Avino Silver & Gold Mines Ltd.

ASM Annual Report 2024 |  1
ANNUAL 
REPORT 2O24
Australian Strategic Materials Ltd  |  ACN 168 368 401 

2  |  ASM Annual Report 2024 
Disclaimer
Competent Persons
The Mineral Resources and Ore Reserves Statement has been approved by Mr D Ian Chalmers, 
FAusIMM, FAIG, a technical advisor to the Company. Mr Chalmers has provided his prior written consent 
to the inclusion in this report of the Mineral Resources and Ore Reserves Statement in the form and 
context in which it appears.
The information in this report is based on information which has been compiled by Mr Stuart Hutchin, 
MIAG, an employee of Mining One Pty Ltd. The information in this report is based on information 
which has been compiled by Mr Levan Ludjio MAusIMM(CP) and Mr Mark Van Leuven FAusIMM (CP), 
employees of Mining One Pty Ltd.
Each of Mr Chalmers, Mr Hutchin, Mr Ludjio and Mr Van Leuven has sufficient experience that is 
relevant to the style of mineralisation and type of deposit under consideration and to the activity that is 
being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian 
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code).
Previously reported information
Information prepared and disclosed under the JORC Code has not materially changed since last 
reported in Company’s ASX announcements available to view on the Company’s website. The Company 
is not aware of any new information or data that materially affects the information included in this 
Annual Report and confirms that the material assumptions and technical parameters underpinning the 
estimates in the relevant market announcement continue to apply and have not materially changed.
Forward-looking statements
This document contains certain statements which constitute “forward-looking statements”.
Often, but not always, forward-looking statements can generally be identified by the use of forward-
looking words such as “may”, “will”, “expect”, “plan”, “believes”, “estimate”, “anticipate”, ”, “should”, 
“could”, “may”, “will”, “predict”, “plan” “forecast”, “likely”, “future”, “project”, “opinion”, “opportunity”, 
“intend”, “target, “propose”, “to be”, “foresee”, “aim”, “outlook” and “guidance”, or similar expressions, 
and may include, without limitation, statements regarding plans; strategies and objectives of 
management; anticipated production and production potential; estimates of future capital expenditure 
or construction commencement dates; expected costs or production outputs; estimates of future 
product supply, demand and consumption; statements regarding future product prices; and statements 
regarding the expectation of future Mineral Resources and Ore Reserves. Indications of, and guidance 
on, future earnings and financial position and performance are also forward-looking statements.
While these forward-looking statements reflect the Company’s expectations at the date of this report, 
they are not guarantees or predictions of future performance or statements of fact. The information 
is based on the Company forecasts and as such is subject to variation related to, but not restricted to, 
economic, market demand/supply and competitive factors.
A number of important factors could cause actual results or performance to differ materially from 
the forward-looking statements, including known and unknown risks. These factors may include, but 
are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic 
factors, increased capital costs and operating costs, the speculative nature of exploration and project 
development, general mining and development risks, closure and rehabilitation risks, changes to the 
regulatory framework within which the Group operates or may in the future operate, environmental 
conditions and environmental issues, and the recruitment and retention of key personnel, industrial 
relations issues and litigation.
Forward-looking statements are only predictions and are subject to known and unknown risks, 
uncertainties, assumptions, and other important factors (many of which are outside the control of the 
Company) that could cause the actual results, performances or achievements of the Company to differ 
materially from future results, performances or achievements expressed, projected or implied by such 
forward-looking statements.  Forward-looking statements, opinions and estimates provided in this 
Annual Report are based on assumptions and contingencies that are subject to change without notice. 
There can be no assurance that actual outcomes will not differ materiality from these forward-looking 
statements. Readers are cautioned not to place undue reliance on these forward-looking statements, 
which speak only as of the date thereof. Except as required by applicable laws or regulations, the 
Company does not undertake to publicly update or review any forward-looking statements, whether as 
a result of new information or future events. The Company cautions against reliance on any forward-
looking statements or guidance, particularly in light of the current economic climate.
Information on likely developments in the Group’s business strategies, prospects and operations for 
future financial years and the expected results that could result in unreasonable prejudice to the 
Group (for example, information that is commercially sensitive, confidential or could give a third party 
a commercial advantage) has not been included below in this report. The categories of information 
omitted include forward-looking estimates and projections prepared for internal management 
purposes, information regarding the Company’s operations and projects, which are developing and 
susceptible to change, and information relating to commercial contracts.
Readers should consider the forward-looking statements contained in this Annual Report in light of 
those risks and disclosures. Neither the Group, nor any of its directors, officers, employees, agents or 
advisers makes any representation or warranty, express or implied as to the accuracy, likelihood of 
achievement or reasonableness of any forward looking statement contained in this Annual Report. 
Except as required by law or regulation (including the ASX Listing Rules), none of the Group, nor any of 
its directors, officers, employees, agents or advisers undertakes any obligation to supplement, revise 
or update forward-looking statements or to publish prospective financial information in the future, 
regardless of whether new information, future events, results or other factors affect the information 
contained in this Annual Report.
ACN: 168 368 401
Directors:
Ian J Gandel (Non-Executive Chair)
Rowena J Smith (Managing Director & CEO)
Gavin M Smith (Non-Executive Director)
Kerry J Gleeson (Non-Executive Director)
Nicholas P Earner (Non-Executive Director)
Joint Company Secretaries:
Annaliese Eames
Dennis Wilkins
Registered Office and Principal 
Place of Business:
Level 4, 66 Kings Park Road
West Perth WA 6005
Telephone: +61 8 9200 1681
Share Registry:
Automic Group Registry Services
Level 5, 126 Phillip Street
Sydney, NSW 2000
PO Box 5193, Sydney, NSW 2001
Tel:   1300 288 664 (within Australia) 
Tel:   +61 2 9698 5414 (outside Australia)
Email:  hello@automicgroup.com.au  
Auditor:
PricewaterhouseCoopers
Brookfield Place, 125 St Georges Terrace
Perth WA 6000
Website:
asm-au.com
Security Exchange Listing:
Australian Strategic Materials Limited shares 
and options are listed on the Australian 
Securities Exchange (ASX codes: ASM 
(shares), ASMO (options))
Admitted to the Official List of ASX on 
29 July 2020 
Front cover image: Aerial view of the 
Dubbo Project. 
Right: View of Dubbo Project farmland.
Corporate 
Directory

ASM Annual Report 2024 |  3
Acknowledgement of Country
In the spirit of reconciliation, Australian Strategic 
Materials acknowledges the Traditional Custodians of 
Country throughout Australia and their connections to 
land, sea, and community.
We pay our respect to their Elders past and present and 
extend that respect to all Aboriginal and Torres Strait 
Islander peoples today.
Specifically, we acknowledge the Traditional Custodians 
in the areas where we have our offices and operations:
•	
The Nyoongar Whadjuk people – Perth
•	
The Wilay Wiradjuri people – Dubbo and Toongi
•	
The Turrbal and Jagera/Yuggera people - Brisbane
Corporate Directory	
2
Acknowledgement of Country	
3
2024 Highlights	
4
Message from the Chair	
6
CEO Review 	
8
Operating and Financial Review	
11
Our Strategy	
12
Dubbo Project 	
14
Resources and Reserves	
21
Korean Metals Plant 	
22
Review of Financial Position	
26
Market Outlook	
28
Sustainability 	
30
Risk	
48
Directors’ Report	
59
Remuneration Report	
64
Auditor’s Independence Declaration	
76
Financial Report	
77
Consolidated Financial Statements 	
79
Notes to the Consolidated Financial Statements 	
83
Directors’ Declaration 	
119
Independent Auditor’s Report	
120
Shareholder Information 	
125
Schedule of Mining Tenements	
127
Contents
ASM Annual Report 2024 |  3

4  |  ASM Annual Report 2024 
Rare Earths.
Critical Minerals.
High-tech Metals.
Conditional debt funding from the Export-Import Bank of 
the United States (US EXIM) for the construction phase of the 
Dubbo Project. See page 16
Conditional debt funding from Export Development Canada 
(EDC) for the construction phase of the Dubbo Project. 
See page 16
Successful institutional placement and entitlement offer.
See page 62
FUNDING
Up to
Up to
$600M
1
$400M
$16.6M 
US
A
~A
4  |  ASM Annual Report 2024 
2024 Highlights
1 A$923 million (Exchange rate (A$ : US$) – 0.65)

ASM Annual Report 2024 |  5
Conditional debt funding from US EXIM’s Engineering Multiplier 
Program to cover >80% of Front-End Engineering Design (FEED) 
services costs. See page 15
Confirmed the flowsheet design capability to produce industry leading 
high-purity terbium (Tb), dysprosium (Dy) and hafnium (Hf) oxides and 
identified promising opportunities to reduce capital and operating 
expenditures. See page 16
Agreement executed with Caspin Resources Ltd to provide ASM with an 
option to earn up to 75% of the rare earth elements rights in Caspin’s 
Mount Squires Project through staged earn in rights. See page 18
DUBBO PROJECT
KOREAN METALS PLANT
ESG
$32M
1
New potential customers in Korea 
and the EU sent commercial 
NdFeB alloy samples, aiding 
in final technical validation 
processes. See page 23
3
Best performing diversified 
metals businesses in Morningstar 
Sustainalytics’ ESG Risk Ratings. 
See page 34
Top 10% 
Binding sales and tolling 
framework agreement signed with 
USA Rare Earth for the supply of 
NdFeB alloy. See page 23
5-year
Targets set for the Dubbo Project 
and Korean Metals Plant. 
See page 36
Scope 1 & 
Scope 2 
Spent on R&D in Korea to support 
metallisation technology capability 
improvements and increase 
ASM’s metals and alloys product 
offering. See page 24
$4.6M
Toongi Soil Carbon Project 
registered as an eligible offset 
project under the Emissions 
Reduction Fund. See page 39
Carbon 
Sequestration
Option 
Agreement
Flowsheet 
Optimisation
US
A
1 A$49 million (Exchange rate (A$ : US$) – 0.65)

