Dubbo Project team kicks off EPC Definition work with Hyundai Engineering Co.Ltd

Kick-off meeting between Dubbo Project team and HEC representatives.

We are excited to be getting underway with Stage 1 of our Dubbo Project EPC Definition work.

In early February, the Dubbo Project Team held a kick-off meeting with representatives from Hyundai Engineering Co. Ltd (HEC) to commence Stage 1 requirements.

During Stage 1, HEC will establish front-end engineering and design activities and progress standards development.  This work is expected to be completed in mid-2023.

ASM welcomes Annaliese Eames, General Counsel and Joint Company Secretary

Annaliese Eames

We are delighted to welcome Annaliese Eames, in her first week as our General Counsel and Joint Company Secretary.

Annaliese brings over 15 years of legal, commercial, strategic and corporate governance experience to ASM.  Her depth of knowledge covers large scale project contracting, corporate, finance and intellectual property law.

ASM CEO Rowena Smith says that “Annaliese’s substantive experience is directly relevant to the growth of ASM, particularly as we look to progress development of our Dubbo Project in 2023.”

Quarterly Activities Report to 31 December 2022

We are pleased to advise our Quarterly Activities Report to 31 December 2022 has been released.

In line with ASM’s strategic business priorities, key activities for the Quarter included:

  • Strengthened balance sheet by $41.1 million via successful Capital Raise, to position the Company to undertake priority activities in 2023;
  • Completed the neodymium praseodymium metal commissioning and materially progressed the NdFeB alloy commissioning at the Korean Metals Plant; and
  • Negotiated with HEC for a variation to the Dubbo Project EPC Definition contract.  This was finalised after the end of the Quarter and the Notice to Proceed for Stage 1 was issued to allow work to commence.

Dubbo Project gets $10 million funding boost from NSW government

ASM is pleased to advise that its Dubbo Project has been awarded grant funding of $10 million under Stream 2 of the NSW Government’s Critical Minerals and High-Tech Metals Activation Fund (CMAF), announced by the NSW Deputy Premier and Minister for Regional NSW, the Hon. Paul Toole MP.

Subject to the execution of binding documentation, ASM will receive the funding to support early establishment activities for the Dubbo Project.  These activities involve the upgrade of local roads and bridges to ensure high-standard road access for the Dubbo Project’s development and operation.

ASM CEO Rowena Smith thanked the NSW government, saying:

“ASM is pleased that the New South Wales government continues to provide generous support to our rare earths and critical minerals Dubbo Project. The infrastructure upgrades enabled by this grant will benefit not only the project, but also the local community and businesses.”

The total cost of the road and bridge upgrades is estimated to be $20.4 million. ASM will co-contribute $10.4 million to the cost of the works.

ASM plans to commence the upgrade activities in calendar year 2023.

ASM signs Agreement with Korea’s Chungcheongbuk Province and Vietnamese Rare Earth Company

Signing ceremony with VTRE and Chungcheongbuk Province.

ASM has signed a non-binding business agreement with the Chungcheongbuk Province in Korea and the Vietnam Rare Earth Company (VTRE) to co-operate to build a global rare earths supply Chain.

Under the terms of the Agreement:

  • VTRE and KSM Metals Co., Ltd (ASM’s subsidiary) (KSMM) agree to use reasonable endeavours to agree on the long-term supply of rare earth oxides from VTRE to KSMM.
  • VTRE will use reasonable endeavours to develop their mine to ensure they have the capacity to supply rare earth oxides to KSMM with a value of approximately 50 million USD in total over five years commencing in 2023, if commercial terms relating to supply can be agreed upon.
  • The Chungcheongbuk Provincial Government agrees to provide administrative assistance to VTRE and KSM Metals to facilitate the supply of rare earth oxides from Vietnam to Korea.

The long-term supply of rare earth oxides from VTRE to KSMM is intended to ensure certainty of the feedstock required for ASM’s Korean Metals Plant, before the Dubbo Project commences operation. ASM remains committed to developing the Dubbo Project and processing Dubbo Project materials through the Korean Metals Plant.

“We are delighted for this opportunity to work together to secure the supply of rare earth oxides before our Dubbo Project comes online. This will support long-term sales agreements and production ramp-up at our Korean Metals Plant.

We also greatly value this continued show of support for ASM by the Chungcheongbuk Provincial Government in Korea and look forward to growing our relationship with VTRE in Vietnam”

Rowena Smith, ASM CEO

ASM CEO interview featured in The Korea Times

ASM is delighted that CEO Rowena Smith’s interview with The Korea Times was featured on the publication’s front page.

Rowena spoke with The Korea Times about ASM’s `mine to metals’ business and our strong ties to Korea.  She discussed the importance of this relationship, as we work to build a more diverse, secure and reliable supply chain for rare earths, critical minerals and high-tech metals.

Read the full interview here.

2022 Annual General Meeting

Participants at the 2022 ASM Annual General Meeting

The 2022 ASM Annual General Meeting was held on 28 November, as a hybrid event in Perth and online.

Shareholders passed all resolutions placed before them at the meeting.

Following the close of the AGM, ASM CEO Rowena Smith delivered a presentation reviewing the past year and looking ahead to 2023.

Dubbo Project awarded $500,000 research & development grant

Dubbo Project team at ANSTO solvent extraction lab

ASM’s Dubbo Project has received grant funding of $500,000 under Stream 1 of the NSW Government’s Critical Minerals and High-Tech Metals Activation Fund, announced by the NSW Deputy Premier and Minister responsible for Resources, the Hon. Paul Toole MP.

ASM was awarded the grant for studies to finalise the process flowsheet for the Dubbo Project’s Heavy Rare Earths solvent extraction circuit. This is being developed in collaboration with the Australian Nuclear Science and Technology Organisation (ANSTO).

ASM CEO Rowena Smith thanked the NSW government for supporting the Dubbo Project through this Stream 1 funding round.

“Our Dubbo Project has multiple Rare Earth product lines, and this funding will play a key role in finalising the process to deliver terbium and dysprosium products.”

Rowena Smith, ASM CEO

“With terbium and dysprosium not currently produced in NSW, commercial development of these products will benefit not just ASM but support the region and NSW as a whole, as the state looks to become a major global supplier and processor of critical minerals and high-tech metals into the future.”

ASM was one of 19 grant recipients announced who share in the more than $8.6 million allocated under Stream 1 of the NSW Government’s $130 million Critical Minerals and High-Tech Metals Activation Fund.