Reported Earnings • Mar 14
First half 2026 earnings released: AU$0.05 loss per share (vs AU$0.08 loss in 1H 2025) First half 2026 results: AU$0.05 loss per share (improved from AU$0.08 loss in 1H 2025). Net loss: AU$11.0m (loss narrowed 22% from 1H 2025). Revenue is forecast to grow 102% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Jan 21
Energy Fuels Inc. (TSX:EFR) entered into a binding Scheme Implementation Deed to acquire Australian Strategic Materials Ltd (ASX:ASM) from Ian Gandel and others for approximately AUD 530 million. Energy Fuels Inc. (TSX:EFR) entered into a binding Scheme Implementation Deed to acquire Australian Strategic Materials Ltd (ASX:ASM) from Ian Gandel and others for approximately AUD 530 million on January 20, 2026. The consideration consists of common equity of Energy Fuels Inc. at a ratio of 0.053 per common equity of Australian Strategic Materials Ltd. A cash consideration valued at AUD 0.13 per share will be paid by Energy Fuels Inc. As part of consideration, AUD 525.54 million is paid towards common equity of Australian Strategic Materials Ltd. In case of termination of transaction, Energy Fuels Inc. will pay a termination fee of 1% and Australian Strategic Materials Ltd will pay a termination fee of 1%.
The transaction is subject to approval by regulatory board / committee, approval of merger agreement by target board, approval of offer by target shareholders, listing / approval of new shares on stock exchange and subject to court approval. The deal has been unanimously recommended by the board of Australian Strategic Materials Ltd. The expected completion of the transaction is in the late first half of 2026. The transaction is expected to be accretive on NAVPS with significant value creation opportunity from margin uplift.
Moelis Australia and Moelis & Company LLC acted as financial advisor for Australian Strategic Materials Ltd. A&O Shearman acted as legal advisor for Australian Strategic Materials Ltd. Goldman Sachs & Co. LLC acted as financial advisor for Energy Fuels Inc. Herbert Smith Freehills Kramer, Dorsey & Whitney LLP and Dentons Canada LLP acted as legal advisor for Energy Fuels Inc. New Risk • Dec 16
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$150.1m (US$99.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (26% average weekly change). Shareholders have been substantially diluted in the past year (48% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$13m net loss in 3 years). Revenue is less than US$5m (AU$5.1m revenue, or US$3.4m). Market cap is less than US$100m (AU$150.1m market cap, or US$99.6m). New Risk • Nov 15
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 48% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (26% average weekly change). Shareholders have been substantially diluted in the past year (48% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$17m net loss in 2 years). Revenue is less than US$5m (AU$5.1m revenue, or US$3.3m). New Risk • Nov 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$150.1m (US$97.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (25% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$17m net loss in 2 years). Shareholders have been diluted in the past year (25% increase in shares outstanding). Revenue is less than US$5m (AU$5.1m revenue, or US$3.3m). Market cap is less than US$100m (AU$150.1m market cap, or US$97.4m). Announcement • Oct 20
Australian Strategic Materials Ltd has completed a Follow-on Equity Offering in the amount of AUD 55.161002 million. Australian Strategic Materials Ltd has completed a Follow-on Equity Offering in the amount of AUD 55.161002 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 42,292,501
Price\Range: AUD 1.2
Discount Per Security: AUD 0.09
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 3,675,001
Price\Range: AUD 1.2
Discount Per Security: AUD 0.04
Transaction Features: Subsequent Direct Listing New Risk • Oct 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$17m net loss in 2 years). Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (24% increase in shares outstanding). Revenue is less than US$5m (AU$5.1m revenue, or US$3.3m). Reported Earnings • Sep 24
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: AU$0.14 loss per share (improved from AU$0.15 loss in FY 2024). Net loss: AU$24.6m (loss narrowed 2.3% from FY 2024). Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) missed analyst estimates by 40%. Revenue is forecast to grow 115% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Announcement • Sep 18
