Quarterly Activities Report to 30 June 2021


ASM continued to execute its “mine to metal” strategy:

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).

Image of signing ceremony for the Framework Agreement. Attendees from L to R: Ms Catherine Raper, Australian Ambassador to the Republic of Korea; Mr David Ko, CEO of ACE Equity Partners LLC; Mr PS Ra, CEO of Cerritos Holdings Co., Ltd; Mr Jerry Kwak, CEO of Kamur Partners LLC; Mr Ian Gandel, Chair of ASM; The Honourable Mr Dan Tehan, Australian Minister for Trade, Tourism and Investment; and Mr David Woodall, Managing Director of ASM.

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