6  |  ASM Annual Report 2024 
Message  
from the Chair
This year we have continued to witness the increasing 
relevance of the rare earths and critical minerals market and 
growing momentum to establish alternative, sustainable 
supply chains. As multiple jurisdictions seek to collaborate 
on this shared objective, we have seen a number of positive 
steps. From the implementation of bilateral government policy 
to the establishment of new funding pathways to support 
project development, there has been good progress and a 
demonstration that like-minded jurisdictions recognise that 
the strengthening of this industry is a strategic necessity in the 
interests of national security, critical infrastructure applications 
and the clean energy transition. 
Australia has been central to much of this activity. During FY24, 
the Australian Federal Government announced an extra A$2 
billion in funding for its Critical Minerals Facility, and in the May 
Federal Budget proposed the Critical Minerals Production Tax 
Incentive – a welcome move that would support a reduction 
in operating costs and potentially increase the rate of returns 
for projects once in production. On the international front, 
Australia was awarded domestic supplier status under the 
US Defense Production Act, while relationships with South 
Korea, the European Union (EU), Canada and Vietnam were 
also strengthened through positive engagement and mutually 
agreed objectives – with specific focus on critical mineral 
supply chains. 
ASM well positioned
It is fair to say, the critical minerals sector has been firmly in 
the spotlight and ASM is well positioned to benefit from and 
support this national and international market momentum. 
With the right assets, technical capability and team, ASM’s 
mine to metals strategy offers an end-to-end sustainable 
supply chain, capable of building a leading position as a global 
producer of rare earths, critical minerals and high-tech metals. 
Our Dubbo Project in regional New South Wales (NSW) is 
a unique opportunity. While the polymetallic resource will 
deliver a broad basket of materials, it is the planned refining 
capability that has the potential to be a gamechanger for 
NSW and Australia. The ability to take rare earths, zirconium, 
niobium and hafnium through to separated oxides is highly 
desirable and will provide a sovereign capability that directly 
addresses Australia’s objective to “extract more value from 
our resources onshore”. The capability ASM has developed 
presents a further opportunity to position the Dubbo Project 
as a centralised critical minerals processing hub. This would 
potentially see the Dubbo Project refining third party material - 
benefitting our emerging sector and supporting the objectives 
of Australia’s Critical Minerals Strategy.
ASM has achieved this separation and refining capability 
working alongside Australia’s Nuclear Science and Technology 
Organisation (ANSTO), and I would like to take this opportunity 
to acknowledge their efforts. Over the past 17 years, the 
ANSTO partnership has been instrumental in developing and 
optimising our leading-edge processing capability, and today 
the Dubbo Project flowsheet is positioned to deliver a suite of 
products needed throughout the world. 
Australia should continue to support and celebrate this 
increasing knowledge and know-how. Indeed, I would like to 
highlight the contribution of Dr Karin Soldenhoff, Principal 
Consultant at ANSTO, and team, for their work on the 
Dear Shareholders,
On behalf of the Board of Australian 
Strategic Materials Ltd (ASM), I am pleased 
to present the Company’s Annual Report 
for Financial Year 2024 (FY24).
6  |  ASM Annual Report 2024 

ASM Annual Report 2024 |  7
development of novel solvent extraction technologies for the 
Dubbo Project. During the year, ASM nominated Dr Soldenhoff 
for the prestigious NSW Women in Mining Awards in the 
Technological Innovation category for this work, and I was 
delighted to see her deservedly take the top prize in March.
Dubbo Project funding
The creation of an end-to-end alternative critical minerals 
supply chain requires government and market support. The 
Dubbo Project is significantly advanced, construction ready 
and well placed to help Australia establish itself as a key player 
in this emerging sector. However, securing the equity to build 
such capital-intensive projects remains challenging. 
While we continued to progress discussions with original 
equipment manufacturers (OEMs) and build support from the 
capital markets, we did not advance our offtake and strategic 
investment opportunities as far as we had anticipated. This 
slowed progress highlights the immature nature of our sector, 
with better established pricing mechanisms and supply and 
demand dynamics key to developing a more transparent, and 
therefore understandable market.  
Despite these challenges, the Dubbo Project and the 
processing capability ASM is developing is gaining traction 
internationally, and it was pleasing to see the significant 
progress ASM achieved in its debt funding strategy during 
FY24. Receiving conditional letters of interest from the official 
export credit agencies of the United States and Canada for 
a combined total of more than A$1 billion gave a strong 
indication of how ASM continues to successfully position the 
Dubbo Project on the global stage. It also demonstrates the 
importance of international collaboration and the need for 
further government support through funding and investment 
attraction.
Korean Metals Plant – a critical capability 
ASM’s vertically integrated strategy highlights how an 
alternative supply chain can be developed across jurisdictions. 
While the Dubbo Project will provide a strengthened mid-
stream processing capability in Australia, ASM’s Korean Metals 
Plant (KMP) represents a downstream capability that is a rarity 
outside of China. Indeed, in the case of rare earth elements 
(REE), China’s dominance becomes more pronounced the 
further down the supply chain you go.
The KMP is a state-of-the-art facility already producing the light 
rare earth metals and alloys that are the vital ingredients for 
the high-performance REE permanent magnets that go into 
so many critical applications, including electric vehicles, wind 
turbines, defence applications and communications. It is this 
part of the value chain that truly sets ASM apart and we have 
seen progress with both our metallisation capability and our 
customer growth in FY24. I am confident we will see more 
global customers looking to utilise our capability in FY25.
Advancing our ESG credentials 
ASM is developing its assets in Australia and Korea in 
alignment with clear environmental, social and governance 
(ESG) objectives. I am proud to say that ASM has continued to 
deliver great progress in this area during FY24 and this was 
reflected in ASM’s improved ESG Risk Rating from Morningstar 
Sustainalytics. We will continue to put ESG at the heart of 
our business and I trust that the comprehensive review of 
this year’s activities in this report demonstrates our ongoing 
commitment. 
Thank you
Throughout FY24 we have continued to see geopolitical 
activities impact market dynamics across many industries. 
Overwhelmingly, however, when focusing on rare earths, 
critical minerals and high-tech metals, I continue to see a 
growing sector that remains absolutely vital to modern life – 
helping to solve the challenges we face today and in the future. 
ASM has a significant role to play in that solution and our 
Managing Director and CEO, Rowena Smith, is leading a 
dedicated team that is committed to delivering on our 
opportunity. I would like to thank Rowena and the entire ASM 
team for their efforts, along with all our shareholders for their 
continued support as we work to build this business. 
Ian Gandel
Chair
From R-L: Ian Gandel, Karin Soldenhoff (ANSTO), Nicholas Earner 
(ASM non-executive director).
Ian Gandel meeting with Vietnam Prime Minister Pham Minh 
Chinh in Canberra.

8  |  ASM Annual Report 2024 
CEO Review
Engagement delivers material outcomes
In this changing landscape, the development of national 
and international government policy has been a driving 
factor. We have seen the implementation of legislation 
and mechanisms aimed at facilitating cross jurisdictional 
commercial partnerships and investment opportunities. 
Against this backdrop, ASM has continued to execute 
a comprehensive government, industry and investor 
engagement strategy to ensure that the strategic 
significance of the ASM opportunity is at the forefront of 
our sector. 
It was a privilege to be part of the conversations in 
Washington DC in October, when Prime Minister Anthony 
Albanese, Minister for Resources Madeleine King and 
US Secretary of Commerce Gina Raimondo sat down 
with industry to discuss and reiterate the importance of 
developing secure, alternative critical mineral supply chains. 
It was on this visit that the Prime Minister announced an 
additional A$2 billion of funding for the Australian Critical 
Minerals Facility. In addition, delegations to the European 
Union and Korea and prominent involvement in major 
industry and investment events in Australia, Canada, 
Vietnam and Japan have all contributed to building ASM’s 
global reputation and progressing our funding strategy. 
I am pleased to note that this engagement delivered 
positive outcomes, proving instrumental in receiving 
Letters of Interest for conditional debt funding of up to 
US$600 million from the Export-Import Bank of the United 
States (US EXIM) and up to A$400 million from Export 
Development Canada (EDC). Funding from these export 
credit agencies (ECAs) is linked to potential US and Canadian 
equipment, goods and services, to be supplied in the 
execution and construction phase of the Dubbo Project. 
Mid-stream sovereign capability
Development of the Dubbo Project – our cornerstone rare 
earths and critical minerals asset – remains our strategic 
priority. All permits and approvals are in place, with the 
project at an advanced stage and construction ready. 
With debt funding well progressed, the challenge for this 
globally significant project remains securing the offtake and 
equity that will enable us to make final investment decision 
(FID) on the Dubbo Project. With a capex estimate of 
~A$1.7 billion1 we continue to explore many avenues, 
including alternative funding pathways and potential capital 
cost reduction measures. 
During the year, we have seen projects in our sector come 
under increased capital escalation pressure. With that 
in mind, we have continued to adopt an innovation-led 
approach that seeks to optimise our flowsheet for the 
Dubbo Project and identify opportunities with the potential 
to reduce capex and opex requirements. I am pleased to 
Dear Shareholders,
Reflecting on Financial Year 2024 (FY24) I am 
struck by the rapidly evolving environment in 
which we are developing our rare earths, critical 
minerals and high-tech metals business. During 
the year, ASM continued to build its position 
in this emerging industry, demonstrating 
the compelling nature of our mine to metals 
strategy and delivering material progress in 
the development of our key assets – the Dubbo 
Project and the Korean Metals Plant (KMP).
8  |  ASM Annual Report 2024 
1 ASX Announcement: 7 December 2021, Dubbo Project Optimisation Delivers Strong Financials. 