Australian Strategic Materials Ltd, Annual General Meeting, Oct 16, 2025 Australian Strategic Materials Ltd, Annual General Meeting, Oct 16, 2025. Location: novotel christchurch airport, 30 durey road, christchurch, or, Australia New Risk • Aug 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 23% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$21m net loss in 2 years). Share price has been volatile over the past 3 months (15% average weekly change). Shareholders have been diluted in the past year (23% increase in shares outstanding). Revenue is less than US$5m (AU$4.2m revenue, or US$2.7m). Market cap is less than US$100m (AU$125.2m market cap, or US$81.3m). Announcement • Jul 28
Australian Strategic Materials Ltd has completed a Follow-on Equity Offering in the amount of AUD 13 million. Australian Strategic Materials Ltd has completed a Follow-on Equity Offering in the amount of AUD 13 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 23,021,074
Price\Range: AUD 0.5647
Transaction Features: Subsequent Direct Listing Announcement • Jun 16
Australian Strategic Materials Ltd has filed a Follow-on Equity Offering in the amount of AUD 3 million. Australian Strategic Materials Ltd has filed a Follow-on Equity Offering in the amount of AUD 3 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 54,402,204
Price\Range: AUD 0.055145 New Risk • Jun 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$35m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 41% per year over the past 5 years. Minor Risks Revenue is less than US$5m (AU$4.2m revenue, or US$2.7m). Market cap is less than US$100m (AU$130.6m market cap, or US$85.0m). New Risk • Apr 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$35m free cash flow). Earnings have declined by 41% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Revenue is less than US$5m (AU$4.2m revenue, or US$2.7m). Market cap is less than US$100m (AU$140.5m market cap, or US$90.2m). Reported Earnings • Mar 17
First half 2025 earnings released: AU$0.08 loss per share (vs AU$0.05 loss in 1H 2024) First half 2025 results: AU$0.08 loss per share (further deteriorated from AU$0.05 loss in 1H 2024). Net loss: AU$14.0m (loss widened 62% from 1H 2024). New Risk • Mar 13
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$35m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$35m free cash flow). Earnings have declined by 41% per year over the past 5 years. Minor Risks Revenue is less than US$5m (AU$4.2m revenue, or US$2.6m). Market cap is less than US$100m (AU$67.1m market cap, or US$42.4m). Announcement • Feb 20
Australian Strategic Materials Ltd Announces Board Changes Australian Strategic Materials Limited advised the appointment of Dominic Heaton to its Board as an Independent Non-Executive Director, effective 19 February 2025. Mr. Heaton has extensive experience in the mining and mineral processing sector and has held several high-profile leadership roles across various jurisdictions. With a Bachelor of Science from James Cook University and a Postgraduate Diploma in Mineral Processing from La Trobe University, Mr. Heaton has further honed his executive leadership skills through the Advanced Management Program at the University of Melbourne, Mt Eliza and as a Member of the Australian Institute of Company Directors. Mr. Heaton brings a depth of expertise that will directly contribute to ASM's development and growth objectives spanning funding activities, permitting, feasibility studies, construction, commissioning, operations, and asset sales. Throughout his career, Mr. Heaton has been instrumental in the development and execution of multiple large scale mining and mineral processing projects. As CEO of Masan High-Tech Materials in Vietnam, Mr. Heaton built the team that delivered the first major new tungsten mine and mineral processing facility globally in 2013 and helped secure the company's listing on the UPCOM exchange in 2015. As General Manager at Lang Xang Minerals Limited in Laos, he led the commissioning of a gold processing plant and helped establish the world's first acid milling and pressure-oxidation copper plant on the same site. Currently, he serves as a Non-Executive Director for Asiamet Resources and runs his own consulting firm specialising in mining and resource management. Mr. Heaton will replace Non-Executive Director Nic Earner, who will be stepping down from the ASM Board with effect from 1 March 2025. Mr. Earner has served on the Board since ASM demerged from Alkane Resources Ltd. in 2020. Announcement • Jan 23
Australian Strategic Materials Ltd Announces Resignation of Dennis Wilkins as Joint Company Secretary, Effective 1 February 2025 Australian Strategic Materials Ltd. announced that Mr. Dennis Wilkins has provided notice of resignation from his role as Joint Company Secretary of the Company, effective as of 1 February 2025. Ms Annaliese Eames will continue in the role of Company Secretary. Announcement • Oct 15
