Ann: 2022 Annual Report to Shareholders, page-4

On behalf of the Board of Australian Strategic Materials Ltd (ASM), I am pleased to present the
Company’s Financial Year 2022 (FY22) Annual Report.

FY22 has been another busy year. There have been many notable highlights as ASM continued
to build its global rare earths and critical minerals business to provide the high-tech metals needed
to solve the challenges of today and the future.
Dubbo Project
ASM continued with the development of its
Dubbo Project - a rare earths and critical
minerals project in NSW, Australia.
We completed the Project’s Optimisation Study,
which confirmed the project’s strong financials.
The Optimisation Study Work also included
design improvements that enhanced the
project’s ESG performance, including reducing
trucks on community roads, creating local jobs
and reducing water consumption.
The Optimisation Study Work was a substantial
and crucial piece of foundational work
that confirms the compelling case for the
development of the Dubbo Project.
Throughout the year, to advance project
financing, ASM engaged with Australian and
Korean government funding agencies and
commenced discussions with Australian,
Korean and global project finance banks. ASM
is encouraged by the support received to date,
especially from the Australian and Korean
Governments, as we continue to pursue
these exciting opportunities.
ASM also progressed toward securing a strategic
investor, and acquiring offtake agreements
for the Dubbo Project, meeting with industrial
conglomerates, product end-users, engineering
companies and financial investors in Korea, the
USA, Europe and Japan. I am confident these
discussions will enable the Company to secure
an aligned strategic partner for the Dubbo
Project, and we look forward to progressing
these discussions into FY23.
In June 2022, the Dubbo Project took a major
step forward, with Hyundai Engineering
Corporation Co., Ltd (HEC) awarded the
contract to provide Engineering Procurement
and Construction Definition (EPCD) work. We
are thrilled to have HEC, one of the world’s
leading EPC firms, seeking to partner with us
on this project.
Over the past two decades, we have developed
a strong relationship with local Elders and
Aboriginal organisations associated with the
land on which the Dubbo Project is located.
This year it was a real pleasure to have Peter
Peckham, Wiradjuri Elder, participate in the
opening of our Korean Metals Plant, celebrating
the connection between Australia and Korea.
Having been an advocate for the Dubbo
Project for many years, I find it exciting to
see traction on the activities fundamental to
delivering the Dubbo Project, and I thank the
talented Project team for their hard work over
the past 12 months.