Quarterly Activities Report to 31 March 2021


ASM Metals Business

  • Successful production of pre-sintered permanent magnets, with properties and quality confirmed by the Korean Institute of Rare Metals (KIRAM).
  • A 75kg/day run of titanium (Ti) metal powder was successfully produced by Ziron Tech at a pilot scale (metal purity 99.918%, O2 < 300ppm).
  • Quality and significant environmental benefits of high purity titanium powders confirmed by independent 3D-printed metal part producer HANA AMT. Completion of the 5,200tpa Korean Metals Plant (KMP)1 study confirming strong economics
    • Estimated capital: approximately US$35-45 million
    • Estimated annual revenue: approximately US$180-190 million
    • Estimated annual EBITDA: approximately US$45-$50 million
  • Signing of a Memorandum of Understanding (MoU) with the Chungcheongbuk-do (Chungbuk) Provincial Government and Cheongju-si (Cheongju), City Government to locate ASM’s first metals plant (KMP) within the Ochang Foreign Investment Zone in South Korea.
MoU Signing Ceremony with Chungcheongbuk-do Provincial Government and ASM’s David Woodall

Dubbo Project Optimisation

  • South Korean companies identified to progress a build, own, operate (BOO) development for the provision of renewable power, chlor-alkali plant, directly for the Dubbo Project.
  • Progressing opportunities to leverage the full breadth and depth of South Korean manufacturing capabilities to provide valuable support in the development of the Dubbo Project.


  • Announced an equity raising to primarily fund the final engineering and construction of the proposed 100% owned KMP, and accelerate the Dubbo Project’s detailed construction design.
  • Executed non-disclosure agreements and advanced discussions with several large South Korean corporations as prospective partners.
  • Continued discussions with potential strategic, and engineering and construction, partners in South Korea to present the potential economic benefits of ASM’s “mine to manufacturing” strategy.
  • Progressing discussions with South Korean Government and financial groups regarding the financing of the Dubbo Project.
  • Advanced discussions and negotiations with South Korean metals manufacturers about titanium, NdFeB, dysprosium and zirconium offtake arrangements.
  • Strategic engagement with key South Korean Government departments (Korean Institute of Technology, KORES and Ministry of Trade and Industry) on the development of the Dubbo Project.


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1 Refer to ASX announcement 2 March 2021. The material assumptions underpinning the scoping study continue to apply and have not materially changed