Australian Federal Government's International Partnerships in Critical Minerals Awards Australian Strategic Materials with AUD 5 Million Grant Australian Strategic Materials Limited advised that it has been awarded AUD 5 million under the Australian Federal Government's International Partnerships in Critical Minerals (IPCM) Program. The grant funding will be matched by ASM and used to support work to identify potential lower capital and shorter implementation pathways to rare earth production (RE Options Assessment and Pilot Program) at the Company's Dubbo Project in New South Wales. The RE Options Assessment and Pilot Program will be undertaken as a precursor to the Front-End Engineering Design (FEED) services contract awarded to US-owned Bechtel Mining and Metals Inc. (Bechtel) in March 2024. The Dubbo Project is ASM's cornerstone critical minerals deposit which will produce a range of rare earth and critical mineral oxides essential to the global energy transition. The IPCM Program was launched in February 2024 to provide critical minerals businesses funding to grow end-to-end supply chains with Australia's international partners. The RE Options Assessment and pilot Program will enable ASM to identify alternative, capital efficient and nearer term options for producing rare earth elements at the Dubbo Project before commencing the FEED services contract and undertaking an updated feasibility study on the construction and operation of the Dubbo Project. The RE Options Assessment and pilots Program will involve engineering, sampling, metallurgical testing and a pilot program at ASM's pilot facility located at ANSTO, New South Wales. ASM will be working with international partners, DRA Global and Stantec, as well as local service providers Mining One and Core Metallurgy to deliver this program. These activities are critical to ASM progressing key funding activities and taking final investment decision (FID) on the Dubbo Project which is targeted for the first half of 2026. This funding support is in addition to ASM's recent capital raise activities and its current discussions with the Export-Import Bank of the United States (US EXIM) regarding ASM's application for funding under the Engineering Multiplier Program. Together, this funding will enable the Company to advance critical activities to reach FID on the Dubbo Project and transition into the construction phase. ASM is building a mine to metals business to extract, refine and manufacture high-purity metals and alloys for a global customer base. The Dubbo Project will develop a secure, sustainable source of rare earths and critical minerals, strengthen mid-stream processing capability in Australia, drive renewable energy adoption and create jobs and investment in regional Australia. Reported Earnings • Oct 01
Full year 2024 earnings released: AU$0.15 loss per share (vs AU$0.16 loss in FY 2023) Full year 2024 results: AU$0.15 loss per share (improved from AU$0.16 loss in FY 2023). Net loss: AU$25.1m (loss narrowed 4.3% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has fallen by 61% per year, which means it is performing significantly worse than earnings. New Risk • Sep 29
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 55% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (8.7% increase in shares outstanding). Revenue is less than US$5m (AU$7.0m revenue, or US$4.9m). Market cap is less than US$100m (AU$114.2m market cap, or US$78.9m). Announcement • Sep 27
Australian Strategic Materials Ltd, Annual General Meeting, Nov 26, 2024 Australian Strategic Materials Ltd, Annual General Meeting, Nov 26, 2024. New Risk • Sep 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 55% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (8.7% increase in shares outstanding). Revenue is less than US$5m (AU$7.0m revenue, or US$4.7m). Market cap is less than US$100m (AU$106.9m market cap, or US$71.9m). New Risk • Jun 13
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$148.5m (US$98.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 55% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (8.7% increase in shares outstanding). Revenue is less than US$5m (AU$7.0m revenue, or US$4.7m). Market cap is less than US$100m (AU$148.5m market cap, or US$98.9m). New Risk • Apr 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.8% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 55% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (7.8% increase in shares outstanding). Revenue is less than US$5m (AU$7.0m revenue, or US$4.6m). Announcement • Apr 18
Australian Strategic Materials Ltd has filed a Follow-on Equity Offering in the amount of AUD 5.211967 million. Australian Strategic Materials Ltd has filed a Follow-on Equity Offering in the amount of AUD 5.211967 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 4,493,075
Price\Range: AUD 1.16
Discount Per Security: AUD 0.0116
Security Features: Attached Options
Transaction Features: Rights Offering Announcement • Apr 17
