On the third day of the Prospectors & Developers Association of Canada Convention in Toronto, InvestorNews.com host Tracy Hughes spoke with Rowena Smith, Managing Director and Chief Executive Officer of Australian Strategic Materials Ltd. (ASX: ASM), and Mark Chalmers, President and Chief Executive Officer of Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), about the companies’ proposed partnership and the momentum building across the critical minerals sector.

“PDAC, how’s it going for you?” Hughes asked.

“Oh, it’s been vibrant this year,” Ms. Smith said. “I’m amazed at how many people are here, but also there’s just such terrific energy.”

Mr. Chalmers agreed. “There’s a unique buzz this year at PDAC,” he said. “With the metals prices across the board, there’s a lot of excitement and a lot of optimism for the future.”

Hughes noted the strong interest in the companies’ collaboration. “Our interview with you had over 20,000 views,” she said. “Everybody wants to know about the ASM–Energy Fuels partnership.”

“I’ll let Rowena start it off,” Mr. Chalmers said. “We’ve been talking for a few years, haven’t we?”

“We have,” Ms. Smith said. She explained that Australian Strategic Materials Ltd. has pursued a strategy “to go from mine all the way through to alloys,” emphasizing that building supply chains requires partnerships. “The only way to do that rapidly is to work with partners who already have established capability.”

She said conditions across the sector shifted over the past year. “The pennies just dropped that there’s an urgency to get into a fully vertically integrated solution,” Ms. Smith said. “When we came together with Energy Fuels, we could see there are amazing synergies between the two businesses.”

Mr. Chalmers said the partnership fills a key gap for Energy Fuels Inc.. “We were interested in moving further down the supply chain through alloys,” he said. “The biggest gap we had as a company was in the metals and alloys. ASM fits perfectly into that gap.”

Ms. Smith said the companies are currently progressing regulatory approvals in Australia. “We’re going through a government approval process called FIRB,” she said. “Once that’s completed, we’ll issue a scheme booklet for shareholders.”

She said the process will lead to a shareholder vote, with the companies aiming to complete the transaction around June.

Ms. Smith added that the two teams have already begun working closely together. “As we’ve had more interaction, we can really see we share DNA,” she said. “We’ve got a very similar way of going about doing what we do.”

Mr. Chalmers noted that Energy Fuels already maintains a presence in Australia. “We have an office in Perth,” he said, adding that the companies’ global operations create complementary regional strengths.

“There’s really the Northern Hemisphere, which is the hydrometallurgy and uranium,” he said. “And then the Southern Hemisphere is the heavy mineral sands, the rare earth supply, and also the metallization and alloys.”

Asked about priorities for the combined platform, Mr. Chalmers emphasized execution. “The key focus right now for the company is getting this transaction finalized, integration, and execution,” he said.

Ms. Smith said development work at ASM continues alongside the transaction process. “For ASM, that’s the expansion of the Korean Metals Facility,” she said. “We got funding for that late last year and we are progressing that at pace.”

She said equipment orders have been placed and construction has begun. “Civil work has started there in Korea,” Ms. Smith said, adding that the company expects commissioning early next year while continuing development work at the Dubbo Project in New South Wales.

“It’s just an exciting time,” Mr. Chalmers said. “When you look at increases in metals prices, particularly uranium and the rare earths, and the focus on reshoring capabilities outside China, we’re in a great spot.”

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The rare earth supply chain just moved a step closer to Western self-sufficiency. In a landmark deal, Australian Strategic Materials Ltd. (ASX: ASM) will be acquired by Energy Fuels Inc. (NYSE American: UUUU | TSX: EFR), creating what ASM CEO Rowena Smith calls a “rare earth mine all the way through to alloy champion.” The transaction, valued at approximately A$447 million, brings together ASM’s metallisation and alloying capabilities with Energy Fuels’ rare earth separation and uranium production infrastructure, offering vertically integrated production across Australia, Korea, and the United States.

The deal, valued at approximately A$447 million, would see Energy Fuels acquire 100% of ASM, including its flagship Dubbo Project and its Korean metals plant. As outlined in the January 21st announcement, ASM shareholders are set to receive an implied value of A$1.60 per share, a 121% premium to ASM’s last closing price. “It was really important for our shareholders that there was an opportunity for ASM shareholders to participate in the value that we were creating,” Smith emphasized during her interview with Tracy Hughes, host at InvestorNews.com.

The implications of the deal reach far beyond shareholder value. Smith underscored the strategic synergy between the two companies, particularly the vertical integration of their capabilities. “This is also about acquiring the metallisation and alloying capability that we’ve established,” she noted. That capability, developed in ASM’s Korean facility, includes advanced metallisation for heavy rare earths like dysprosium and terbium, as well as rare earth alloy strip casting.

For Energy Fuels, the acquisition offers a fast track into downstream value creation. “Energy Fuels is making a 100% acquisition of ASM and all our subsidiaries. That includes our Korean metals plant…and our dedicated technology team,” said Smith. The Dubbo Project, long considered a cornerstone of Australia’s critical minerals potential, becomes a crucial asset. “We’ve got a polymetallic orebody… with light rare earths, heavy rare earths, and a number of other critical minerals including zirconium, hafnium and niobium,” she explained.

Beyond the operational synergies, there is a clear geopolitical dimension. With Australia and the U.S. aligning policies through the Critical Minerals Framework, the combined entity stands to benefit. “We know that this combination of assets… is really in the sweet spot for what that policy is aiming to enable,” said Smith, noting ongoing conversations with both governments and detailed due diligence underway in Utah for a potential U.S. metals plant.

As for the collaboration itself, it was no overnight decision. “In truth, I probably went ‘aha’ before Mark did,” Smith laughed, referring to Energy Fuels CEO Mark Chalmers. “The industry has shifted in the last 12 months to being much more open to working in partnership.”