ASM Annual Report 2024 |  9
note we have made good progress in this regard across 
multiple products. 
In October, we confirmed design capability to produce high-
purity terbium and dysprosium at industry leading product 
quality, while in the last Quarter of FY24 we announced 
successful testwork on the modified zirconia (Zr) and hafnia 
(Hf) flowsheet to increase production of high-purity Hf. We 
also demonstrated an alternative niobium oxide (Nb2O5) 
purification circuit to be included within the base flowsheet 
as it realises both a capital and operating cost reduction. 
This work has been done in collaboration with ANSTO and 
positions ASM well to respond to growing global demand 
for these products. 
As we move into FY25, we are now assessing options that 
may provide a lower capital and shorter implementation 
pathway to the production of rare earth elements (RE 
Options Assessment) and potentially enable a phased 
approach to construction of the Dubbo Project. 
The RE Options Assessment is being undertaken as a 
precursor to the Front-End Engineering Design (FEED) 
services work, awarded to US-based Bechtel in March. 
Our relationship with Bechtel represents a good example 
of how cross jurisdictional partnerships can facilitate new 
funding opportunities. As a result of this relationship, ASM 
became eligible for funding via US EXIM’s Engineering 
Multiplier Program (EMP) and received another letter of 
interest for conditional debt funding of up to US$32 million 
to cover >80% of the FEED contract costs. 
With the RE Options Assessment being progressed before 
FEED work commences, we are working toward FID on 
the Dubbo Project being made in 2026 and targeting first 
production in 2028. 
Gaining global attention 
During FY24, production of neodymium praseodymium 
(NdPr) metal and neodymium iron boron (NdFeB) strip 
alloy at the KMP was re-aligned to the adjusted schedules 
of our established customers and, as such, did not meet 
anticipated targets for the year. We continue to work closely 
with these customers to put revised delivery schedules in 
place for FY25.
Pleasingly, we have made significant progress with a 
group of new potential customers, and we continue to 
develop and move them through the product validation 
process. Throughout FY24, we have been working with 
numerous global magnet producers – either established 
or emerging – and by the end of the financial year we had 
delivered commercial size NdFeB samples to three of those 
customers. This represents the last step in the validation 
process before we can move into concluding commercial 
discussions. I look forward to providing updates on these 
new partnerships as binding agreements are confirmed.  
While we continue the development of the Dubbo Project, 
we must source the oxide feedstock for this metallisation 
activity from third parties. I am pleased to say we made 
positive progress with potential oxide providers in the 
US, Europe and Australia during FY24 and we will finalise 
those agreements as we secure our new metals customers. 
Accessing oxides from these jurisdictions ensures we are 
capable of maintaining a fully alternative supply chain. 
I would like to take this opportunity to recognise the work of 
our team in Korea and the progress they have made during 
FY24. We are fully committed to ramping up the KMP from 
the existing 600 tonnes per annum capacity to its Phase 2 
capacity of 3,600 tonnes per annum. As we look to do this in 
alignment with customer demand, the work the KMP team 
has delivered – and continues to focus on – positions us 
incredibly well from a technical and operational perspective. 
Notably, this has included the support provided to our sales 
team in the production of commercial NdFeB samples, 
and the progress of our heavy rare earth metallisation 
capability – which we anticipate will be ready for commercial 
production in 2025. 
I am very proud of what the team has achieved and the 
capability we have established in Korea, and I look forward 
to further progress in FY25.
Rowena Smith at the Critical Minerals and Industry Roundtable in Washington DC (October 2023).

10  |  ASM Annual Report 2024 
Health & Safety
The health and safety of everyone who steps foot on 
our operations is our absolute priority. At the KMP – a 
fully operational plant with over 70 employees – we are 
embedding best practice health and safety systems and 
processes. At the Dubbo Project – where contractors 
are regularly on site – we are diligent in our onboarding 
processes and work collaboratively with our partners to 
keep them safe. At Toongi Pastoral Company (TPC) – our 
wholly owned subsidiary responsible for maintaining and 
cultivating the farmland surrounding the Dubbo Project 
– our team works together to be constantly vigilant to the 
ongoing hazards and risks associated with a working farm. 
Across all sites, I am pleased to confirm that we have 
maintained an exemplary safety record, with zero Lost-
Time Injuries for FY24 and no reportable safety, health or 
environment events for the year. 
Environment, social, governance (ESG) 
The work of the team at TPC has been instrumental in our 
ESG activities during FY24, with a number of initiatives 
demonstrating the real benefits that our innovative 
approach to biodiversity and environmental stewardship 
can bring. A couple of highlights were the confirmation of 
our Toongi Soil Carbon Project being registered with the 
Australian Government’s Clean Energy Regulator, and our 
participation in woody biomass crop trials in collaboration 
with the NSW Government’s Department of Primary 
Industries and Regional Development. 
Similarly, we remain focused on our commitments in Korea 
and, as in FY23, I am pleased to confirm we have delivered 
on our target of being carbon net zero for Scope 1 and 
Scope 2 emissions at the KMP in FY24.  
This report presents a comprehensive review of our ESG 
activities and overarching approach to sustainability (see 
page 30), and it is this level of rigour and transparency 
that has supported an improved ESG Risk Rating from 
Morningstar Sustainalytics. I am delighted to report that 
ASM’s Risk Rating reduced from ‘High’ to ‘Medium’ during 
FY24 and we are now firmly positioned in the top 10 per 
cent of global diversified metals companies. 
Looking ahead 
As we move into FY25, we have clear objectives that will 
support the development of our business and future 
growth. 
Funding of the Dubbo Project remains our priority. We 
will build on the momentum we have established with 
international ECAs through compelling and targeted 
engagement – identifying the right partners to deliver 
on this globally significant opportunity. Our continued 
commitment to innovation will remain key in both Australia 
and Korea, as we seek to ensure our range of products – 
from oxides to alloys – are best placed to meet growing 
global demand. And we will conduct these critical activities 
while maintaining rigour and discipline in our financial 
management. 
In closing, I extend my appreciation to all our shareholders, 
the ASM Board, our employees, and our partners. Together, 
we are building a company that is shaping the future of 
critical metals.
Thank you,
Rowena Smith
Managing Director & CEO
ASM senior leadership team: Back row L-R, Chris Jordaan (COO), Annaliese Eames (Chief Legal & External Affairs Officer), Agata 
Carrabs (VP Risk & Corporate Services), Peter Finnimore (VP Sales & Marketing). Front row L-R, Sung-lea Cho (KMP Representative 
Director), Dr Hong-youl Ryu (KSMT Representative Director), Rowena Smith (MD & CEO), Stephen Motteram (CFO).

ASM Annual Report 2024 |  11
ASM Annual Report 2024 |  11
Operating and
Financial Review
ASM Annual Report 2024 |  11

12  |  ASM Annual Report 2024 
From left to right: the Dubbo Project terrain, metallisation activities at the Korean Metals Plant, neodymium praseodymium metal.
Critical metals for advanced 
and clean technologies 
Our Strategy
Australian Strategic Materials (ASM) is building a global rare earths and critical minerals business to provide the 
high-tech metals for new growth industries, advanced technologies and sustainable energy solutions.
Our ‘mine to metals’ strategy is to extract, refine and manufacture high-purity metals and alloys, supplying direct to 
global technology manufacturers by utilising our R&D and patented cutting-edge minerals processing and metals 
technologies.
From mine…
ASM’s Dubbo Project is the Company’s cornerstone rare earths and critical minerals 
mining and processing project. Located in New South Wales, Australia this globally 
significant resource has a 20-year life of mine based on reserves and potential for a 
further 50 years1. Mined resources from the Dubbo Project will be separated and refined 
on site to produce a range of metal oxides and mixed chlorides.
To metals…
Products from the Dubbo Project will be processed at ASM’s metallisation plants or 
sold directly to global customers. ASM’s flagship metals plant in Ochang, Korea was 
commissioned in 2022 and is now in production of neodymium metals and alloys, with 
contracts to supply customers in Korea and the US.
12  |  ASM Annual Report 2024 
1 Based on resources and subject to approvals

ASM Annual Report 2024 |  13
Our 
Values
We’re building a global business that has the opportunity to make a positive 
and lasting difference to the world we all live in. ASM’s core values create a 
foundation for how we interact with each other, our customers, suppliers, 
investors, government and the communities we serve.
ASM’s mine to metals strategy
Dubbo Project
Mining
Separating
and Refining
Products
Metal oxides and 
mixed chlorides
Option to ship direct to global customers
Korean Metals Plant
Global Customers
 
Products
Metallising
3rd Party
Oxides
Advanced
Manufacturing
Electric
Vehicles
Medical
Devices
Batteries
Wind
Turbines
Semiconductors
New Growth
Industries
Sustainable
Energy Industries
High-tech metals
and alloys
See page 48 for ASM’s material strategic business risks and management’s response.
FY24 Principal Activities 
•	
Progression of offtake and funding activities. 
•	
Progression of non-process infrastructure and early 
establishment work at the Dubbo Project. 
•	
Optimisation of the Dubbo Project flowsheet to 
reduced capex and opex expenditure.
•	
NdPr metal and NdFeB alloy production at the KMP 
and customer and product development.
FY25 Strategic Focus Areas
•	
Progressing our offtake and funding activities and 
advancing towards FID of the Dubbo Project.
•	
Exploring lower capital and shorter implementation 
pathways to RE production at the Dubbo Project.
•	
Continuing to ramp up the KMP and innovate in our 
metallisation technologies.
•	
Cash management discipline across the business.
•	
Maintaining our commitment to ESG principles and 
sustainable operations.
ASM Annual Report 2024 |  13
Care
Integrity
Excellence
Team