Australian Strategic Materials Ltd has completed a Follow-on Equity Offering in the amount of AUD 15.000001 million. Australian Strategic Materials Ltd has completed a Follow-on Equity Offering in the amount of AUD 15.000001 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 12,931,035
Price\Range: AUD 1.16
Discount Per Security: AUD 0.058
Transaction Features: Subsequent Direct Listing Reported Earnings • Mar 15
First half 2024 earnings released: AU$0.05 loss per share (vs AU$0.08 loss in 1H 2023) First half 2024 results: AU$0.05 loss per share (improved from AU$0.08 loss in 1H 2023). Net loss: AU$8.60m (loss narrowed 29% from 1H 2023). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 42% per year, which means it has not declined as severely as earnings. Announcement • Nov 29
Australian Strategic Materials Ltd Appoints Stephen Motteram to the Role of Chief Financial Officer, Effective 29 January 2024 Australian Strategic Materials Ltd. announced the appointment of Mr. Stephen Motteram to the role of Chief Financial Officer (CFO), effective 29 January 2024. Stephen is a senior finance executive with more than 20 years of international experience in banks and commodities trading firms, including Noble Group and National Australia Bank. His extensive experience covers project development, capital raising, financial control, contract negotiations, investment analysis, mergers, acquisitions and treasury operations. Stephen is a Certified Practicing Accountant (CPA) and graduate of the Australian Institute of Company Directors (AICD). Reported Earnings • Sep 30
Full year 2023 earnings released: AU$0.08 loss per share (vs AU$0.17 loss in FY 2022) Full year 2023 results: AU$0.08 loss per share. Net loss: AU$26.3m (loss widened 8.2% from FY 2022). Announcement • Sep 28
Australian Strategic Materials Ltd, Annual General Meeting, Nov 23, 2023 Australian Strategic Materials Ltd, Annual General Meeting, Nov 23, 2023. Agenda: To consider the re-election and appointment of directors. Announcement • Dec 23
Australian Strategic Materials Limited Appoints Annaliese Eames as General Counsel and Joint Company Secretary, Effective from 30 January 2023 Australian Strategic Materials Limited advised that Ms. Annaliese Eames has been appointed as General Counsel and Joint Company Secretary, effective from 30 January 2023. Ms. Eames has over 15 years' of legal, commercial, strategic and corporate governance experience. Ms. Eames brings a depth of knowledge in large scale project contracting, corporate, finance and intellectual property law. Immediately prior to accepting the General Counsel role, Ms. Eames was Managing Counsel with BHP and prior to this has held a variety of roles with a diverse range of companies in the mining industry. Announcement • Dec 06
Australian Strategic Materials Ltd has completed a Follow-on Equity Offering in the amount of AUD 15.13578 million. Australian Strategic Materials Ltd has completed a Follow-on Equity Offering in the amount of AUD 15.13578 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 8,749,006
Price\Range: AUD 1.73 Announcement • Nov 30
Australian Strategic Materials in Conversation with A Number of Parties for Its Dubbo Project Australian Strategic Materials Ltd. (ASX:ASM) is seeking investors for its Dubbo project in New South Wales state, the company’s Chief Executive Rowena Smith said on November 30, 2022. “So we are looking for offtake partners who will then take an equity portion in the project,” Smith told Reuters at the Australia-Korea Business Council (AKBC) conference in Sydney. “We are in conversation with a number of parties at the moment about that potential,” she said. Investment from South Korea, where ASM already has some operations would be the “first and strongest option”, she said. We would be looking for an equity contribution of about 20%-40% of the Dubbo project,” she said. Any investor in Dubbo “may also choose to choose to take an equity position in the Korean Metals Plant as well,” she said. Smith said ASM wants to have a deal in place by mid-2023. The company is also talking to companies in the United States, Japan and Europe, she said. Announcement • Nov 22
Australian Strategic Materials Ltd Receives Grant for Studies to Finalize the Process Flowsheet for the Dubbo Project's Heavy Rare Earths Solvent Extraction Circuit Australian Strategic Materials Limited announced that its 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 finalize 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 Organization (ANSTO). ASM CEO Rowena Smith thanked the NSW government for supporting the Dubbo Project through this Stream 1 funding round. 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. Announcement • Nov 11
Australian Strategic Materials Ltd Announces Executive Changes Australian Strategic Materials Limited advises that Ms Julie Jones has provided notice of resignation from her role as General Counsel and Joint Company Secretary to pursue another opportunity. Julie will remain at ASM until 2 February 2023. Mr. Dennis Wilkins will continue in the role of Company Secretary. Announcement • Oct 04
