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.

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.

ASM 2023 Annual Report

ASM is pleased to present its 2023 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.


“ASM’s mine to metals strategy represents a unique opportunity in Australia’s national interest. Our end-to-end, alternative supply chain goes from mining our globally significant rare earths and critical minerals resource in Dubbo, Central West New South Wales, refining the materials on site, processing the oxides at our Korean Metals Plant and selling the high-tech metals and alloys to a global customer base.

Now, more than ever before, this vertically integrated approach addresses many of the challenges we see identified in not just Australia’s strategic outlook, but from jurisdictions around the globe, from Japan and Korea to the US and the European Union.”

Ian Gandel, ASM Chairman

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.

Global mining executive Ms Rowena Smith appointed ASM CEO

Global mining executive Ms Rowena Smith, has been appointed as Chief Executive Officer of ASM, after former Managing Director, Mr David Woodall stepped down.

Ms Smith has been ASM’s Chief Operating Officer since joining the company in 2021. During this time she has led ASM’s critical minerals and rare earths Dubbo Project team, and overseen the construction and commissioning of ASM’s first high purity metals plant in Korea.

In announcing Ms Smith’s appointment, ASM Chair Mr Ian Gandel said:

“The Board is delighted to appoint Ms Smith as CEO.  She has demonstrated she is a highly capable leader, with extensive experience and an impressive track record in the mining sector.”

Ian Gandel, Chair, ASM Board

“The Board has confidence Ms Smith’s appointment will deliver a seamless leadership transition, enabling ASM to continue to focus on delivering its mine-to-metals strategy.“

Ms Smith said she was thrilled to accept the CEO role at such a crucial time for ASM and the global critical metals industry.

I am excited to be taking up the leadership of ASM through this next phase of its development, particularly as we seek to progress our Dubbo Project and supply industry with the high-tech metals vital for a sustainable energy future

Ms Rowena Smith

“This is a crucial time for our industry, and for Australia, to claim its place on the world stage with critical minerals and rare earths projects like Dubbo, which can offer quality and reliable, supply alternatives to a currently heavily monopolised and unstable global market.  I look forward to leading the ASM team as CEO and taking the next steps in our journey together.”

Ms Smith has almost 30 years of global mining experience in various senior roles including strategy, commercial, operations and ESG.  Prior to joining ASM, Ms Smith was South32’s Chief Sustainability Officer and Vice President Supply, leading teams across Australia, South Africa, Mozambique, Colombia and the United States.

Ms Smith has also held roles with Rio Tinto and BHP for Nickel West, including as Head of Resource Planning & Development and Projects, Manager Strategy and Acquisitions, and General Manager Kwinana Nickel Refinery.

Quarterly Activities Report to 31 March 2022

The Australian Strategic Materials (ASM) Quarterly Activities Report to 31 March 2022 has been released.

Key points for the Quarter include:

  • Buildings and facilities at the Korean Metals Plant (KMP) were completed, with the Plant Registration certificate received on 7 April 2022. The installation and commissioning of the first phase of the KMP will continue in the second quarter, and is planned to have an installed capacity of 2,200 tpa.
  • Due diligence on the Dubbo Project was completed by the Korean Consortium Fund (KCF), comprising Cerritos Holdings Co., Ltd, Kamur Partners LLC and ACE Equity Partners LLC.
  • A Heads of Agreement (HOA) was signed with Hyundai Engineering Corporation Co., Ltd., (HEC) to exclusively negotiate the Front-End Engineering and Design (FEED) and the Engineering Procurement and Construction (EPC) for the Dubbo Project. While work is continuing with HEC, the delivery of a contract for the initial FEED has been delayed while both ASM and HEC finalise the scope, which includes more detailed engineering in key work packages.
  • ASM continued to work on progressing the financing of the Dubbo Project. During the quarter, an Expression of Interest from the Korea Trade Insurance Corporation (K-Sure) was received to potentially provide export credit insurance support to ASM for financing the development of the Dubbo Project.
  • A Modification Report to the Dubbo Project State Significant Development consent was submitted to the NSW government. The report incorporated ASM’s proposed plan and design improvements, resulting from the Optimisation Study completed in December 2021. Once submitted, public consultation commenced, with the exhibition and public submission period opening on 30 March 2022 and closing on 19 April 2022.
  • The composition of the ASM Board changed during the quarter. Mr Ian Chalmers, Non-Executive Director, retired. Mr Chalmers delivered vital leadership to establish the foundation of ASM, particularly in developing the Dubbo Project. ASM welcomed to the Board, Ms Kerry Gleeson LLB (Hons), FAICD, as a Non-Executive Director.

Quarterly Activities Report to 30 December 2021

The Australian Strategic Materials (ASM) Quarterly Activities Report to 30 December 2021 has been released.

Highlights for the Quarter included:

  • Released the Dubbo Project Optimisation Study
    – A capital cost estimate of AUD 1,678 million with pre-tax NPV of AUD 2,361 million, pre-tax IRR of 23.5%, and annual free cash flow (full ramp-up) of AUD 425 million
  • Commenced hot commissioning of ASM’s Korean Metals Plant
  • Deputy Prime Minister of South Korea, Mr Hong Nam-ki, visited ASM’s Korean Metals Plant
  • Signed a Joint Statement of Cooperation with the Korean Mine Rehabilitation and Resource Corporation (KOMIR) to enable the supply of critical minerals and metals into Korea
  • Appointed Australian and New Zealand Banking Group Limited ( ANZ) as financial advisor for the debt financing of the Dubbo Project
  • Hosted the NSW Deputy Premier, The Hon Paul Toole MP, at ASM’s Toongi deposit for the launch of the NSW Critical Minerals and High-tech Metals Strategy
  • Attended a roundtable meeting on the Critical Minerals Supply Chain with the President of the Republic of Korea, His Excellency Mr Moon Jae in

