ASM continued to execute its “mine to metal” strategy:
- Finalised A$92m capital raising. (ASX Release 21 April 2021: Completion of NonRenounceable Entitlement Offer and Shortfall Notice)
- Received A$200m letter of support from Export Finance Australia for Dubbo Project. (ASX Release 28 June 2021: Export Finance Australia issues letter of support for the Dubbo Project)
- Appointed six key leadership team members. (ASX Release 25 June 2021: ASM boosts leadership team ahead of key decisions)
- Continued to advance discussions with potential Korean equity and offtake partners
- On track to commence production from the Korean Metals Plant in H2 2021
ASM’s Managing Director David Woodall said ASM was at a critical stage of its evolution as key projects matured and major milestones were reached.
“The last quarter and the period since then have been transformational for ASM, with key financial support from the Australian Government, the backing from investors for our equity raising, and the Framework Agreement with the South Korean Investing Partnership that sets us on a path to realising our ‘mine to metal’ vision,” Mr Woodall said.
“I’d like to thank shareholders for their support of our equity raising, which puts us in a very strong position to pursue the great opportunities we have to create an alternative supply chain for the critical metals that will power modern industries such as electric vehicles, renewable energy and aerospace.
“I’m also very pleased that we have recruited a high-calibre leadership team that is working with me and the Board to drive ASM’s future. Looking forward, we expect to start production from our relocated pilot metals plant in Korea next quarter, while building towards the completion of the Korean Metals Plant. We will also complete the optimisation study for the Dubbo Project.
Most importantly, we will be working with our new Korean partners to complete the conditions of our Framework Agreement, which will ultimately provide us with $250m of equity for the Dubbo Project, and a foundation customer for strip metal alloy from our Korean Metals Plant.”
Post the close of the June Quarter, on 21 July 2021 ASM announced US$250m framework agreement with South Korean consortium for 20% in Dubbo Project and offtake from Korean Metals Plant (ASX Release 21 July 2021: ASM signs $US250m framework agreement with South Korean consortium for 20% in Dubbo Project and offtake from Korean Metals Plant).