Australian Strategic Materials Ltd, Annual General Meeting, Nov 28, 2022 Australian Strategic Materials Ltd, Annual General Meeting, Nov 28, 2022. Announcement • Sep 23
Australian Strategic Materials Ltd Auditor Raises 'Going Concern' Doubt Australian Strategic Materials Ltd filed its Annual on Sep 21, 2022 for the period ending Jun 30, 2022. In this report its auditor, PricewaterhouseCoopers LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern. Reported Earnings • Sep 23
Full year 2022 earnings released: AU$0.17 loss per share (vs AU$0.007 loss in FY 2021) Full year 2022 results: AU$0.17 loss per share (further deteriorated from AU$0.007 loss in FY 2021). Net loss: AU$24.3m (loss widened AU$23.5m from FY 2021). Announcement • Jul 19
Australian Strategic Materials Ltd Announces Resignation of David Woodall as Managing Director Australian Strategic Materials Limited announced that Managing Director & Chief Executive Officer, Mr. David Woodall, has advised the Board of his intention to step down from both roles, and would be leaving the Companyimmediately. In accepting Mr. Woodall's decision, the Board thanked him for his contribution to ASM, particularly or laying the foundations for the Company to take advantage of the global demand for critical metals. During Mr. Woodall's tenure, ASM has delivered a strong Optimisation Study for the Dubbo Project, acquired innovative metallisation technology, constructed its first metals plant in South Korea, and signed an engineering, procurement and construction definition contract with Hyundai Engineering. Announcement • Jul 18
Australian Strategic Materials Ltd Announces Executive Changes Australian Strategic Materials Limited announced that Managing Director & Chief Executive Officer, Mr. David Woodall, has advised the Board of his intention to step down from both roles, and would be leaving the Companyimmediately. In accepting Mr. Woodall's decision, the Board thanked him for his contribution to ASM, particularly for laying the foundations for the Company to take advantage of the global demand for critical metals. During Mr. Woodall's tenure, ASM has delivered a strong Optimisation Study for the Dubbo Project, acquired innovative metallisation technology, constructed its first metals plant in South Korea, and signed an engineering, procurement and construction definition contract with Hyundai Engineering. Mr. Gandel also announced that Ms Rowena Smith, ASM's Chief Operating Officer, has accepted the appointment of Chief Executive Officer. Ms Smith is a highly experienced global mining executive and has been ASM's Chief Operating Officer since July 2021. In her first year with ASM, Ms Smith led the Dubbo Project team, which included work for the optimisation study released in December 2021. She also led the construction and commissioning of the Korean Metals Plant. Ms Smith has almost 30 years of global mining experience in various senior roles including strategy, commercial, operations and ESG. Prior to joining ASM, Ms Smith was South32's Chief Sustainability Officer and Vice President Supply, leading teams across Australia, South Africa, Mozambique, Colombia and the United States. She has also held roles with Rio Tinto and BHP for Nickel West, including as Head of Resource Planning & Development and Projects, Manager Strategy and Acquisitions, and General Manager Kwinana Nickel Refinery. Reported Earnings • Mar 13
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: AU$0.063 loss per share (down from AU$0.022 profit in 1H 2021). Net loss: AU$8.74m (down 435% from profit in 1H 2021). Revenue was in line with analyst estimates. Announcement • Mar 03
Australian Strategic Materials Ltd Announces Resignation of Ian Chalmers as Director Australian Strategic Materials Ltd, advises that Mr. Ian Chalmers, Non-Executive Director, is retiring from the Board as of 1 March 2022 and has accordingly tendered his resignation as a director of ASM. Mr. Chalmers was responsible for bringing the Company's project, the Dubbo Project, into the group in 1987 and, has overseen the development of the project over decades. Mr. Chalmers is one of the founding directors of ASM (18 March 2014) which listed on the ASX via IPO in 2020. He has overseen, with tenacity, the development of the Dubbo Project and the creation of shareholder and stakeholder value where ASM enjoys market capitalisation in excess $1.1 billion. The Company is looking to retain Mr. Chalmers in an ongoing technical advisory role. Announcement • Nov 25