The integration is expected to proceed over the coming months, with government approvals, including Australia’s FIRB process, and a shareholder vote targeted for mid-2026. “I’m very committed to making sure the transition is successful for both businesses and for the teams,” said Smith, who will lead the transition. “We can see how well these two teams are going to work together.”

And what happens after the vote? For now, the focus is on integration and execution. “One of the pieces we’ll be looking at is how to integrate those teams together to have an integrated office for Energy Fuels in Perth,” she added. As for the industry response: “We really are going to create a near-term Western ‘mine all the way through to alloy’ rare earth champion. We’re going to be leveraging the established capability we have collectively across all steps of that supply chain.”

That supply chain may soon span continents, governments, and technologies—but it began with a simple idea: cooperation with purpose.

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March 15, 2025 — Australian Strategic Materials Ltd. (ASX: ASM) is rapidly becoming a central player in North America’s critical minerals supply chain, as outlined by Managing Director and CEO Rowena Smith in an interview at PDAC 2025 with InvestorNews.com’s Tracy Hughes. Emphasizing ASM’s robust momentum, Smith noted the rising enthusiasm from investors and governmental entities, highlighting the company’s strategic expansion plans. “One thing I’m really excited about is just the amount of interest we have and momentum here in the States,” said Smith, underscoring plans to replicate ASM’s successful Korean metals facility on U.S. soil, a move strongly backed by potential funding from the U.S. Department of Defense.

Smith further detailed ASM’s flagship Dubbo Project, located in Australia, emphasizing its critical importance as an alternative source for both light and heavy rare earth elements—commodities notoriously challenging to procure outside of China. “We’ve got effectively a 70-year resource that will run the plant for multi-generations,” she stated. Dubbo uniquely positions ASM not only as a primary producer of rare earth oxides but also as a pivotal player capable of refining these into metals and alloys, thus offering a fully integrated solution to the global market. Reflecting ASM’s strong financing momentum, Smith pointed out, “We’ve had over 1 1/2 billion dollars’ worth of letters of interest from US EXIM as well as EDC, the Canadian Export Finance team, and the Australian Export Finance team.”

Addressing capital efficiency, Smith highlighted ASM’s strategic pivot towards a phased development of the Dubbo Project. Recognizing the considerable capital investment required to develop the entire flowsheet at once, ASM secured a A$5 million Australian Federal Government grant to evaluate phased implementation. Smith explained, “We’re looking at tank leach and heap leach, and we’re looking at it with hydrochloric acid as well as sulfuric acid,” with preliminary results expected mid-year, potentially enabling a quicker, more cost-effective production start focused initially on rare earths.

Smith also commented on the beneficial geopolitical climate in the U.S., describing how the Trump administration’s prioritization of critical minerals has generated heightened investment interest. “The interest has never been stronger,” Smith affirmed, noting increased confidence among private investors due to the administration’s swift formation of institutions like US EXIM, whose recent board quorum establishment represents “a very strong signal of the priority” rare earths now hold. With ASM’s projects aligning closely with strategic governmental objectives, Smith concluded, “We’ve got a solution that’s absolutely on message.”

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About Australian Strategic Materials Ltd.

Australian Strategic Materials (ASX: ASM) is a vertically integrated ‘mine to metals’ producer of critical metals for new growth industries, high technologies and sustainable energy solutions. ASM operates a metals plant in in Ochang, South Korea which is currently producing critical metals and alloys to customer specifications. The initial production focus is on neodymium praseodymium (NdPr) and neodymium iron boron (NdFeB). Currently, ASM sources the rare earth oxides for the production of the critical metals at its Korean Metals Plant (KMP) from a third party located in Vietnam. The company’s Dubbo Project, is a long-term resource of rare earth elements, zirconium, niobium and hafnium, located in New South Wales, Australia. ASM intends to develop the Dubbo Project to produce metal oxides which will be used for refining into critical metals at ASM’s KMP and subsequent plants that may be established in other jurisdictions.

To learn more about Australian Strategic Materials Limited, click here

Disclaimer: Australian Strategic Materials Limited is an advertorial member of InvestorNews Inc.

This interview, which was produced by InvestorNews Inc. (“InvestorNews”), does not contain, nor does it purport to contain, a summary of all material information concerning the Company, including important disclosure and risk factors associated with the Company, its business and an investment in its securities. InvestorNews offers no representations or warranties that any of the information contained in this interview is accurate or complete.

This interview and any transcriptions or reproductions thereof (collectively, this “presentation”) does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to subscribe for or purchase any securities in the Company. The information in this presentation is provided for informational purposes only and may be subject to updating, completion or revision, and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any information herein. This presentation may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on the opinions and assumptions of the management of the Company as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein.

Any projections given are principally intended for use as objectives and are not intended, and should not be taken, as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. This presentation should not be considered as the giving of investment advice by the Company or any of its directors, officers, agents, employees or advisors. Each person to whom this presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. Prospective investors are urged to review the Company’s profile on SedarPlus.ca and to carry out independent investigations in order to determine their interest in investing in the Company.

With the Australian Strategic Materials Ltd.‘s (ASX: ASM) Annual Report to shareholders released earlier today, ASM has emerged as one of the leaders in the global critical minerals market, making significant strides in 2024 across project development, funding acquisition, and sustainable practices. With its cornerstone Dubbo Project advancing closer to construction, and the vertically integrated Korean Metals Plant securing new partnerships, ASM is poised to become a key player in the rare earth and critical minerals supply chain.

Major Funding Secured for the Dubbo Project

ASM’s funding efforts have seen tremendous success in 2024, securing conditional debt financing of up to US$600 million from the Export-Import Bank of the United States (US EXIM) and A$400 million from Export Development Canada (EDC), both designated for the construction phase of the Dubbo Project. In addition, the company raised A$16.6 million through an institutional placement and entitlement offer, further bolstering its financial base.