14  |  ASM Annual Report 2024 
Dubbo Project
The Dubbo Project is the cornerstone of ASM’s vertically 
integrated business, providing a long-term, sustainable source of 
rare earths and critical minerals. 
Located in New South Wales, Australia this globally significant 
resource of neodymium, praseodymium, dysprosium, terbium, 
zirconium, niobium and hafnium has a 20-year life of mine based 
on reserves and potential for a further 50 years based on resources 
and subject to approvals. 
During Financial Year 2024 (FY24), ASM delivered on strategic 
objectives in relation to:
•	
Non-process infrastructure
•	
Project funding and offtake agreements
•	
Flowsheet optimisation 
•	
Partnerships and collaboration 
•	
ESG credentials
Key Facts
The Dubbo Project’s mid-stream 
separation, refining and production facility 
will be the first of its type on the East Coast 
of Australia, building sovereign capability in 
critical minerals processing, and extracting 
more value from Australia’s resources 
onshore.
Strong financials1
•	
23.5% pre-tax IRR
•	
A$425 million annual free cash flow
•	
A$1,678 million capital cost estimate 
including contingency
Construction ready
•	
All major approvals in place
•	
Land and water licences owned
Process flowsheet
•	
Developed in partnership with ANSTO 
over 17 years
Close to established 
infrastructure
•	
25kms from Dubbo, NSW, Australia
•	
400kms northwest of Sydney
Workforce opportunities
•	
Up to 1,000 local jobs during the 
construction period
•	
Approximately 270 local jobs when 
operational
Greenhouse gas emissions
•	
Scope 1 – targeting 40% reduction by 
20302, and carbon net zero by 2050
•	
Scope 2 – targeting carbon net zero 
by 2030
Renewable energy
•	
Located in the Central West Orana 
Renewable Energy Zone
1 See ASX announcement, 7 December 2021: Dubbo Project 
Delivers Strong Financials
2 From the baseline predicted CO2 emissions published in 
the Dubbo Project Modification Report 1 – State Significant 
Development 5251 dated March 2022
14  |  ASM Annual Report 2024 

ASM Annual Report 2024 |  15
Non-process infrastructure
During FY24, ASM has built a strategic partnership with 
US-based Bechtel Engineering (Bechtel), one of the world’s 
leading engineering and construction companies with 
extensive experience in the mining and metals sector. 
The partnership commenced in August 2023, with the 
award of a consultancy services agreement to Bechtel 
for the provision of engineering services for non-process 
infrastructure (NPI) study work to support advancing 
the Dubbo Project. The NPI study work advanced the 
engineering maturity of the NPI design in key areas 
outside of the process plant, including:
•	
Residue storage and handling facilities;
•	
Site water management;
•	
Utility design and supply; and
•	
Site establishment planning.
The NPI contract is estimated to be A$6.5 million and 
was partly funded by the Critical Minerals Development 
Program grant, awarded to ASM from the Australian 
Government1.
Subsequently, ASM awarded a contract to Bechtel to 
conduct Front-End Engineering Design (FEED) services2. 
This contract will see Bechtel progress design of both the 
process plant and NPI facilities at the Dubbo Project to 
support ASM moving towards final investment decision (FID) 
and commencing the execution and construction phase. 
Key areas of the work involved in the Bechtel FEED 
services contract scope include:
•	
Progressing the engineering works in readiness for 
commencement of the project execution phase, and 
to support the procurement of long lead items and 
site preparation works.
•	
Finalising the Dubbo Project strategies, execution 
plans, baseline scope and standards to drive 
the procurement process for engagement of 
contractors.
•	
Identifying early works opportunities for program 
reduction and or reduction of implementation risk.
Partnering with Bechtel on the FEED services contract 
makes the Dubbo Project eligible for potential funding 
via the Engineering Multiplier Program (EMP), a program 
facilitated by the Export-Import Bank of the United 
States (US EXIM), the official export credit agency (ECA) 
of the US. Following an application for funding, and in 
collaboration with Bechtel, ASM received a non-binding 
Letter of Interest (LoI) to provide funding via the EMP for 
up to US$32 million (A$49 million3), >80% of the contract 
costs. The funding is subject to further due diligence and 
US EXIM Board approval. 
FEED services work is anticipated to commence following 
the completion of ASM’s Rare Earth Options Assessment, 
currently underway (see Flowsheet optimisation below).
Other major developments at the Dubbo Project during 
FY24, included: 
•	
Stantec completed the Phase 1 solid residue storage 
facility review work and commenced the FEED 
design phase. This next phase includes planning 
and management of the site geotechnical program 
related to the tailings dam design.
•	
Commencement of site geotechnical investigations. 
These investigations, which include sample drilling, 
testing and reporting by Macquarie Geotechnical, 
will support future project engineering activities. 
The investigations are anticipated to be completed 
during the second half of 2024.
The Macquarie Geotechnical team on site at the Dubbo Project.
1 See ASX announcement, 18 May 2023: ASM awarded $6.5 million Federal Government grant for Dubbo Project
2 See ASX announcement, 25 March 2024: Bechtel contract to support ASM with engineering at the Dubbo Project
3 Exchange rate (A$ : US$) – 0.65
ASM continued to progress development of the Dubbo Project during FY24, delivering on funding and operational 
objectives, and enhancing its position as a future leader in critical minerals production. 

16  |  ASM Annual Report 2024 
Project funding and offtake 
agreements
During FY24, ASM made significant progress on its 
overarching funding strategy for the Dubbo Project. 
ASM’s decision to broaden its geographical search 
for potential funding partners was rewarded with the 
announcements of indicative support for major debt 
funding packages from US EXIM and EDC – the official 
ECAs of the US and Canada. 
In March, ASM announced receipt of a non-binding and 
conditional LoI from US EXIM to provide debt financing 
of up to US$600 million (A$923 million1) for the execution 
and construction phase of the Dubbo Project2. US EXIM’s 
support is linked to the potential US content (equipment, 
goods and services) to be supplied during this phase of 
the project. 
In April, ASM’s debt funding position was further 
strengthened with the announcement of a non-binding 
LoI from EDC, offering a direct lending package of up 
to A$400 million for Canadian equipment, goods and 
services also used in the execution and construction 
phase of the project3. 
These two material announcements are in addition to 
the conditional finance support from Export Finance 
Australia for A$200 million, confirmed in June 20214. 
Financial backing from major ECAs across these three 
countries underscores the global significance of the 
Dubbo Project and ASM’s strategic role in developing 
alternative critical mineral supply chains for international 
customers and partners (see Partnership and 
collaboration opportunities below).
Offtake discussions with OEMs and Tier 1 suppliers 
for ASM’s entire portfolio of products from the Dubbo 
Project were progressed during FY24 and supported 
by the technical validation of ASM’s metallisation 
capability at the Korean Metals Plant. These commercial 
discussions are part of competitive processes and 
extended beyond ASM’s initially anticipated timeline 
during the financial year.
Flowsheet optimisation
In collaboration with ANSTO, ASM continues to optimise 
the Dubbo Project flowsheet to enhance production 
efficiencies and reduce capital and operating costs. 
With a unique ore body and broad product suite, ASM 
delivered successful results on a number of different 
product circuits during FY24. Through this ongoing work, 
ASM continues to identify opportunities that strengthen 
the economics of the Dubbo Project and position ASM 
well to respond to growing global demand for these 
products. 
Rowena Smith (far left) participating on a discussion panel at US EXIM’s Annual Conference in Washington DC (June 2024).
1 Exchange rate (A$ : US$) – 0.65
2 See ASX announcement, 21 March 2024: ASM receives US$600M Letter of Interest from US EXIM for Dubbo Project
3 See ASX announcement, 26 April 2024: Growing North American support builds momentum for Dubbo Project funding process
4 See ASX announcement, 28 June 2021: Export Finance Australia issues letter of support for the Dubbo Project

ASM Annual Report 2024 |  17
In October 2023, ASM announced positive 
results from its terbium (Tb) and dysprosium 
(Dy) heavy rare earth separation testwork. The 
pilot plant utilised synthetic samples created 
from commercially purchased third party rare 
earth powders which replicated the product 
expected from the Dubbo Project at that stage 
in the separation process. The purpose of the 
testing was to confirm the design capability 
of the Dubbo Project’s advanced process 
flowsheet to produce high purity Tb and Dy 
oxides at industry leading product quality. 
The pilot plant work demonstrated that the 
process can achieve Tb and Dy oxide purity of 
>99.99% and >99.95% respectively. 
The breadth of the Dubbo Project’s unique 
product offering was further highlighted 
by successful testwork conducted on the 
zirconium (Zr), hafnium (Hf) and niobium (Nb) 
flowsheets during the year. 
Pilot-scale tests at ANSTO yielded successful 
results on the simplified Zr/Hf flowsheet, 
demonstrating the ability to produce high-
purity hafnium oxide (HfO2) with very low 
levels of Zr, and a reduction to both capital 
and operating costs, at increased production 
levels of HfO2. This achievement is particularly 
significant given the growing demand for high-
purity hafnia in cutting-edge industries such as 
defence, aerospace, advanced electronics, and 
semiconductor manufacturing. 
Furthermore, ASM has made substantial 
progress in optimising its niobium oxide 
(Nb2O5) purification circuit. The economic 
evaluation of this alternative circuit has 
determined that it realises both capital and 
operating cost reductions when integrated 
into the Dubbo Project’s base flowsheet.
In the second half of FY24, ASM explored 
alternative pathways for rare earth 
production (RE Options Assessment), focusing 
on identifying lower capital and shorter 
implementation methods to extract rare earth 
elements from the Dubbo Project. ASM will 
continue the RE Options Assessment during 
FY25, as a precursor to the FEED services work 
and undertaking an updated feasibility study 
on the construction and operation of the 
Dubbo Project.
ASM’s Rare Earth Options Assessment work has included sampling at the 
Dubbo Project. 
ASM Annual Report 2024 |  17