Australian Strategic Materials Limited Announces Hot Commissioning Begins at its Korean Metals Plant in Ochang Province, South Korea Australian Strategic Materials Limited announced that commissioning has begun at its Korean Metals Plant in Ochang Province, South Korea. The company has commenced hot commissioning on its neodymium furnace. This included firing up the plant's furnaces, processing feed material and casting the plant's first ingots of neodymium metal. This represents the first phase of commissioning activities, with additional modules of the Korean Metals Plant undergoing construction and installation. These first phase commissioning activities are planned to continue through the first half of 2022, with the full scale, 5200 tpa plant due for completion in the second half of calendar year 2022. Updated production guidance will be provided once the first phase of commissioning is complete. Executive Departure • Aug 05
Joint Company Secretary James Carter has left the company On the 2nd of August, James Carter's tenure as Joint Company Secretary ended after 1.2 years in the role. We don't have any record of a personal shareholding under James' name. James is the only executive to leave the company over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Announcement • Mar 10
Australian Strategic Materials Signs Mou with S Korean Prov Govt for Metals Plant Location Australian Strategic Materials has signed a memorandum of understanding (MoU) with the Chungcheongbuk-do (Chungbuk) Provincial Government and Cheongju-si (Cheongju), City Government to locate its first metals plant (Korean Metals Plant or KMP) within the Ochang Foreign Investment Zone in Korea. The Chungbuk Provincial Government MoU covers supply of utilities, administrative licenses and permit procedures, including the Korean Standard Industrial Classification code for rare metals and rare earth metals. The MoU also includes a government grant, in accordance with Foreign Investment Promotion Act. Chungbuk is located 115km south of the Korean capital, Seoul, and 20km north of Daejeon, the site of the metalisation pilot plant. The region has substantial existing infrastructure and a competent technical work force. Announcement • Mar 03
Australian Strategic Materials Completes Internal Scoping Study for an Initial 5,200ta Metals Plant Australian Strategic Materials has completed an internal Scoping Study for an initial 5,200tpa metals plant (Korean Metals Plant or KMP) in Korea. The results of the study demonstrate the feasibility of the Korean Metals Plant. As a result of the positive outcome of the Scoping Study, the ASM Board has approved an expenditure of approximately $1.5 million for detailed design engineering. This will provide a fully engineered scope of works and further refine capital estimates, before making a final investment decision by June 2021. The Korean Metals Plant will initially produce high-purity neodymium iron boron powder and titanium powder using the innovative, low-energy metallisation process developed and patented by ASM's Ziron Tech team. With the completion of the detailed engineering and the confirmation of the capital costs of the KMP, an investment decision is anticipated by June 2021. Construction of the Korean Metals Plant is expected to be completed by mid-2022, with metal production to progressively increase, expecting to reach full capacity of 5,200tpa by mid-2022. ASM will continue to pursue its collaborative strategy with Korean manufacturers to independently produce key critical metals, focusing on rare earths, titanium and zirconium metals, alloys, and powders. ASM expects to expand the capacity of the KMP to over 16,000tpa by the end of 2024, to meet the potential Korean demand. Announcement • Feb 12
Australian Strategic Materials Ltd Produces Rare Earth Permanent Magnets At KIRAM Australian Strategic Materials reported that the Korean Institute of Rare Metals (KIRAM) has successfully produced and tested two kilograms of pre-sintered permanent magnets from ASM's high-purity neodymium-iron-boron (NdFeB) powder from its pilot plant in Korea. KIRAM's testing provides a strong indication that ASM's NdFeB alloy is suitable to produce rare earth permanent magnets that are commercially in demand. KIRAM scientists made a strip-cast sample using five kilograms of the NdFeB powder produced by ASM's Ziron Tech team. The strip was then examined using scanning electron
microscopy (SEM) and Energy Dispersive X-Ray Spectroscopy (EDS) to confirm the microstructure and magnetic orientation. Some of the Ziron Tech NdFeB alloy was pressed into a two-kilogram block to measure the magnetic characteristics using VSM (Vibrating Sample Magnetometry) and compared with a similar sample made from a commercially available alloy. These tests indicated that ASM's pre-sintered magnet exhibited superior magnetic properties than the commercial sample. Announcement • Feb 10