These significant funding wins mark a major step toward building one of Australia’s most strategically important critical minerals projects. The Dubbo Project will extract and refine essential materials such as rare earths, zirconium, niobium, and hafnium, critical for clean energy technologies, advanced manufacturing, and defense applications.

Pioneering Flowsheet Optimization and Engineering Advancements

ASM’s Dubbo Project saw critical engineering advancements in 2024, supported by US$32 million in conditional funding from US EXIM’s Engineering Multiplier Program, covering over 80% of Front-End Engineering Design (FEED) services. Key flowsheet optimization confirmed the Dubbo Project’s capacity to produce high-purity terbium (Tb), dysprosium (Dy), and hafnium (Hf) oxides, positioning ASM to reduce capital and operating expenses while delivering industry-leading products.

In alignment with its growth strategy, ASM also entered into an Option Agreement with Caspin Resources Ltd. (ASX: CPN), granting ASM the opportunity to earn up to 75% of the rare earth element rights in Caspin’s Mount Squires Project. This partnership strengthens ASM’s resource base and secures future feedstock for its downstream processing operations.

Expanding Global Partnerships at the Korean Metals Plant

The Korean Metals Plant (KMP) continues to solidify ASM’s vertically integrated supply chain, with the facility securing a five-year binding sales and tolling framework agreement with USA Rare Earth, LLC for the supply of neodymium iron boron (NdFeB) alloy. This agreement bolsters ASM’s position as a supplier of high-performance materials for the clean energy sector. Additionally, the plant sent NdFeB alloy samples to three new potential customers in Korea and the European Union, advancing the company’s commercial validation processes.

With A$4.6 million invested in R&D to enhance its metallisation capabilities, the KMP is well-positioned to expand its product offering, strengthening ASM’s role in the global supply chain outside of China.

Leading the Way in ESG Initiatives

ASM continues to demonstrate its leadership in Environmental, Social, and Governance (ESG) performance, ranking in the top 10% of diversified metals companies in Morningstar Sustainalytics’ ESG Risk Ratings. The company’s focus on sustainability is reflected in its ambitious emissions reduction targets, with the Dubbo Project and the KMP setting clear goals for Scope 1 and Scope 2 emissions. Additionally, the Toongi Soil Carbon Project, registered under Australia’s Emissions Reduction Fund, highlights ASM’s commitment to carbon sequestration.

Conclusion

2024 has been a year of substantial achievement for Australian Strategic Materials Ltd. (ASX: ASM). The company secured over A$1 billion in conditional debt funding, progressed the Dubbo Project towards construction with advanced engineering and flowsheet optimization, and expanded its global partnerships, particularly through its Korean Metals Plant. These milestones firmly position ASM as a critical player in supplying rare earths and strategic materials essential for global industries like clean energy, defense, and advanced manufacturing. With a clear pathway to final investment decision (FID) for the Dubbo Project and growing customer engagement, ASM is well-positioned to capitalize on increasing global demand for critical minerals while maintaining a strong commitment to sustainability and ESG principles.

May 16, 2024 — In a recent interview with InvestorNews host Tracy Weslosky, Rowena Smith, Managing Director of Australian Strategic Materials Ltd. (ASX: ASM), provided insights into the company’s significant financial achievements and strategic advancements. ASM successfully completed an oversubscribed institutional placement, raising A$15M, with an additional A$5.2M anticipated from an entitlement offer. Smith expressed satisfaction with the strong financial support, stating, “We were very happy to see the support that we have had.” These funds are crucial for demonstrating co-commitments necessary to secure substantial government funding, furthering the development of ASM’s Dubbo Project.

Smith highlighted substantial commitments from international export credit agencies (ECAs). Export Finance Australia provided a A$200M letter of support and facilitated connections with other global agencies. This effort included a USD$600M support letter from the US Export-Import Bank (US EXIM) and an additional USD$32M for Bechtel’s final engineering phase. Canada’s Export Development Agency also extended a letter of interest for A$400M. Smith emphasized the growing international cooperation, noting, “What we’ve seen increasingly in the last six months is really active cooperation between the ECAs.” These commitments underscore the Dubbo Project’s strategic importance in the global critical minerals supply chain.

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About Australian Strategic Materials Ltd.

Australian Strategic Materials (ASX: ASM) is a vertically integrated ‘mine to metals’ producer of critical metals for new growth industries, high technologies and sustainable energy solutions. ASM operates a metals plant in in Ochang, South Korea which is currently producing critical metals and alloys to customer specifications. The initial production focus is on neodymium praseodymium (NdPr) and neodymium iron boron (NdFeB). Currently, ASM sources the rare earth oxides for the production of the critical metals at its Korean Metals Plant (KMP) from a third party located in Vietnam. The company’s Dubbo Project, is a long-term resource of rare earth elements, zirconium, niobium and hafnium, located in New South Wales, Australia. ASM intends to develop the Dubbo Project to produce metal oxides which will be used for refining into critical metals at ASM’s KMP and subsequent plants that may be established in other jurisdictions.

To learn more about Australian Strategic Materials Limited, click here

Disclaimer: Australian Strategic Materials Limited is an advertorial member of InvestorNews Inc.

This interview, which was produced by InvestorNews Inc. (“InvestorNews”), does not contain, nor does it purport to contain, a summary of all material information concerning the Company, including important disclosure and risk factors associated with the Company, its business and an investment in its securities. InvestorNews offers no representations or warranties that any of the information contained in this interview is accurate or complete.

This interview and any transcriptions or reproductions thereof (collectively, this “presentation”) does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to subscribe for or purchase any securities in the Company. The information in this presentation is provided for informational purposes only and may be subject to updating, completion or revision, and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any information herein. This presentation may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on the opinions and assumptions of the management of the Company as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein.