18  |  ASM Annual Report 2024 
Partnerships and collaboration
ASM is committed to executing its mine to metals 
strategy and developing end-to-end, alternative global 
supply chains by working in partnership. This approach 
is aligned to the objectives identified in Australia’s 
Critical Minerals Strategy 2023-2030 and is benefitting 
from significant government policy alignment witnessed 
between Australia and other like-minded nations over 
the past 24 months.
A rich endowment and world leading capability in the 
extraction and processing of raw materials positions 
Australia at the forefront of the evolving critical minerals 
industry – with ASM’s Dubbo Project representing a 
globally significant asset within this sector. As a result, 
the Dubbo Project continues to gain the attention of 
potential international investors and partners.
Notably in FY24, ASM has seen increased interest from 
parties in North America. 
Relations between Australia and the US have been 
enhanced under the Climate, Critical Minerals and Clean 
Energy Transformation Compact and the ministerial-level 
Australia-United States Taskforce on Critical Minerals. 
In addition, in March 2024 Australia and Canada 
released a joint statement setting out shared priorities 
on critical minerals, including the importance of robust 
environmental, social and governance credentials. 
These improved channels have increased understanding 
and dialogue and identified new pathways for 
collaboration and investment between government 
and industry. ASM has witnessed the benefit of these 
enhanced relationships, leveraging the additional 
support to progress opportunities, including the 
conditional debt funding support provided by the official 
ECAs of the US and Canada (see Project funding and 
offtake agreements).
The Dubbo Project’s mid-stream separation and refining 
facility will be only the second of its kind in Australia and 
the first on the East Coast of the country. The capability 
being developed will be industry-leading and strategic at 
an international level, and has the potential to support 
NSW’s objective to become a major global supplier and 
processor of critical minerals. 
In April, ASM announced an Option Agreement with 
Caspin Resources Ltd (Caspin) , to provide ASM with 
an option to earn up to 75 per cent of the rare earth 
element rights at its Mount Squires Project within the 
West Musgrave region of Western Australia through 
staged earn in rights. The Agreement aligns with ASM’s 
mine to metals strategy to identify additional rare 
earth sources to supplement the Dubbo Project. The 
companies are currently working together to confirm 
metallurgical testing to understand whether the rare 
earths from Mount Squires could be converted to a 
concentrate form and then be processed through the 
Dubbo Project separation and refining facility to create 
high-purity rare earth oxides. This type of partnership 
has the potential to develop and position the Dubbo 
Project as a rare earth separation and refining hub, with 
the ability to unlock value for rare earth projects across 
Australia.
Rowena Smith (centre left) at the Critical Minerals and Industry Roundtable in Washington DC (October 2023).

ASM Annual Report 2024 |  19
In addition to activities in the US and Canada, there 
has been significant international collaboration in a 
number of jurisdictions. Key areas of relevance for ASM 
are outlined below:
European Union (EU) 
European Critical Raw Materials Act and memorandum of 
understanding (MoU) between the EU and Australia.  
Enhanced collaboration to build secure, stable, ethical 
and sustainable critical and strategic minerals supply 
chains. 
Korea
Supply Chain Stabilization Fund 
Helping businesses seeking to diversify imports, develop 
alternative technologies, and secure raw materials from 
overseas. 
Japan 
Critical Minerals Partnership
Continues to establish a framework for building secure 
critical minerals supply chains between Australia and 
Japan, and promote opportunities for information 
sharing and collaboration, including research, investment 
and commercial arrangements between Japan and 
Australian projects.
Vietnam
Comprehensive Strategic Partnership
Expanded cooperation on climate, environment and 
energy, and digital transformation and innovation, 
building on established collaboration across defence and 
security, economic engagement and education.
ASM Annual Report 2024 |  19

20  |  ASM Annual Report 2024 
ESG credentials 
ASM’s approach to environment, social and governance 
(ESG) to date has built a strong baseline for responsible 
practices for long-term sustainability and ethical 
considerations. Mining, separation and refining 
facilities will be co-located at the Dubbo Project and 
ASM acknowledges the potential environmental and 
social impacts associated with these operations. ASM 
is committed to actively managing and mitigating these 
impacts and, during FY24, continued to demonstrate 
this commitment through ongoing engagement, 
collaboration and initiatives.
Specific ESG projects undertaken at the Dubbo Project 
during FY24, include:
•	
Release of ASM’s greenhouse gas emissions 
reduction targets.
•	
Registration of the Toongi Soil Carbon Project with 
the Clean Energy Regulator.
•	
Commencement of a woody biomass trial, 
conducted in partnership with the New South Wales 
Department of Primary Industries. 
•	
Completion of ASM annual vegetation and Pink-
tailed Worm-Lizard survey. 
•	
Continuation of the Macquarie Agricultural Pathways 
Program, in collaboration with the Macquarie 
Anglican Grammar School. 
More information on these initiatives and others can be 
found from page 30 of this report.
Outlook 
With material debt funding progress made in FY24, ASM 
continues to make positive steps towards taking FID. 
International support via US EXIM and EDC demonstrates 
the project’s significance on a global scale, with the 
mid-stream refining capability a key component of the 
compelling nature of the Dubbo Project and relevant to 
Australia’s strategic objectives.  
Importantly, the RE Options Assessment work being 
conducted at the Dubbo Project will continue in 
FY25 as ASM explores a lower capital and shorter 
implementation pathway to rare earths production, and 
the potential to develop the Dubbo Project in a staged 
approach. ASM has applied to the Federal Government’s 
International Partnerships in Critical Minerals (IPCM) 
Program to contribute funding towards this work. 
Core samples taken as part of the Dubbo Project site 
Geotechnical program.
Rowena Smith (far right) at a Critical Minerals roundtable event 
in Toronto Canada (March 2023).

ASM Annual Report 2024 |  21
Resources and Reserves
Mineral Resources
Resource 
Category
Tonnes 
(Mt)
ZrO2 
(%)
HfO2 
(%)
Nb2O5 
(%)
Ta2O5 
(%)
Y2O3 
(%)
TREO* 
(%)
Measured
42.81
1.89
0.04
0.45
0.03
0.14
0.74
Inferred
32.37
1.90
0.04
0.44
0.03
0.14
0.74
Total
75.18
1.89
0.04
0.44
0.03
0.14
0.74
* TREO is the sum of all rare earth oxides excluding ZrO2 , HfO2 , Nb2O5 , Ta2O5 and Y2O3
Ore Reserves
Resource 
Category
Tonnes 
(Mt)
ZrO2 
(%)
HfO2 
(%)
Nb2O5 
(%)
Ta2O5 
(%)
Y2O3 
(%)
TREO* 
(%)
Proved
18.90
1.85
0.040
0.44
0.029
0.136
0.735
Total
18.90
1.85
0.040
0.44
0.029
0.136
0.735
* TREO is the sum of all rare earth oxides excluding ZrO2 , HfO2 , Nb2O5 , Ta2O5 and Y2O3
Note:
As at 30 June 2024, the Mineral Resources and Ore Reserves for the Toongi deposit, which is the basis of the Dubbo Project, are the 
same as those stated in Company’s Optimisation Study dated 7 December 2021. 
These estimates were provided by independent industry consultants Mining One Pty Ltd and are reported by ASM in accordance 
with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC 2012). Mineral 
Resources are wholly inclusive of Ore Reserves, which are based on economic parameters applied to the Mineral Resources, 
reflecting an initial project horizon of 20 years.
Governance and internal controls
ASM has governance arrangements and internal controls concerning its estimates of Mineral Resources and Ore 
Reserves for the Dubbo Project, including:
•	
Oversight and approval of each annual statement by a competent person.
•	
Establishment of internal procedures and controls to meet JORC 2012 compliance in all external reporting.
•	
Independent review of new and materially changed estimates.
•	
Annual reconciliation with internal planning to validate reserve estimates.
•	
Board approval of new and materially changed estimates.

22  |  ASM Annual Report 2024 
Korean Metals 
Plant
Located in the Ochang Foreign Investment Zone, 115 kms south 
of Seoul, the Korean Metals Plant (KMP) opened in May 2022. 
Since then, ASM has successfully commissioned the plant’s 
neodymium praseodymium (NdPr) metal and neodymium iron 
boron (NdFeB) strip alloy production lines and is supplying product 
to an international customer portfolio.
Rare earth oxide feed into the KMP is currently sourced from 
third parties, and ASM continues to explore alternative feedstock 
options to provide further security of supply. These sources will be 
supplemented by feed from the Dubbo Project once the project 
becomes operational. 
During FY24, the Company delivered on strategic objectives in 
relation to:
•	
Production and customer ramp-up
•	
Enhanced metallisation capability 
•	
Partnerships and collaboration 
•	
ESG compliance and initiatives 
Key Facts
ASM’s rare earths and critical minerals 
metallisation capability in Korea is 
one of the few facilities outside of 
China capable of producing the metals 
and alloys needed for clean energies, 
electric vehicles, aerospace and 
defence applications, electronics and 
communications.
Accreditations 
•	
ISO 14001:2015
•	
ISO 9001:2015 
•	
ISO 45001:2018
•	
IATF16949
Products
Initial focus on: 
•	
NdPr metal
•	
NdFeB strip alloy
Scope 1 & 2 emissions
•	
Carbon net zero in Scope 1 
and Scope 2 emissions since 
commencement of operations
Capacity for expansion 
•	
20,000m2 facility 
•	
Current production capacity of 
600tpa of alloy 
Future growth 
•	
Phase 2 expansion to 3,600tpa 
of alloy1
•	
Opportunity to duplicate 
metallisation capability in other 
jurisdictions
1 Aligned to customer demand
22  |  ASM Annual Report 2024 

