Australian Strategic Materials (ASM) Q4 2026 TU earnings summary

Executive summary

• Rare earth metal and alloy production increased for the second consecutive quarter, with ~45 tonnes dispatched from the Korean Metals Plant (KMP).

• Facility expansion at KMP completed, increasing nameplate capacity to 3,600 tpa.

• Progress continued on the Heap Leach Option pre-feasibility study (PFS) at the Dubbo Project, with the MREP pathway showing potential for lower cost production.

• Significant corporate developments included the proposed transformational transaction with Energy Fuels Inc., with Scheme Meetings rescheduled to August 2026.

Financial highlights

• Cash position as of 30 June 2026 was A$57.6 million.

• Net cash used in operating activities for the quarter was A$6.6 million.

• Net cash used in investing activities was A$2.5 million, mainly for Dubbo Project and equipment.

• Successful refinancing of the Hana Bank loan facility for another 12 months.

Outlook and guidance

• KMP outlook remains positive with contracted deliveries and new customer opportunities.

• Completion of the Heap Leach Option PFS, including both product case options, targeted for the second half of 2026.

• Anticipated finalisation of site selection and permitting for the American Metals Plant in H2 2026, subject to transaction completion.