GPT Round UpGrant & Funding:ASM’s Dubbo Project was awarded a...

GPT Round Up

Grant & Funding:

• ASM’s Dubbo Project was awarded a A$5 million grant under Australia’s International Partnerships in Critical Minerals (IPCM) Program. This funding will be matched by ASM to explore lower capital and faster implementation pathways for rare earth production, an effort that could accelerate Dubbo’s operational timeline.
• Key funding discussions with the Export-Import Bank of the United States (US EXIM) and Export Development Canada (EDC) include conditional debt packages: a $600 million letter of interest (LoI) for construction and execution, and a $32 million LoI for Front-End Engineering Design (FEED). These potential packages demonstrate significant backing from global financial bodies for this strategically important project.

Key Partnerships & Collaborations:

• ASM has partnered with international and local companies (DRA Global, Stantec, Mining One, and Core Resources) for critical project planning, technical assessments, and resource extraction.
• As an active participant in the Minerals Security Partnership (MSP) and U.S. Defense Industrial Base Consortium (DIBC), ASM aims to reinforce global critical mineral supply chains, securing Dubbo's place as a crucial international resource. Collaborating with these entities highlights Dubbo’s role in supporting defense and clean energy industries worldwide.

Project Timeline:

• ASM has set a timeline for Dubbo’s Final Investment Decision (FID), aiming for a decision in the first half of 2026. This is dependent on securing the necessary funding and project advancements made through their partnerships and assessments, especially the Rare Earth Options Assessment.

Rare Earth Options Assessment:

• ASM’s Rare Earth Options Assessment focuses on developing capital-efficient and shorter-timeline production methods. This assessment, supported by the IPCM grant, will cover engineering, drilling, sampling, metallurgical testing, and a pilot program at Australia’s Nuclear Science and Technology Organisation (ANSTO). Success here could set the groundwork for cost-effective production processes ahead of FEED services.
• Initial drilling and sampling have been completed, with further leaching tests underway. Results from these tests are expected in Q1 2025, which will provide insights into more sustainable production pathways for Dubbo’s rare earth output.

Korean Metals Plant (KMP):

• ASM’s Korean Metals Plant continues production of high-demand neodymium iron boron (NdFeB) strip alloy and neodymium praseodymium (NdPr) metal, with plans to begin producing heavy rare earth metals dysprosium (Dy) and terbium (Tb) in 2025.
• ASM is engaged in feedstock supply discussions in the EU and US and exploring rare earth partnerships in Vietnam. The KMP currently has adequate inventory to meet production needs through 2024, and these partnerships will help secure long-term raw material access.

Customer & Market Engagement:

• ASM is in active discussions with multiple potential customers and investors across the U.S., Korea, and Canada. These efforts include technology validation and advancing offtake agreements, which would provide consistent demand for KMP products.
• ASM’s product validation notices from key customers in the EU and Korea indicate solid demand for NdFeB and NdPr products, underscoring ASM’s strategic importance within the global supply chain.

Future Developments:

• Under the Caspin Option Agreement, ASM is conducting additional tests and sample collection for rare earth materials at the Mount Squires Project. This option, if successful, will support a stronger domestic rare earth supply and enhance Dubbo’s potential as a rare earth processing hub.
• ASM is advancing metallisation technology trials, including copper titanium production trials, to enhance the Korean Metals Plant’s capabilities. These technology advancements aim to position ASM as a diversified supplier in the rare earth and metal alloys market.