Australian Strategic Materials Ltd Powder Approves for 3D Printing by Korean Advanced Manufacturing Company Australian Strategic Materials received confirmation of its high-purity titanium powder from HANA AMT, a Korean 3D printing group. HANA AMT performed a detailed analysis of 20kg of the titanium powder, confirming a purity of 99.918%. The titanium metal powder assayed came from a run of 75kg produced at ASM's metallisation pilot plant during January 2021. ASM and HANA AMT have signed a non- disclosure agreement as they progress negotiations towards an initial 1,500 tonne per year offtake agreement for titanium metal powder. Is New 90 Day High Low • Dec 11
New 90-day high: AU$4.54 The company is up 127% from its price of AU$2.00 on 11 September 2020. The Australian market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 14% over the same period. Is New 90 Day High Low • Nov 20
New 90-day high: AU$4.08 The company is up 113% from its price of AU$1.92 on 21 August 2020. The Australian market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is down 2.0% over the same period. Announcement • Nov 19
Australian Strategic Materials Ltd Announces Commercial Scalability and 2X Efficiency of Process Australian Strategic Materials has successfully confirmed the commercial scalability of its innovative metallisation process with the production of 120kg of titanium copper alloy (99.5% purity) at its facility in Korea. ASM's Ziron Tech team produced two 60kg runs of the titanium copper alloy at a rate equivalent to approximately 1,000kg per day. This result is significantly above the targeted 250kg per day production rate, outlined in the agreement between ASM and Dongkuk Refractories and Steel Co Ltd. (DK R&S), announced on 2 November 2020. The key to the successful demonstration of the commercial scalability was due to proprietary improvements to ASM's unique metallisation process, which has seen the efficiency of metal recovery more than double than the initial test work in the pilot plant. This test work confirms the ability of ASM to produce any type of titanium alloy traded in the global metal market. This increase in efficiency was delivered while maintaining the environmental advantages of ASM's low-energy metallisation process, compared to the standard industry process. ASM will now focus on accelerating the development of a larger metals plant in Korea through its agreement with DK R&S. Members of DK R&S's management and technical team were present to witness the successful metallisation run using the improved process. Announcement • Oct 04
Australian Strategic Materials Ltd Produces Heavy Rare Earth Metal Dysprosium in Korea Australian Strategic Materials, through its partner Ziron Technology Corporation, has successfully produced 7.5 kg of a high purity dysprosium metal at its commercial pilot plant in South Korea. After producing 0.76 kg of the heavy rare earth metal last month, this second run confirms that it can be done at scale, marking the completion of the final key permanent magnet metals to be produced at the Ziron Tech facility. ASM has now produced neodymium, praseodymium, neodymium praseodymium alloy and dysprosium all key for permanent magnets through the commercial pilot plant using its innovative metallisation process. Announcement • Sep 04
Australian Strategic Materials Ltd (ASX:ASM) signed a heads of agreement to acquire Zirconium Technology Corporation from Jonghyeon Lee and others. Australian Strategic Materials Ltd (ASX:ASM) signed a heads of agreement to acquire Zirconium Technology Corporation from Jonghyeon Lee and others on for AUD 2.6 million on September 3, 2020. As per terms, Australian Strategic Materials will issue 1.3 million shares of AUD 2 million at an issue price of AUD 2 per share to Ziron Tech and grant of net smelter return of 5% to existing Ziron Tech shareholders from any global commercial metallization facility established using the technology, subject to a 50% step-down of the royalty after payments of AUD 20 million have been made. The shares will be subject to voluntary escrow for 12 months. Post acquisition Professor Lee will retain a 5% stake in Ziron Tech. Through the acquisition Australian Strategic Materials will own all of Ziron Tech’s patents and related intellectual property and technology that were the subject of the RMR Tech joint venture, as well as any intellectual property rights or interests that may be developed by ziron tech in the future. As part of acquisition Professor Lee will become Chief Technology Advisor for Australian Strategic Materials's metallization business. As part of acquisition Australian Strategic Materials will acquire pilot plant constructed in 2020 to confirm the technology. In a related transaction Australian Strategic Materials will acquire 100% of RMR Tech Corporation. Australian Strategic Materials and ZironTech expect to finalize the detailed documentation in relation to this transaction by the end of September, 2020. The transaction is expected to close by end of October, 2020. 