Korean Consortium successfully completes due diligence on the Dubbo Project

Australian Strategic Materials Limited (ASM) is pleased to advise that the consortium of South Korean Investors, comprising Cerritos Holdings Co., Ltd, Kamur Partners LLC and ACE Equity Partners LLC, (the Investing Partnership) has successfully completed due diligence on the Company’s flagship Dubbo Project. This represents a key milestone in progressing the consortium fund’s proposed conditional investment under the Framework Agreement. (see ASX Announcement: 21 July 2021)

After a delay due to COVID-19 travel restrictions, ASM recently hosted an extensive Australian due diligence visit by the Investing Partnership. This included visiting the Company’s Dubbo Project and discussing ASM’s research partnerships and business activities in Australia.

ASM’s Managing Director, David Woodall, said the completion of due diligence to the satisfaction of the Investing Partnership had taken place in parallel with continued progress on the remaining formal binding terms of the consortium’s investment.

“We are very pleased to have successfully concluded the due diligence process. Together we are now focused on securing a significant South Korean strategic investor to partner with ASM on its Dubbo Project, and to completing the terms for a formal binding agreement.”

“Our relationship with our Korean partners continues to go from strength to strength,” Mr Woodall said.

Spokesperson for the Investing Partnership, CEO and Founder of Cerritos Holdings Co., Ltd, Pumsoo Ra said the Investing Partnership was committed to working with ASM to finalise an investment in relation to the Company.

“It is clear that ASM has the resources and technical capacity to partner with us to support the supply chain of critical metals needed for the production of clean energy technologies such as electric vehicles and renewable energy generation capacity, as well as advanced electronics,” Mr Ra said.

“We need that supply chain to be secure and reliable, and we look forward to continuing our discussions with ASM and our partners in Korea.”

ASM will continue to update the market as further milestones are reached.

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Kerry Gleeson appointed non-executive Board director

Ms Kerry Gleeson

Australian Strategic Materials Limited (ASM) is pleased to advise the appointment of Kerry Gleeson as Non-Executive Director to the Board effective 1 February 2022.

Ms Gleeson is an experienced independent Non-Executive Director, chair and committee member with over two decades of experience as a director, senior executive and board advisor of various ASX listed companies. She has worked nationally and internationally across broad and complex industry sectors, including mining and resources, industrial and agri-chemicals, manufacturing, transport and distribution and international education.

Ms Gleeson is a qualified lawyer in both the UK and Australia, and spent 15 years in private practice, including as a partner of an English law firm, before emigrating to Melbourne and joining Blake Dawson Waldron (now Ashurst). Ms Gleeson’s other current roles include Non-Executive Director of St Barbara Limited, New Century Resources Ltd and Chrysos Corporation Ltd. She is also the Chair of Trinity College at the University of Melbourne.

Commenting on her appointment Ms Gleeson said:

ASM is entering an exciting stage of the Company’s development and I am thrilled to be joining as ASM enters its next phase. I am looking forward to working with the Board and management to build on the impressive momentum ASM has already created.

ASM Chair Mr Ian Gandel said:

“I am delighted to welcome Kerry to the ASM Board. Kerry’s strong leadership skills, technical capability and commercial expertise will help drive us forward through the next phase of our development.

This exciting phase includes the production of critical metals in South Korea, progressing the development of the Dubbo Project and looking for opportunities to grow our global ’mine to metals’ business.”

ASM signs Joint Statement of Cooperation on Critical Metals with KOMIR (KORES)

Australian Strategic Materials Limited (ASX: ASM) is pleased to announce that it has signed a Joint Statement of Cooperation with the Korean Mine Rehabilitation and Resource Corporation (KOMIR), the renamed Korean Resources Corporation (KORES), to enable the supply of critical minerals and metals into Korea.

Under the Joint Statement of Cooperation, ASM and KOMIR have agreed to work together to expand the use of rare earths and critical metals in Korea and develop import opportunities that will secure the supply of these metals for Korean industry.

ASM Managing Director, Mr David Woodall, said:

“This builds on the cooperative and collaborative relationship between Korea and ASM, creating further opportunities to engage on the strategic issue of critical minerals and metal supply.”

“This Joint Statement of Cooperation is another firm sign of Korea’s commitment to securing its supply of critical metals and to working with ASM to deliver an outcome that is beneficial to the Korean supply chain.”

“ASM welcomes this opportunity to work with KOMIR to provide an alternative, secure and sustainable supply of critical metals. ASM will commence production of critical metals at ASM’s Korean Metals Plant in 2022.” 

CEO of KOMIR, Kyu-yearn Hwang, said:

“To improve the supply and demand of rare earths in South Korea, the South Korean government supports the operation of South Korean critical metals plants. Partnering with ASM will enable us to deliver on our strategy to ensure a stable, secure supply of critical minerals and metals for the South Korean industry.”

The key areas contemplated for cooperation under the Joint Statement of Cooperation include:

  • Importation of rare-earth products into Korea, including for strategic stockpiling.
  • Supplying ASM with rare-earth products to enable Korean domestic production of rare-earth magnet feed metal at ASM’s Korean Metals Plant.

The term of the Joint Statement of Cooperation is for five years, and the term will automatically extend for an additional one-year period unless the parties agree otherwise.

Under the Joint Statement of Cooperation, both ASM and KOMIR have a right to terminate the agreement on three months written notice to the other party.

KOMIR is the Korean Government Agency responsible for national resource security, including developing overseas mining and processing capacity to supply the Korean market. One of KOMIR’s strategic objectives is to upgrade the country’s access to critical minerals.


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