ASM Annual Report 2024 |  23
Production and customer 
ramp-up
The KMP has three international metal and alloy 
customers and throughout FY24 worked with a growing 
number of potential customers on product qualification 
processes with the aim of increasing that customer base.
NdPr metal
The KMP delivered NdPr metal to its inaugural Korea-
based customer to specification and schedule in the 
first half of FY24. Production was paused in the second 
half to align with the customer’s stock requirements 
and during such pause ASM undertook production line 
enhancements targeting operational efficiencies and 
increased production capability. During the second half 
of FY24, ASM worked with this customer to develop 
a delivery schedule of metal that would meet the 
customer’s production requirements. Deliveries are 
anticipated to recommence in the remainder of calendar 
year 2024 and a further contract has been entered into 
for supply of NdPr metal until 28 February 2025.
NdFeB strip alloy
During FY24, ASM worked with its US-based customer 
Noveon Magnetics Inc. to progress the technical 
validation for the supply of 100 tonnes of NdFeB strip 
alloy, announced in May 2023. Discussions continue with 
Noveon to agree a delivery schedule that aligns with 
their production needs. 
In August 2023, ASM announced a long-term alloy sales 
agreement with USA Rare Earth LLC (USARE)  – the 
third confirmed customer for the KMP. The five-year 
binding sales and tolling framework will see the KMP 
supply NdFeB strip alloy in support of USARE’s magnet 
production facility in Stillwater, Oklahoma. As USARE 
progresses the commissioning process of its Stillwater 
facility, ASM anticipates that initial supply will commence 
in Q1 2025, aligned to USARE’s commissioning and ramp-
up timeline. 
The addition of a second US-based alloy customer 
highlights a growing opportunity for ASM and the KMP 
across North America. As the rare earth magnet industry 
continues to emerge in the region, the KMP’s location, 
sustainable supply chain and growing metallisation 
capability represents a compelling strategic proposition. 
Similarly, companies in other jurisdictions are also 
seeking to collaborate with the KMP.
During FY24, ASM engaged in technical validation 
processes and commercial discussions for the supply 
of NdFeB strip alloy with numerous global magnet 
manufacturers across the US, Korea and the EU. 
These processes have been supported by the ongoing 
exchange of commercial samples, notably, a 465kg 
sample to an EU-based customer and samples of 
500kg and 100kg to two Korea-based customers. 
These processes will continue into FY25 and, pending 
successful testing outcomes, ASM expects to enter into 
commercial discussions for additional long-term sales 
agreements. 
Current nameplate production for NdFeB alloy at the 
KMP is 600 tonnes per annum (tpa), sufficient to meet 
ASM’s existing binding sales agreements. As additional 
sales agreements are secured, ASM will consider the 
Phase 2 expansion to increase capacity to 3,600tpa, 
aligned with customer demand. 
ASM continued to progress ramp-up of the KMP in FY24 with the objective of establishing the facility as a globally 
recognised source of critical metals and alloys. ASM is ultimately targeting the production of light and heavy 
rare earth metals and alloys, titanium alloys, zirconium metal, and hafnium metal. While the facility continues 
to grow, the KMP’s immediate focus is on the production of NdPr metal and NdFeB strip alloy, supplying to 
customers in the rare earth permanent magnet industry. 
Employees at the KMP celebrate the delivery of a NdFeB strip 
alloy commercial sample to a potential new customer.
An example of the NdFeB strip alloy produced at the KMP.

24  |  ASM Annual Report 2024 
Enhanced metallisation 
capability 
ASM is enhancing its metallisation capability at the KMP 
to meet the growing demand for high-tech metals and 
alloys across a number of industries. Establishing NdPr 
and NdFeB production capability at the KMP first has 
enabled ASM to position itself at the forefront of an 
alternative rare earth supply chain, capable of supplying 
a growing number of permanent magnet manufacturers 
outside China. During FY24, ASM undertook 
enhancements on its NdPr and NdFeB production 
lines critical to the further expansion of the KMP and 
leveraged operational learnings from the first 18-months 
of production. Beyond light rare earth metals and alloys 
(NdPr and NdFeB), ASM is committed to developing its 
capability across a broad range of products. 
Positive results from heavy rare earth separation 
testwork, announced in October, confirmed the design 
capability of the Dubbo Project’s process flowsheet 
to produce high-purity terbium (Tb) and dysprosium 
(Dy) oxides at industry leading quality. In parallel, the 
KMP continued to develop its Tb and Dy metallisation 
capability. Equipment upgrades have been undertaken 
and larger scale trials will take place in 2024, with 
the program focussed on preparing the facility for 
commercial production of heavy rare earth metals in 
2025. 
The KMP has also progressed the development of its 
copper titanium (CuTi) metallisation capability, utilising 
ASM’s proprietary LK Process. CuTi alloy samples were 
produced using custom moulds for a Korea-based 
customer during the year, and technical trials will 
continue in FY25. In support of the CuTi work, the KMP 
completed enhancements to production equipment and 
installed and commenced commissioning of a titanium 
(Ti) electro refiner for the production of high-purity Ti 
powders.
Partnerships and collaboration 
NdPr and NdFeB metallisation and product qualification 
processes at the KMP require close collaboration with 
customers. Each customer will have individual product 
requirements, depending on the type of permanent 
magnet they are producing. As such, the qualification 
process to achieve the correct metal/alloy specifications 
can be a lengthy process. This process is commonly 
supported by site visits to the KMP and during FY24 the 
facility hosted a number of customer teams as technical 
work progressed. 
In addition to customer collaboration, ASM is building 
international partnerships with parties to develop a 
diverse supply of rare earth oxides into the KMP and 
ensure security of supply while the Dubbo Project is in 
development. During FY24, ASM advanced discussions 
with potential suppliers based in the US, Europe 
and Australia, and entered into quality assessment 
processes. These assessments will continue in 2024. 
In the interim, the KMP has sufficient inventory to meet 
production and contracted delivery requirements for the 
remainder of 2024.
The KMP also continues to build positive government 
support at all levels. During FY24, the KMP welcomed 
visits from: Korea’s Minister for Trade, Mr Inkyo Cheong, 
and a delegation from the Ministry of Trade, Industry 
and Energy (MOTIE); Australia’s Ambassador to Korea, 
His Excellency Jeffery Robinson; and a delegation from 
Dubbo Regional Council. Such visits have continued to 
promote the KMP’s capabilities and ASM’s broader mine 
to metals strategy.
Mr Cho, Representative Director of Korean Strategic Materials Metals 
(left) hosts Korea’s Minister for Trade Mr Inkyo Cheong at the KMP.
Dr Ryu, Representative Director of the Korean Strategic Metals 
Technology Company, leads his team on a visit to the Dubbo Project. 

ASM Annual Report 2024 |  25
ESG compliance and initiatives
The KMP continued to build on its foundational 
ESG progress during FY24. Systems, processes and 
procedures established in its first year of operation have 
been reinforced and embedded, while new initiatives 
and opportunities seek to drive improvements across 
the operation and enhance engagement across all 
stakeholder groups. 
Notably, during FY24, the KMP: 
•	
Achieved a zero Lost Time Injury Frequency Rate.
•	
Successfully completed the renewal assessments for 
ISO 9001 (Quality Management Systems), ISO 14001 
(Environmental Management Systems), and ISO 
45001 (Occupational Health & Safety Management). 
•	
Completed a fire safety training program (all 
employees). 
•	
Established the Safety and Health Consultative 
Committee.
•	
Secured IATF16949 certification (Quality 
Management System – a pre-requisite as a supplier 
to the automotive industry).
More information on these initiatives and others can be 
found from page 30 of this report.
Outlook 
The KMP continues to build its position as an emerging 
global critical metals producer. While this capability is 
currently dominated by a single jurisdiction – China – 
demand for these materials is growing and the case for 
a more diverse, transparent supply chain continues to 
build momentum. With a growing customer portfolio, 
enhanced metallisation capability and increasing 
international recognition, the KMP is well positioned to 
benefit from this evolving industry. 
As a developed nation leading the way in advanced 
technologies and manufacturing sectors, Korea 
remains a strategic location for ASM, and the Company 
is committed to building its position in the country. 
Ongoing customer discussions will remain a key focus 
for the Company in FY25 and ASM will fully leverage 
the strategic relationships, technical know-how, 
infrastructure and workforce it has developed in Korea 
to support this endeavour. 
In FY25, the KMP will continue technical validation 
processes and commercial discussions for the supply 
of NdFeB strip alloy with multiple global magnet 
manufacturers. In addition, it will continue to progress 
the development of new metal products. 
ASM COO Chris Jordaan on site at the KMP, participating in a safety walk through.
ASM Annual Report 2024 |  25

26  |  ASM Annual Report 2024 
Review of financial position
As outlined in the Operating Review on pages 11 to 25, ASM’s key business objectives focused on the development of 
the Dubbo Project, ramp-up of the Korean Metals Plant, and progressing funding and offtake agreement activities. 
During the year ended 30 June 2024 (FY24), the Group’s overall loss decreased by 4%. This was principally driven 
by increased interest income on cash reserves, lower share-based payments, and a lower Korean inventory net-
realisable-value write-down expense of $5,804,000 (2023: $7,490,000). 
30 June 2024
30 June 2023
Movement
$’000
$’000
$’000
%
Sales revenue  
3,106
4,441
(1,335)
(30)
Cost of sales  
(2,497)
(4,268)
1,771
(41)
Gross profit 
609
173
436
252
Net loss before tax 
(25,147)
(28,701)
3,554
(12)
Net loss after tax 
(25,175)
(26,303)
1,128
(4)
The Group’s net assets decreased by 5%, principally due to operating expenses, inventory costs of goods sold, 
Korean inventory write-down expense, and depreciation and amortisation. This decrease was offset by continuing 
investment in Dubbo Project flowsheet enhancements, Non-Process Infrastructure studies, engineering design, and 
early establishment activities.
30 June 2024
30 June 2023
Movement
$’000
$’000
$’000
%
Cash 
47,602
56,655
(9,053)
(16)
Net assets
204,594
215,962
(11,368)
(5)
Issued capital 
281,462
268,316
13,146
5
26  |  ASM Annual Report 2024 