Any projections given are principally intended for use as objectives and are not intended, and should not be taken, as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. This presentation should not be considered as the giving of investment advice by the Company or any of its directors, officers, agents, employees or advisors. Each person to whom this presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. Prospective investors are urged to review the Company’s profile on SedarPlus.ca and to carry out independent investigations in order to determine their interest in investing in the Company.

May 15, 2024 — In a recent dialogue with Jack Lifton of InvestorNews, Rowena Smith, Managing Director of Australian Strategic Materials Ltd. (ASX: ASM), shared the latest developments in the company’s metals and alloys production. ASM, renowned for its vertically integrated ‘mine to metals’ approach, operates a facility in Ochang, South Korea, specializing in the production of light rare earth metals and NdFeB (Neodymium Iron Boron) alloys crucial for magnet manufacturers. Since September 2022, the facility has been actively delivering these materials, with recent advancements including sending large commercial samples for product validation to prospective customers in Europe and Korea. Smith noted, “We have now sent commercial samples, which is the very last step in those product validation processes,” indicating ASM’s progress towards beginning sales with these clients within the next year.

Furthermore, Smith highlighted significant government support and funding initiatives that are pivotal for advancing ASM’s larger projects, such as the Dubbo Project in New South Wales, which is ready for construction and awaiting necessary funding. Recently, ASM received a substantial boost with a letter of interest from US EXIM for a $600 million loan for the Dubbo Project’s construction phase, coupled with additional funding indications from the Canadian Export Credit Agency and ongoing discussions with other financial bodies. This influx of governmental interest and financial backing from North America underscores the critical role ASM plays in the rare earths supply chain, enhancing its position to negotiate further engineering and offtake agreements. Smith expressed enthusiasm about this support, stating, “We really are starting to get very strong signals from our Australian and North American governments for support for this project,” which also seems to have stimulated heightened interest from other potential stakeholders.

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About Australian Strategic Materials Ltd.

Australian Strategic Materials (ASX: ASM) is a vertically integrated ‘mine to metals’ producer of critical metals for new growth industries, high technologies and sustainable energy solutions. ASM operates a metals plant in in Ochang, South Korea which is currently producing critical metals and alloys to customer specifications. The initial production focus is on neodymium praseodymium (NdPr) and neodymium iron boron (NdFeB). Currently, ASM sources the rare earth oxides for the production of the critical metals at its Korean Metals Plant (KMP) from a third party located in Vietnam. The company’s Dubbo Project, is a long-term resource of rare earth elements, zirconium, niobium and hafnium, located in New South Wales, Australia. ASM intends to develop the Dubbo Project to produce metal oxides which will be used for refining into critical metals at ASM’s KMP and subsequent plants that may be established in other jurisdictions.

To learn more about Australian Strategic Materials Limited, click here

Disclaimer: Australian Strategic Materials Limited is an advertorial member of InvestorNews Inc.

This interview, which was produced by InvestorNews Inc. (“InvestorNews”), does not contain, nor does it purport to contain, a summary of all material information concerning the Company, including important disclosure and risk factors associated with the Company, its business and an investment in its securities. InvestorNews offers no representations or warranties that any of the information contained in this interview is accurate or complete.

This interview and any transcriptions or reproductions thereof (collectively, this “presentation”) does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to subscribe for or purchase any securities in the Company. The information in this presentation is provided for informational purposes only and may be subject to updating, completion or revision, and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any information herein. This presentation may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on the opinions and assumptions of the management of the Company as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein.

Any projections given are principally intended for use as objectives and are not intended, and should not be taken, as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. This presentation should not be considered as the giving of investment advice by the Company or any of its directors, officers, agents, employees or advisors. Each person to whom this presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. Prospective investors are urged to review the Company’s profile on SedarPlus.ca and to carry out independent investigations in order to determine their interest in investing in the Company.

Welcome to the latest issue of the Technology Metals Report (TMR), brought to you by the Critical Minerals Institute (CMI). In this edition, we compile the most impactful stories shared by our CMI Director‘s over the past week, reflecting the dynamic and evolving nature of the critical minerals and technology metals industry. Among the key stories featured in this report are the strategic acquisition by Energy Fuels Inc. (NYSE American: UUUU | TSX: EFR) of Base Resources Limited (ASX: BSE | AIM: BSE) to become a leader in critical minerals production, and Nornickel’s initiative to establish a new copper plant in China, enhancing their production capabilities amidst Western sanctions. We also cover significant developments like Rio Tinto, Eramet, and LG Energy’s competition to develop lithium extraction technology in Chile, which is crucial for the global battery market.

This week’s TMR Report also highlights the growth in the electric vehicle market with projections for 2024 sales reaching 17 million units worldwide, underlining a substantial shift towards electric mobility. Additionally, we delve into Honda’s massive $15 billion investment to establish Canada’s first comprehensive electric vehicle supply chain, promising to create thousands of new jobs and significantly bolster North America’s role in the global EV market. These developments underscore the intertwined nature of technological advancements and strategic investments across the critical minerals sector, positioning our industries at the forefront of global economic and environmental transformations.

To keep up-to-date with such crucial developments and to be part of our growing community, become a CMI member.

Growing North American support builds momentum for Dubbo Project funding process: (April 26, 2024, Source) — Australian Strategic Materials Limited (ASX: ASM) announced receiving a non-binding, conditional Letter of Interest (LoI) from Export Development Canada (EDC), offering up to A$400 million in debt financing for the Dubbo Project, focusing on rare earths and critical minerals. This support aligns with ASM’s strategy to strengthen North American partnerships, enhancing a secure critical minerals supply chain. The EDC LoI supplements previous funding interests, including A$200 million from Export Finance Australia and A$923 million from the U.S. Export-Import Bank, reflecting growing financial confidence in the project. ASM’s Managing Director, Rowena Smith, expressed enthusiasm for the momentum in funding and strategic relationships, underlining the project’s potential as a reliable source of critical minerals. The company continues to engage with other financial entities to secure further support.

