Australian Strategic Materials (ASM) Q3 2026 TU earnings summary

Executive summary

• Advanced the proposed transformational transaction with Energy Fuels, progressing regulatory and documentation steps for the Schemes.

• Achieved >70% quarter-on-quarter increase in NdFeB alloy deliveries at the Korean Metals Plant, dispatching 42 tonnes.

• Produced 10kg of terbium metal and installed a next-generation pilot-scale heavy rare earth furnace.

• Completed civil works for KMP expansion, supporting an increase from four to 12 furnaces.

• Progressed Dubbo Project studies, including mixed rare earth hydroxide precipitate and heap leach options.

Financial highlights

• Cash position at 31 March 2026 was A$66.5 million.

• Net cash used in operating activities for the quarter was A$5.8 million.

• Net cash used in investing activities was A$1.0 million; net cash from financing activities was A$4.3 million.

• Equity raise during the quarter generated A$4.4 million in net proceeds.

• Estimated 8.5 quarters of funding available based on current cash burn.

Outlook and guidance

• KMP expansion to 12 furnaces and ramp-up to 3,600 tonnes/year NdFeB alloy capacity underway.

• First production from the pilot-scale heavy rare earth furnace expected in Q2 2026, subject to feedstock.

• Dubbo Project Heap Leach PFS completion targeted for H2 2026.

• American Metals Plant site selection and permitting anticipated in H2 2026, contingent on transaction completion.