ASM Annual Report 2024 |  27
Cash and Cashflows
Net operating cash outflows decreased by 54%, principally due to lower raw material inventory purchases and 
increased bank interest on cash reserves. Net investing cash outflows decreased by 4%, principally due to increased 
Research and Development (R&D) incentives offsetting Dubbo Project exploration and evaluation activities and 
Korean property, plant, and equipment investments. Financing cash inflows decreased by 63%, reflecting lower 
capital-raising inflows net of interest payments during the year ended 30 June 2024.
30 June 2024
30 June 2023
Movement
$’000
$’000
$’000
%
Net operating cash outflows
(15,622)
(34,305)
18,683
(54)
Net investing cash outflows 
(7,692)
(7,977)
285
(4)
Net financing cash inflows 
14,345
39,061
(24,716)
(63)
Net cash flows 
(8,969)
(3,221)
(5,748)
178
Closing cash 
47,602
56,655
(9,053)
(16)
Going Concern 
Based on the Group’s cash flow forecast, the Group will require additional funding to enable the Group to continue 
to realise its strategic business activities and meet all associated corporate, production, evaluation and development 
commitments over the period.
As a result of the above, there is a material uncertainty that may cast significant doubt on the Group’s ability to 
continue as a going concern and therefore, the Group may be unable to realise its assets and discharge its liabilities 
in the normal course of business. 
The Directors are satisfied that there are reasonable grounds to believe that the Group will be able to continue to 
meet its debts as and when they fall due and that it is appropriate for the financial statements to be prepared on a 
going concern basis.  
The Directors have based this determination on the demonstrated ability of the Group to raise capital, the intention 
to raise new capital and their assessment of the probability of progressing project financing.
The attached financial report for the year ended 30 June 2024 contains an independent auditor’s report which 
highlights the existence of a material uncertainty that may cast significant doubt about the Group’s ability to continue 
as a going concern. 
For further information, refer to note 1 of the financial statements (see page 84), together with the auditor’s report 
(see page 120).
ASM Annual Report 2024 |  27
Metals furnaces at the Korean Metals Plant.

28  |  ASM Annual Report 2024 
28  |  ASM Annual Report 2024 
Market outlook
Inventories built in a number of key supply chains have taken longer 
than expected to clear due to rising consumer prices in major western 
economies and continuing weakness in the construction sector in China. 
This has weighed on upstream demand for many critical minerals. 
Nevertheless, evolving government policies have laid a solid foundation 
for when the business cycle turns. In the past 12 months the passing of 
the 2024 US National Defense Authorization Act, the signing into law of the 
EU’s Critical Raw Materials Act and the establishment of an MOU between 
the EU bloc and Australia towards building secure, sustainable critical 
minerals value chains have all been positive developments for owners 
of domestically located projects. Furthermore, the elevation of ties 
between Australia and Vietnam to the level of a comprehensive strategic 
partnership, facilitating expanded cooperation in critical minerals, is an 
encouraging development.

ASM Annual Report 2024 |  29
Dubbo Project
Prices for rare earth oxides have continued to erode 
over the last year due to a mismatch between supply 
and demand created by rising mining and refining 
quotas in China, together with weak consumer 
confidence in major end use markets. The latter has 
particularly weighed on the important consumer 
electronics sector, which is still the largest source 
of end use consumption for permanent magnets. 
Nevertheless, there has been ongoing positivity in the 
key segments for emerging demand, with a record 117 
gigawatts (GW)1 of new wind power capacity installed 
in 2023, while electric vehicle (EV) sales in the first half 
of 2024 have also set a record at seven million2 units, 
despite some weakness in European and Japanese 
markets. 
Niobium and hafnium markets have been buoyed by 
the continued development of new applications in 
EV batteries and semiconductors respectively, while 
prices for zirconia have risen over the last six months 
as the ceramics industry reacted positively to measures 
from the Chinese government to support the country’s 
property sector.   
Korean Metals Plant
Prices for NdFeB alloys have followed those for oxides 
lower as inventories appear to have accumulated in the 
supply chain. This is due to increased throughput from 
mining (and refining) in China, a consequence of the 
Ministry of Industry and Information Technology (MIIT) 
lifting allowances by 21% year-on-year in 2023 and 
by 13% for the first half of 2024. In addition, the build 
out of new plant capacities in China designed to meet 
strong EV demand growth in coming years has enabled 
overproduction in the near term, as manufacturers 
chase absolute revenues to boost profitability despite 
declining margins. 
Nevertheless, prospects for the medium term 
remain strong with a consensus among the industry 
consultancies that market deficits in magnetic rare 
earths will emerge from the middle of the decade. 
Moreover, the introduction of legislation in the US 
and the EU to encourage the sourcing of critical raw 
materials from like-minded countries will further 
enhance the attractiveness of metallisation and alloy-
making capacity that is independent of China. 
Outlook
Burgeoning growth in key markets off a higher base 
will continue to boost the requirement for permanent 
magnets and in turn rare earth oxides, metals and 
NdFeB alloys. While the news cycle has focused on 
nearby weakness in some European markets, it should 
be noted that in April the International Energy Agency 
(IEA) once again upgraded its medium term forecast 
for EV sales, which now stands at 45 million vehicles in 
20303 a rise of five million units. Similarly, the Global 
Wind Energy Council has upgraded its expectations for 
new wind power installations in 2027 to 171 GW4, from 
157 GW a year ago.
1 GWEC, Global Wind Report 2024, p.10
2 https://rhomotion.com/news/ev-sales-h1-2024-europe-slowest-growing-region/
3 https://www.iea.org/reports/global-ev-outlook-2024/outlook-for-electric-mobility
4 GWEC, Global Wind Report 2024, p.151

30  |  ASM Annual Report 2024 
Sustainability
Sustainability and our approach to Environmental, 
Social and Governance (ESG) activities are core 
to ASM’s strategy. ASM has been laying strong 
foundations and setting up a health, safety and 
environmental management system that identifies, 
assesses, and manages sustainability risks, as well as 
leveraging sustainability opportunities. 
By adopting the appropriate frameworks and standards 
from the outset and progressively establishing the 
systems and processes required to meet them, ASM is 
firmly setting up for sustainable success in the future. 
As a global business, ASM expects to be benchmarked 
and held to account against the highest international 
standards – understanding the importance of 
demonstrating a responsible and transparent supply 
chain for customers. 
ASM recognises the pace of emerging sustainability 
reporting standards, as global standards for 
the financial impacts of ESG risk (International 
Sustainability Standards Board (ISSB) IFRS S1 & 
S2) and mandatory sustainability-related financial 
reporting in Australia are introduced. ASM is actively 
working on preparing to report in alignment with these 
requirements. 
In the next phase of our development, we will prepare 
for independent external assurance activities, focusing 
on Towards Sustainable Mining (TSM) assessments and 
the Initiative for Responsible Mining Assurance (IRMA), 
(see page 47).
ASM acknowledges the potential environmental 
impacts associated with its operations and is 
committed to actively managing, minimising and 
controlling these risks, including greenhouse gas 
emissions. This commitment is exemplified through the 
development of a roadmap to achieve net zero carbon 
emissions by 2050 and ASM is considering ongoing 
advancements in technology throughout its operations 
to continuously improve its carbon footprint and 
sustainability efforts.
ASM consider all these developments and requirements 
in its planning and implementation of ESG related 
policies and procedures.
30  |  ASM Annual Report 2024 

ASM Annual Report 2024 |  31
Towards carbon net zero – our ESG journey
2021
2022
2023
2024
2025
2027
2030
2050
Set 2050 carbon net 
zero target
Joined Diversity Council 
of Australia
Joined UN Global Compact
Set 2030 Scope 1 & 
Scope 2 targets
Develop climate risks 
scenarios see page 35
Commence TSM Standard 
self-assessments
Develop Towards 
Sustainable Mining (TSM) 
compliance pathway
Develop 2040 Scope 1 target
Target Scope 1 & 
Scope 2 reporting
Target external assurance 
of GHG emission reporting
Target Dubbo Project 
Scope 2 carbon net zero
Scope 1 40% reduction 
Target Dubbo Project 
Scope 1 carbon net zero
Target TSM Standard 
compliance
Target compliance of  
Initiative for Responsible 
Mining Assurance 
(IRMA) Standard
2023 
achievements
•	
KMP Scope 1 & Scope 2 
carbon net zero
•	
Scope 1 & Scope 2 
GHG inventory
•	
1st Annual Report with 
GHG reporting
•	
ISO 45001 OH&S 
accreditation
2024 
achievements
•	
KMP Scope 1 & Scope 2 
carbon net zero see page 40
•	
Improved Sustainalytics 
Public Assessment 
see page 34
•	
Toongi Soil Carbon Project 
registration approved 
see page 39
•	
Submission of UN Global 
Compact report see page 46