Honda to build Canada’s first comprehensive electric vehicle supply chain, creating thousands of new jobs in Ontario: (April 25, 2024, Source) — Honda is set to invest approximately $15 billion to develop Canada’s first comprehensive electric vehicle (EV) supply chain, based in Ontario. This landmark investment includes the establishment of four new manufacturing facilities, notably an EV assembly plant and a standalone battery manufacturing facility at Honda’s Alliston site. Additionally, Honda will collaborate with POSCO Future M Co., Ltd. and Asahi Kasei Corporation to build a cathode active material and precursor processing plant and a separator plant, respectively. Projected to be fully operational by 2028, the assembly plant will have the capacity to produce up to 240,000 vehicles annually. This initiative is expected to create over a thousand manufacturing jobs directly and thousands more indirectly throughout Canada, significantly bolstering the nation’s automotive sector. The investment highlights the global confidence in Canada’s skilled workforce and robust economic environment.

BHP Targets Anglo American in Bid Valuing Miner at $39 Billion: (April 25, 2024, Source) — BHP Group Ltd. (ASX: BHP | NYSE: BHP) proposed a £31.1 billion takeover of Anglo American PLC, aiming to become the world’s top copper producer. The all-share deal requires Anglo to divest its South African platinum and iron ore stakes before acquisition. This merger would give BHP control over roughly 10% of global copper supply, anticipating a market shortage. The offer of £25.08 per share stirred Anglo’s shares to rise 14%, reflecting a market value of £30.7 billion. BHP’s interest, initially reported by Bloomberg, has reactivated large-scale mergers in the mining sector after a cautious period. Analysts predict a potential raise in BHP’s initial bid, amidst expectations of a bidding war and increased market consolidation. The deal is expected to face antitrust scrutiny due to the significant concentration of global copper production.

Thinking about MP/Lynas? Think about Studebaker-Packard: (April 24, 2024, Source) — The historical consolidation of the American car industry from 1950 to 1960, where major brands like Studebaker and Packard failed despite the post-war demand for cars, serves as an analogy to critique the potential merger of MP Materials Corp. and Lynas Rare Earths Ltd. in the rare earths sector. Jack argues against the merger, citing the leadership’s lack of industry-specific knowledge, operational mismatches, and incompatible mining operations between the two firms. Concerns are also raised about the practicality of their strategies and the implications of excess capacity and the handling of hazardous byproducts. The broader theme criticizes today’s business and political leaders, suggesting they lack the understanding and capability demonstrated by past industry giants like those during WWII, thereby questioning current strategic decisions in business compared to historical precedents.

BlackRock Says $12,000 Copper Is Needed to Incentivize New Mines: (April 24, 2024, Source) — Olivia Markham, co-manager of the BlackRock World Mining Fund, stated that copper prices need to hit $12,000 per ton—a 20% increase from current highs—to stimulate investments in new mines. This rise is crucial to prevent significant shortages during the energy transition, despite copper recently reaching a two-year high of nearly $10,000 per ton. Markham highlighted the necessity of higher prices to support new greenfield projects as the industry faces a dire shortage of mined ore, particularly with soft demand from China this year. An analysis of recent mining investments shows that to achieve a 15% post-tax return, copper prices must reach $12,000 per ton. The ongoing shortage and positive shifts in manufacturing sentiment suggest a potential bull market for copper, with prices already up by 15% year-to-date.

World’s Biggest Energy Traders Are Returning to Metals Markets: (April 24, 2024, Source) — Some of the world’s largest energy trading firms, including Vitol Group, Gunvor Group, and Mercuria Energy Group, are re-entering the metals market after a hiatus marked by previous financial setbacks. They are expanding their metals teams to utilize profits from the energy sector, amid optimistic forecasts for copper and aluminum due to looming production shortfalls. This move is strategic as these metals are crucial in the energy transition, linking closely to power markets where these companies are also expanding. Despite the challenges posed by a market dominated by giants like Glencore Plc and Trafigura Group, these energy traders are leveraging their substantial capital and large-scale logistics to potentially disrupt the market. They are focusing on commodities like aluminum and iron, while exploring roles in base metals trading and funding mining operations, signaling a significant shift in their business strategies.

Lynas Rare Earths’ revenue slumps, misses expectations: (April 23, 2024, Source) — Lynas Rare Earths Ltd. (ASX: LYC), an Australian miner, reported a significant decline in third-quarter sales revenue, falling short of analyst expectations with only A$101.2 million compared to A$242.8 million the previous year. This decline was primarily due to decreased prices for rare earths, influenced by increased production in China and slower demand recovery. CEO Amanda Lacaze noted a slight price improvement but not enough to accelerate production. Consequently, Lynas will not increase production at its Malaysian facilities and plans to retain inventories until prices rise. The company also adjusted the budget for its Kalgoorlie project in Western Australia to A$800 million from A$730 million. Additionally, Lynas is progressing with its Mt Weld Expansion Project and anticipates starting construction on a U.S. processing plant by year-end to help reduce American reliance on Chinese rare earths.

Fuel cycle players explore opportunities and challenges at WNFC 2024: (April 23, 2024, Source) — At the World Nuclear Fuel Cycle 2024 conference in Almaty, Kazakhstan, industry leaders discussed the ambitious goal of tripling nuclear energy capacity by 2050, addressing both the opportunities and challenges this presents for the nuclear supply chain. Sama Bilbao y León, Director General of the World Nuclear Association, emphasized the growing political support for nuclear energy amidst volatile geopolitics and energy security crises. Bohdan Zronek, Chairman of the World Nuclear Association and chief nuclear officer at ČEZ, highlighted the need to enhance every aspect of the nuclear value chain, from mining to fuel fabrication, to meet this target. This includes constructing about 1000GWe of new nuclear capacity over the next 26 years, necessitating significant innovation and expansion in capabilities. The conference also focused on how front-end fuel cycle players, particularly in uranium-rich Kazakhstan, are preparing to meet these demands, with emphasis on strategic partnerships and new market dynamics.

