KMP hosts Dubbo Regional Council delegation

We’re strengthening ties between Dubbo and Ochang to create an alternative end-to-end critical minerals supply chain.

ASM’s Korean Metals Plant (KMP) in Ochang, South Korea has hosted a delegation from the Dubbo Regional Council. As part of a self-funded trip to Korea and Japan, the delegation took the opportunity to see how ASM’s world class facility is manufacturing the high-tech metals and alloys needed for the global energy transition.

Our metals and alloys are the critical ingredient for the permanent magnets used in advanced clean technologies such as electric vehicles and wind turbines. Ultimately, the KMP will use the rare earth oxide feedstock processed at our Dubbo Project.

ASM’s Dubbo Project is located 25km south of Dubbo in central-western NSW. A globally significant resource of rare earths and critical minerals, once operational the Dubbo Project will mine, separate and refine a wide range of oxides, before metallising at our own plant(s) or shipping to global customers.

It’s our mine to metals strategy…

Sincere thanks to Dubbo Mayor Mathew Dickerson and the Dubbo Regional Council team for taking the time to learn more about our operations in South Korea.

We’re looking forward to building the ties between the two locations, in support of our alternative critical minerals supply chain.

ASM improves Sustainalytics Risk Rating

ASM takes a comprehensive approach to ESG activities across its business. Watch Managing Director and CEO Rowena Smith discuss some of the major milestones already delivered and our future objectives, with Mining Journal and MiningNews.Net.

Australian Strategic Materials (ASM) is pleased to confirm it has received its second annual public environmental social and governance (ESG) Risk Rating from Morningstar Sustainalytics, improving to a 27.7 Medium risk rating from a 32.6 High rating in 2023.

The global ESG Risk Ratings measure a company’s exposure to industry-specific material environment, social and governance risks and how well a company is managing those risks.

Significant improvement

This latest rating positions ASM in the top 10% of companies globally within the Diversified Metals-Mining Industry Group.

“Our latest rating represents a significant improvement in overall performance and is recognition of the strategic work we have conducted to strengthen our ESG management,” said Ms Agata Carrabs, VP Risk and Corporate Services.

“ASM is committed to ensuring it operates to high ESG standards and recognises the importance of ESG reporting to identify, assess and manage ESG risks across the business,” said Ms Carrabs.

As ASM establishes itself as a vertically integrated producer of critical metals for sustainable energy solutions, advanced technologies and new growth industries, the Company’s approach to sustainability and ESG activities is core to delivering ASM’s unique mine to metals strategy.

Quarterly Activities Report to 31 March 2024

We are pleased to advise our Quarterly Activities Report to 31 March 2024 has been released.

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

  • Received a non-binding and conditional Letter of Interest (LoI) from the Export-Import Bank of the United States (US EXIM) to provide a debt funding package of up to US$600 million for the construction and execution phase of the Dubbo Project;
  • Appointed global engineering company Bechtel to conduct Front-End Engineering Design (FEED) services for the Dubbo Project;
  • Submitted an application to cover >80% of the Bechtel FEED services contract to US EXIM’s Engineering Multiplier Program (EMP) and received a non-binding and conditional Letter of Interest from US EXIM to provide a debt funding package of ~US$32 million in support of this application;
  • Progressed non-process infrastructure Study work and other critical early establishment work at the Dubbo Project; and
  • Received an improved ESG Risk Rating from Morningstar Sustainalytics, positioning ASM in the top 10 per cent of companies globally within the Diversified Metals-Mining Industry Group.

Subsequent to the conclusion of the Quarter, ASM made material announcements related to:

  • The successful completion of an institutional placement to raise A$15 million and the Company’s intention to undertake an Entitlement Offer to target up to approximately A$5.2 million; and
  • The receipt of a non-binding and conditional Letter of Interest from Export Development Canada to provide a debt funding package of up to A$400 million for the construction and execution phase of the Dubbo Project.

