at Mines & Money.

And the Dubbo Project was also a hot topic of conversation when the team had the opportunity to speak directly to federal Minister for Resources the Hon Madeleine King MP and New South Wales Minister for National Resources, the Hon Courtney Houssos MP.

With a unique ore body comprising light and heavy rare earths, zirconium, hafnium and niobium, strong financials, and compelling ESG credentials, the Dubbo Project represents a robust investment in the national interest and a strategic opportunity for Australia.

Quarterly activities report to 30 September 2023

We are pleased to advise our Quarterly Activities Report to 30 September 2023 has been released.

In line with ASM’s strategic business priorities, this Quarter the Company:

  • Strengthened its management team with the appointment of Mr Chris Jordaan as Chief Operating Officer.
  • Signed its first long-term alloy sales agreement with USA Rare Earth, LLC.
  • Confirmed the design capability of the Dubbo Project’s advanced process flowsheet to produce high purity Tb and Dy oxides at industry leading product quality.
  • Progressed Dubbo Project and KMP offtake discussions, supported by ongoing technical validation processes and customer visits.
  • Delivered its FY23 carbon net zero target for Scope 1 and Scope 2 emissions at the KMP.
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