The world’s electric car fleet continues to grow strongly, with 2024 sales set to reach 17 million: (April 23, 2024, Source) — The global electric car market is expanding rapidly, with 2024 projected sales reaching 17 million units. This growth is highlighted by a 25% increase in sales in the first quarter compared to the previous year, maintaining the momentum from 2023’s 35% increase to nearly 14 million vehicles sold. China continues to lead with expected sales of 10 million electric cars in 2024, representing about 45% of its total car market. In contrast, the U.S. and Europe are seeing electric cars making up a smaller portion of total sales, yet significant growth is evident. The IEA’s Global EV Outlook underscores that electric vehicles (EVs) are set to dominate the future auto market, influenced by substantial investments in the EV supply chain, declining prices, and robust policy support. If current trends persist, one in three cars in China will be electric by 2030, with similar but slightly lower proportions in the U.S. and Europe. This shift is poised to drastically reduce oil consumption and reshape both the auto and energy sectors globally.

Rio Tinto, Eramet and LG Energy seek to develop lithium extraction tech for Chile: (April 22, 2024, Source) — Rio Tinto, Eramet, and LG Energy are among 30 companies vying to develop lithium extraction technology for a Chilean salt flat, as part of early exploration efforts announced by ENAMI, Chile’s state-run mining agency. Chile aims to mine the Salares Altoandinos salt flat for lithium, seeking detailed proposals from companies on methods to test brine deposits and achieve battery-grade lithium, including plans for environmental impact assessments of brine reinjection. The initiative is part of a broader strategy by President Gabriel Boric to enhance state involvement in Chile’s lithium sector, which holds the world’s largest reserves. Boric’s policy also includes transitioning from traditional evaporation ponds to direct lithium extraction technology. Meanwhile, Rio Tinto and France’s Eramet are progressing with their own lithium projects in Argentina, anticipating production starts this year.

Copper demand to boom as new technology drives power consumption, Trafigura says: (April 22, 2024, Source) — Trafigura, a commodity trading firm, predicts a significant increase in copper demand, forecasting an additional 10 million metric tons over the next decade due to advancements in technology and the energy transition. This surge is driven by the growing needs of the electric vehicle (EV) industry, renewable energy, artificial intelligence, and automation. Graeme Train of Trafigura indicates that EVs will account for one-third of this new demand, with another third due to the expansion in electricity generation, transmission, and distribution. The remaining demand will come from automation, manufacturing capital expenditures, and cooling systems in data centers. This increased demand is occurring alongside a spike in copper prices, which have reached two-year highs near $10,000 a ton on the London Metal Exchange, fueled by tight supplies and declining warehouse stocks. Disruptions like mine closures have exacerbated supply constraints, contributing to a bullish outlook for copper, with forecasts anticipating significant market shortages.

Nornickel set to build copper plant in China after shutting Russian factory: (April 22, 2024, Source) — Nornickel, a leading metal producer, is set to close its copper plant in Russia, aimed at reducing sulphur dioxide emissions, and will establish a new facility in China, according to CEO Vladimir Potanin. This decision follows the refusal of Western technology partners to supply essential parts due to sanctions. The move is part of Nornickel’s broader strategy to adapt to the adverse impacts of Western sanctions, which have also influenced changes in the timing, cost, and configuration of their emission reduction projects. The U.S. and the U.K. recently intensified pressures by banning new imports of certain Russian metals, prompting Nornickel to seek alternative markets. Potanin announced plans for a joint venture in China to build the plant by mid-2027, leveraging local technology and market proximity, and potentially entering the battery production sector. This shift also aligns with the broader trend of Russian firms relocating to China following U.S. sanctions.

Energy Fuels Secures Strategic Acquisition (A$375M) of Base Resources to Become a Global Leader in Critical Minerals Productions: (April 21, 2024, Source) — Energy Fuels Inc. (NYSE American: UUUU | TSX: EFR), a key player in the uranium, rare earths, and vanadium market, has significantly expanded its portfolio through the acquisition of Base Resources Limited (ASX: BSE | AIM: BSE) for A$375 million. This deal, which entails purchasing 100% of Base Resources’ shares, marks Energy Fuels’ major stride into the global critical minerals market. The acquisition includes the Toliara heavy mineral sands project in Madagascar, known for its abundant deposits of monazite, a valuable byproduct in titanium and zirconium production. This project is poised to enhance Energy Fuels’ production of low-cost, high-value rare earth oxides, utilizing its White Mesa Mill in Utah for processing. The acquisition also brings onboard Base Resources’ experienced team, boosting operational efficiencies. Financial terms involve both stock and cash components, indicating a strategic move by Energy Fuels to diversify and strengthen its critical mineral supply, crucial for modern technologies like electric vehicles and renewable energy systems.