Growing North American support builds momentum for Dubbo project funding process

Australian Strategic Materials (ASM) has received a non-binding and conditional Letter of Interest (LoI) from Canada’s official export credit agency, Export Development Canada (EDC), indicating support for EDC to provide a direct lending debt funding package of up to A$400 million for the construction and execution phase of its rare earths and critical minerals Dubbo Project.

Key points:

  • EDC LoI is additional to A$200M Letter of Support received from EFA and the recently announced LoI from US EXIM for US$600M (A$923M).
  • Recent interest stems from the strong policy alignment between Australia and North American jurisdictions.
  • EDC’s LoI is supported by potential equipment and services supply from Canadian companies for the execution phase of the Dubbo Project.
  • EDC’s indicative financial support increases sourcing flexibility and demonstrates the growing confidence in a shared financing for the Dubbo Project.

We are thrilled with the support received to date from prospective financiers for the Dubbo Project, especially this latest letter of interest from Export Development Canada. Our focus has been on building strategic partnerships in North America that support the development of our mine to metals strategy.

Rowena Smith, ASM Managing Director & CEO

Mount Squires Project Option Agreement to unlock potential further rare earth supply

Australian Strategic Materials (ASM) is pleased to advise that it has executed an exclusive option agreement with Caspin Resources Limited (Caspin) (ASX:CPN) to enter into a joint venture agreement to earn up to 75% of the rare earth element (REE) rights in Caspin’s Mount Squires Project, located in the West Musgrave region of Western Australia.

Highlights:

  • Consistent with its mine to metals strategy, ASM has identified a potential supplementary rare earth supply, that includes a significant proportion of high value heavy rare earths
  • Subject to metallurgical testing and drilling, this source may be suitable for processing at ASM’s planned separation and refining facility at the Dubbo Project
  • Agreement to provide ASM with an option to earn up to 75% of the REE rights in Caspin’s Mount Squires Project through staged earn in rights
  • REE metallurgical testwork and drilling to be undertaken at the Mount Squires Project over the next 3-9 months prior to ASM deciding whether to exercise its option to enter into a joint venture agreement with Caspin

Strategic partnership delivers benefits for Dubbo Project

Australian Strategic Materials (ASM) is pleased to advise that its subsidiary Australian Strategic Materials (Holdings) Pty Ltd (ASMH) has appointed global engineering company Bechtel Mining and Metals, Inc (Bechtel) to conduct Front-End Engineering Design (FEED) services for ASM’s rare earths and critical minerals Dubbo Project in New South Wales (NSW).

Highlights

ASM receives US$600M (A$923M) Letter of Interest from US EXIM bank

Australian Strategic Materials (ASM) is pleased to announce it has received a non-binding Letter of Interest (LoI) from the Export-Import Bank of the United States (US EXIM) to provide a debt funding package of up to US$600 million (A$923 million) for the construction and execution phase of the rare earths and critical minerals Dubbo Project.

Highlights

  • LoI from US EXIM bank for up to US$600M (A$923M) in debt financing package for Dubbo Project
  • US EXIM is the official export credit agency of the US federal government
  • US government support is a catalyst to increase customer and financing focus in North America
  • LoI from US EXIM is in addition to A$200M Letter of Support previously received from EFA
  • Dubbo Project is a construction ready, globally significant and long-life rare earths and critical minerals project

Updates from PDAC 2024

ASM Managing Director and CEO Rowena Smith was in Toronto, Canada earlier this month for the 2024 PDAC Convention.

PDAC is one of the world’s largest mineral exploration and mining events and this year’s convention provided a host of opportunities for engagement with government, investors, customers and suppliers.

As well as presenting the ASM opportunity at the Australia Presentation Day, Rowena participated in the critical minerals roundtable hosted by Australia’s Minister for Resources the Hon Madeleine King (above). Minister King also released a joint statement with Canada’s Minister for Energy and Natural Resources, Jonathan Wilkinson, outlining the shared priorities both countries will cooperate on to build the critical minerals supply chain.  

Rowena also had the chance to sit down with Jack Lifton and Tracy Weslosky from Investor News to discuss ASM’s latest funding activities for the Dubbo Project and operational objectives at the Korean Metals Plant. You can watch both interviews below.

ASM