Investor.News Critical Minerals Media Coverage:

• April 24, 2024 – Thinking about MP/Lynas? Think about Studebaker-Packard https://bit.ly/4aPlkAD
• April 23, 2024 – Criticality & China: A Matter of Perspective https://bit.ly/3U8QaNr
• April 21, 2024 – Energy Fuels Secures Strategic Acquisition (A$375M) of Base Resources to Become a Global Leader in Critical Minerals Productions https://bit.ly/3Q9gNR6

Investor.News Critical Minerals Videos:

• April 25, 2024 – John Passalacqua on First Phosphate Meeting the Demand for Battery-Grade LFP Cathode Active Material https://bit.ly/49SpiHk

Critical Minerals IN8.Pro Member News Releases:

• April 26, 2024 – Growing North American support builds momentum for Dubbo Project funding process https://bit.ly/3UAo5QD
• April 26, 2024 – Indicative, Conditional and Non-Binding Proposal Received by American Rare Earths https://bit.ly/3UjmNYG
• April 25, 2024 – Zentek Provides ZenGUARD(TM) Business Update https://bit.ly/3JAoH2j
• April 24, 2024 – Power Nickel Extends Momentum – Closes Acquisition on 80% of Nisk https://bit.ly/3UviRFF
• April 23, 2024 – First Phosphate Intersects 92.5 m of 11.82% Igneous Phosphate Starting at Surface at Its Begin-Lamarche Project in Saguenay-Lac-St-Jean, Quebec, Canada https://bit.ly/4aOzbXO
• April 23, 2024 – Appia Announces Appointment of Mr. Andre Costa as New VP Exploration for Brazil Operations https://bit.ly/49QtjMg
• April 23, 2024 – Power Nickel Releases Thick High-Grade Assays of Copper, PGMs, Gold and Silver from its new Lion Discovery https://bit.ly/3UuBZn9
• April 22, 2024 – Scandium Canada Signs Pre-Development Agreement with the Naskapi Nation of Kawawachikamach for its Crater Lake Scandium Project https://bit.ly/4b7qrf3
• April 21, 2024 – Energy Fuels Announces Agreement for Transformational Acquisition of Base Resources, Creating a Global Leader in Critical Minerals Production with a Focus on Uranium, Rare Earth Elements and Heavy Mineral Sands https://bit.ly/3UtxEAS

In a conversation with InvestorNews host Tracy Weslosky, Rowena Smith, the Managing Director of Australian Strategic Materials Ltd. (ASX: ASM), highlighted the company’s innovative edge in the rare earth sector. Smith detailed ASM’s end-to-end approach from mining to metal production, underscoring its capability to control the entire supply chain outside China—a key differentiator in the market. She also pointed to the operational success of the Korean Metals Plant (KMP), which is already producing essential rare earth metals and alloys. Smith mentioned plans to expand KMP’s production to include heavy rare earths, reinforcing ASM’s competitive advantage and commitment to technological advancement.

Smith also delved into the technological innovations at the KMP, showcasing ASM’s forefront position in metallurgical advancements. The KMP’s current production of neodymium-praseodymium (NdPr) and the development of neodymium iron boron (NdFeB) alloys are pivotal for high-performance magnets used in renewable energy and electric vehicles. This technological edge not only demonstrates ASM’s capacity to meet critical global demands but also reinforces its role as a leader in reducing dependency on the conventional rare earth supply chains. Smith’s narrative underscores ASM’s commitment to sustainability and innovation, highlighting its readiness to meet the increasing demands for rare earth elements critical to modern technology and green energy solutions.

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About Australian Strategic Materials Ltd.

Australian Strategic Materials (ASX: ASM) is a vertically integrated ‘mine to metals’ producer of critical metals for new growth industries, high technologies and sustainable energy solutions. ASM operates a metals plant in in Ochang, South Korea which is currently producing critical metals and alloys to customer specifications. The initial production focus is on neodymium praseodymium (NdPr) and neodymium iron boron (NdFeB). Currently, ASM sources the rare earth oxides for the production of the critical metals at its Korean Metals Plant (KMP) from a third party located in Vietnam. The company’s Dubbo Project, is a long-term resource of rare earth elements, zirconium, niobium and hafnium, located in New South Wales, Australia. ASM intends to develop the Dubbo Project to produce metal oxides which will be used for refining into critical metals at ASM’s KMP and subsequent plants that may be established in other jurisdictions.

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Disclaimer: Australian Strategic Materials Limited is an advertorial member of InvestorNews Inc.

This interview, which was produced by InvestorNews Inc. (“InvestorNews”), does not contain, nor does it purport to contain, a summary of all material information concerning the Company, including important disclosure and risk factors associated with the Company, its business and an investment in its securities. InvestorNews offers no representations or warranties that any of the information contained in this interview is accurate or complete.

This interview and any transcriptions or reproductions thereof (collectively, this “presentation”) does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to subscribe for or purchase any securities in the Company. The information in this presentation is provided for informational purposes only and may be subject to updating, completion or revision, and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any information herein. This presentation may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on the opinions and assumptions of the management of the Company as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein.

Any projections given are principally intended for use as objectives and are not intended, and should not be taken, as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. This presentation should not be considered as the giving of investment advice by the Company or any of its directors, officers, agents, employees or advisors. Each person to whom this presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. Prospective investors are urged to review the Company’s profile on SedarPlus.ca and to carry out independent investigations in order to determine their interest in investing in the Company.

During an interview at PDAC 2024 in Toronto, Jack Lifton of InvestorNews sat down with Rowena Smith, the Managing Director of Australian Strategic Materials Ltd. (ASX: ASM), to delve into the company’s position and strategic initiatives within the rare earths and permanent magnet supply chain. Smith elucidated ASM’s comprehensive strategy, spanning from “mine to metal,” highlighting their advanced development project in Dubbo, New South Wales, and their operational metals plant in South Korea. The company has successfully commenced production of neodymium praseodymium (NdPr) metal and neodymium iron boron (NdFeB) strip alloy, which are essential components for sintered magnets used across various technological applications. Smith proudly noted ASM’s pioneering role as the first Australian entity and one of the few globally to achieve such depth in the supply chain outside of China, emphasizing the critical nature of their work in diversifying the global supply chain and reducing dependence on single-source suppliers.

Smith also detailed the Dubbo Project’s progress, underlining its pivotal role in ASM’s mine-to-metals business model for supplying rare earths and critical minerals. Funding and securing off-take agreements are current priorities, with the project’s engineering, exploration, and permitting stages already completed. Smith’s participation in a U.S. trade delegation and discussions with U.S. government departments reflect a strong international interest in funding the project. These interactions highlight the alignment between Australian and U.S. interests in establishing a sustainable and transparent critical minerals supply chain. ASM’s engagement with various U.S. government agencies and the passage of legislation recognizing Australia as a ‘domestic source’ for U.S. Department of Defense procurement showcases the international efforts to bolster critical mineral supply chains outside of China. The company’s ongoing discussions for offtake agreements and advancements in metallization capability at the Korean Metals Plant further underscore ASM’s commitment to securing a robust position within the global supply chain of rare earth metals and alloys.

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About Australian Strategic Materials Ltd.

Australian Strategic Materials (ASX: ASM) is a vertically integrated ‘mine to metals’ producer of critical metals for new growth industries, high technologies and sustainable energy solutions. ASM operates a metals plant in in Ochang, South Korea which is currently producing critical metals and alloys to customer specifications. The initial production focus is on neodymium praseodymium (NdPr) and neodymium iron boron (NdFeB). Currently, ASM sources the rare earth oxides for the production of the critical metals at its Korean Metals Plant (KMP) from a third party located in Vietnam. The company’s Dubbo Project, is a long-term resource of rare earth elements, zirconium, niobium and hafnium, located in New South Wales, Australia. ASM intends to develop the Dubbo Project to produce metal oxides which will be used for refining into critical metals at ASM’s KMP and subsequent plants that may be established in other jurisdictions.

To learn more about Australian Strategic Materials Limited, click here

Disclaimer: Australian Strategic Materials Limited is an advertorial member of InvestorNews Inc.

This interview, which was produced by InvestorNews Inc. (“InvestorNews”), does not contain, nor does it purport to contain, a summary of all material information concerning the Company, including important disclosure and risk factors associated with the Company, its business and an investment in its securities. InvestorNews offers no representations or warranties that any of the information contained in this interview is accurate or complete.

This interview and any transcriptions or reproductions thereof (collectively, this “presentation”) does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to subscribe for or purchase any securities in the Company. The information in this presentation is provided for informational purposes only and may be subject to updating, completion or revision, and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any information herein. This presentation may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on the opinions and assumptions of the management of the Company as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein.

Any projections given are principally intended for use as objectives and are not intended, and should not be taken, as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. This presentation should not be considered as the giving of investment advice by the Company or any of its directors, officers, agents, employees or advisors. Each person to whom this presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. Prospective investors are urged to review the Company’s profile on SedarPlus.ca and to carry out independent investigations in order to determine their interest in investing in the Company.

South Korea, with its thriving tech giants and world-class OEM automotive industry, is transforming into a hub for the rare earth supply chain. While many look to China, the US, and Japan as key players in the rare earth game, Korea’s role is frequently overshadowed, despite its growing clout and demand.

Firstly, one must dispel misconceptions. South Korea is not a reservoir for rare earth elements. Nevertheless, its demand is robust due to its dynamic industrial base. Surprisingly to some, for example, Samsung Electronics Co., a Korean enterprise, surpasses even Apple Inc. (NASDAQ: AAPL) as the world’s premier cell phone manufacturer. Each phone requires a fraction of a gram of permanent magnet. Given their production volume, this accumulates to a significant demand. Furthermore, Korea boasts two of the globe’s top three battery producers: LG Energy Solution (LGES) and Samsung SDI Co., Ltd., subsidiaries of industrial giants, LG and Samsung, respectively.

Complementing this, Korea is home to Hyundai and Kia, renowned automotive brands that have gained a reputation for producing quality electric vehicles at competitive prices. The Hyundai Ioniq, for instance, was one of the initial electric cars introduced to the US market, utilizing permanent magnet motors and lithium-ion batteries. Notably, every raw material essential for these devices must be sourced from outside Korea.

This international sourcing is where companies like Australian Strategic Materials Limited (ASM) (ASX: ASM) come into the picture. Recently, ASM confirmed a five-year contract to provide USA Rare Earth, LLC with neodymium iron boron (NdFeB) magnet alloy from its Korean Metals Plant. This alloy, pivotal for creating permanent magnets in electric vehicles and wind turbines, underscores the intersecting interests of companies spanning continents.

Moreover, ASM isn’t limiting its partnerships to one US-based enterprise. They’ve also inked an agreement to sell a substantial 100 tonnes of this alloy to U.S.-based rare-earths magnet manufacturer, Noveon Magnetics Inc. In tandem, they’re also sourcing rare-earth oxides from Vietnam as feedstock for their Korean Metals Plant while concurrently developing a rare-earths mine in Dubbo, New South Wales, Australia.

From a personal vantage point, I recall my endeavors half a decade ago to bring LG Energy Systems into a partnership with the US Defence Department. The aim was for LG to manage rare earth permanent magnets for the Department of Defense. However, the looming threat of Chinese retaliation led to a withdrawal from LG, emphasizing the geopolitical sensitivity surrounding these minerals.

Now, representatives from Korean tech titans, including LG and Samsung, are traversing the globe in search of rare earths, with endeavors even in metallurgy and possibly magnet production. Additionally, ASM’s joint venture in Korea with Kiron — a domestic, Korean venture, funded by a significant Korean (rare earth permanent magnet end-user) corporation — underscores the collaborative nature of this industry.

To sum up, while the global discourse frequently orbits around China and the US, the Korean rare earth landscape is bustling. Their relentless quest to develop a comprehensive domestic supply chain for rare earth permanent magnets will invariably lead to a demand spike, which may catch many by surprise.

So, as the competition intensifies to secure these critical materials for the next generation of tech and transport, one thing’s clear: don’t underestimate Korea.