32  |  ASM Annual Report 2024 
Dubbo Project
Environmental Impact Statement
ASM’s Environmental Impact Statement (EIS) promotes 
the reduction of risk to the local environment 
through the design and implementation of a range 
of environmental controls and safeguards, as well as 
substantial positive impacts on economic activity within 
the local and wider area of regional NSW. ASM’s full EIS 
is available via the ASM website1.
ASM has quantified the biophysical impacts of the 
Dubbo Project and associated activities, which 
comply with the nominated criteria and accepted 
environmental standards. With implementation of 
the proposed operational controls, safeguards and 
mitigation measures, the residual environmental risks 
have been reduced from original proposed levels.
Environmental Monitoring
An environmental monitoring system was installed 
on Wychitella, the nearest sensitive receptor to the 
Dubbo Project, in March 2022. The system previously 
provided a full year of meteorological and air quality 
data up to 30 December 2023. This data will be used 
to determine the baseline air quality and meteorology 
parameters at the location and will be added to the 
nearly 20 years of environmental data collected around 
the project site. The air quality standards and goals for 
pollutants monitored at ASM’s Wychitella monitoring 
site are based on the Australian National Environmental 
Protection (Ambient Air Quality) Measure (NEPM). All 
averages are calculated from five minute or one hour 
data as appropriate. 
The 2024 Air Quality and Greenhouse Gas (GHG) 
Management Plan update is currently in progress and 
is required for submission to the NSW Government 
Development Consent Annual Report. The plan 
has been prepared to be a practical tool for the 
management of air quality and GHG risks and impacts 
during the construction and operation of the Dubbo 
Project and to be used by ASM personnel as the first 
point of reference for air quality related issues.
The results of surface and groundwater monitoring 
are compiled in the Dubbo Project Annual Review 
and Rehabilitation Report, along with ecological data 
collected from analogue vegetation monitoring sites 
and the biodiversity offsets. To ensure comprehensive 
monitoring, monitoring equipment continues to 
be installed on site prior to the commencement of 
construction. 
Biodiversity
ASM is currently working towards its ambition of 
employing a nature-positive approach on biodiversity. 
ASM is committed to promoting biodiversity and 
protecting native species through applying the 
mitigation hierarchy during planning, and rehabilitating 
and offsetting where impact is unavoidable. 
The Dubbo Project has a Biodiversity Management Plan 
(BMP) that provides a framework for managing and 
monitoring biodiversity. This incorporates the fenced 
biodiversity offset areas associated with the Dubbo 
Project, which are designated for the restoration and 
maintenance of native habitats, especially vulnerable 
species. The biodiversity offset areas (1,021 hectares) 
were attached to the land titles through a conservation 
PVP (Property Vegetation Plan) negotiated with Local 
Land Services. These areas are registered on title and 
protected in perpetuity. 
Water Management
ASM holds sufficient river and groundwater licences 
(including some high security licences) to develop the 
Dubbo Project as a 1Mtpa operation. 
The Dubbo Project is within the Cockabroo Creek 
and Wambangalang Creek sub-catchments of the 
Macquarie River Catchment. The river water licences 
are in the Cudgegong-Macquarie Water Sharing Plan 
regulated by the NSW Department of Climate Change, 
Energy, the Environment and Water (formerly the NSW 
Department of Planning and Environment – Water).
ASM understands its role in responsible natural 
resource management within the catchment, and takes 
a holistic approach to managing soils, biodiversity and 
water.
ASM also understands the need for water in the 
catchment to be shared between the environment, 
towns, irrigators and industry. As such, ASM engages 
Environment
1 https://asm-au.com/dubbo-project/environmental-reports-management-plans/environmental-impact-assessment/

ASM Annual Report 2024 |  33
with the Macquarie-Cudgegong Customer Advisory 
Group, which provides a forum for community 
consultation. As the Dubbo Project has not commenced 
construction, ASM takes advantage of the opportunity 
to trade water on the temporary market. That water 
can then be used in the Macquarie valley for irrigation 
of crops or industrial uses.
A Stage 1 (construction phase) Water Management Plan 
(2016), approved by the NSW governing authority, is 
published on the ASM website.
As the Dubbo Project is pre-construction, ASM is not 
currently using water or producing waste at the Dubbo 
site. Nonetheless, ASM has made plans to mitigate 
water use in the final Dubbo Project flowsheet, reducing 
the projected demand by up to ~50%1. Toongi Pastoral 
Corporation Company uses water for stock and domestic 
use on site, with all irrigation water owned by ASM 
marketed annually to other water users. 
Water and waste statistics will be captured once 
construction and operations at the Dubbo Project begin.
The Dubbo Project Annual Review and Annual 
Rehabilitation Report for FY24 (Annual Review) is 
available on the ASM website2. The Annual Review reports 
on environmental management activities undertaken 
by ASM in detail and is produced in accordance with the 
post-approval requirements for State significant mining 
developments - Annual Review Guideline (Department 
of Planning and Environment, October 2015) to meet the 
annual reporting requirements conditioned in the ASM 
Mining Lease (ML 1724) and Project Approval (SSD-5251). 
Woody biomass trial sites at TPC
In 2017, four vegetation communities surrounding the Dubbo Project and overseen by ASM subsidiary Toongi 
Pastoral Company (TPC) were identified and provided benchmark data against which to measure rehabilitation 
success.
TPC continues to monitor and manage this land and in 2024 it entered a contract with the NSW Department of 
Primary Industries (DPI) to demonstrate how woody biomass crops can be integrated into land management 
options for TPC. The research is part of the NSW Climate Change Fund’s Biomass for Bioenergy Project and 
aims to identify the species of trees that are the most productive in generating biomass (and biochar) in the 
Toongi environment.
Trangie Agricultural Research Station has recommended that two, two hectare sites (Pacific Hill and Ugothery) 
be planted with Sugar Gum, River Red Gum, and Durikai Mallee. Planting will occur in autumn of 2025.
Biomass power generation is a potential source of renewable energy to supply some of the Dubbo Project’s 
green energy requirements. Biomass crops are plants grown with the main purpose of harvesting the biomass 
fibre for energy generation. The main purpose of the crop trials at Toongi is to investigate biomass production 
under short rotation cycles (three to four years). 
The opportunity to incorporate woody biomass crops as a source of carbon neutral bioenergy production is 
aligned with ASM’s long-term net zero carbon objectives.
C A S E  S T U D Y
1 Refer to Dubbo Project Modification Report 1 SSD 5251 March 2022 which sets out how water requirements will be reduced once constructed.
2 https://asm-au.com/dubbo-project/environmental-reports-management-plans/
TPC and DPI members conducting the woody biomass trial inspection.

34  |  ASM Annual Report 2024 
Korean Metals Plant
Environmental Monitoring
The Korean Metals Plant (KMP) monitors and reports 
environmental data to the relevant authorities to 
ensure oversight of impacts. Data captured and 
reported, includes: 
•	
Air pollutant emissions, reported biannually to the 
Chungcheongbuk province. 
•	
Waste generation, reported annually to the 
Geum River Basin Environmental Office and the 
Ochang-eup Office. 
•	
Outsourced wastewater treatment performance 
reported annually to the Chungcheongbuk province.
The data submitted by KMP to these government 
agencies is used as valuable inputs to calculate regional 
totals for environmental monitoring.
Improved ESG Risk Rating 
During FY24, ASM engaged Morningstar Sustainalytics to undertake a public assessment of the Group’s ESG 
risk rating. Sustainalytics is a globally recognised assessment which provides ESG Risk Ratings to measure 
a company’s exposure to, and management of, industry-specific material ESG risks. Ratings and data are 
provided to institutional investors and companies and are made publicly available on the Sustainalytics 
website. 
In March 2024, ASM’s second annual public assessment was completed, which assessed ASM as having strong 
management of ESG material risk despite high exposure to ESG issues, achieving an overall ESG risk rating of 
Medium. ASM’s Medium risk rating is a significant improvement from the High risk rating in 2023, when ASM 
first participated in the assessment. This rating places ASM in the top 10% of companies globally within the 
Diversified Metals Industry Group. View ASM’s ESG risk rating at www.sustainalytics.com
C A S E  S T U D Y
Aerial view of Toongi farmland at the Dubbo Project. Image courtesy of Australian Soil Management

ASM Annual Report 2024 |  35
Transitional risks
TCFD Category
TRANSITIONAL RISKS AND OPPORTUNITY
Risk
Financial impacts and safeguard liability
Risk
Low emission technology (processing) 
Risk
Over-reliance on non-proven technology
Risk
Failure to electrify
Risk
Credit risk
Risk
Reduction in downstream customer preference
Opportunity
Access to markets
Opportunity
Access to capital
Opportunity
Favourable shift in downstream customer preference
Opportunity
Increased revenue from neodymium-praseodymium oxide
Physical risks
TCFD Category
PHYSICAL RISKS
Risk
Disruption to imports
Risk
Extreme rainfall events
Risk
Flash flooding
Risk
Flooding causing blockage to access roads
Risk
Rainfall discharged from the plant area
Risk
Endangered animals - flooding
Risk
Employee fatigue and heat stress
Risk
Bushfire
Risk
Endangered animals - fire
Risk
Water stress
Each risk will be evaluated by allocated risk owners to understand controls strengths and weaknesses, that will 
further guide ASM’s management actions to address potential exposures. Once complete, the risks will form part of 
ASM’s Material Risk Management process, and will be reviewed on an annual basis.
For details on ASM’s full list of strategic risks and management’s approach, go to page 48.
Climate Change
Climate change is a critical issue with far-reaching implications for the natural world and the global economy, 
presenting both risks and opportunities that can significantly impact a company’s financial performance and long-
term strategy. ASM understands that good governance is necessary to oversee and manage climate change risks to 
maintain the resilience and competitive advantage of the business.
During FY24, ASM conducted climate risk workshops to enable the identification and assessment of physical 
and transition climate-change risks to which ASM is exposed. This will further prepare ASM in applying the 
recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and aligning its disclosures to 
the requirements of the International Financial Reporting Standards Standard 2 (IFRS S2) and Australian Sustainability 
Reporting Standards (ASRS).
Three scenarios were developed to test the resilience of ASM’s current and future business to climate change, based 
on the International Energy Agency’s (IEA) and Intergovernmental Panel on Climate Change (IPCC) climate scenarios. 
As a result of assessing the scenarios, a list of transition and physical risks and opportunities was developed to 
understand the material impacts they might pose and develop ASM’s pathway to manage them.

36  |  ASM Annual Report 2024 
Energy and Emissions
Greenhouse Gas Emissions 
In line with a focus on understanding the impact of our 
current operations, ASM developed a greenhouse gas 
(GHG) inventory for FY24 for Scope 1 (direct emissions) 
and Scope 2 (indirect emissions) in alignment with 
the Greenhouse Gas Protocol. This marks the second 
year of ASM’s reporting of energy and emissions data, 
in efforts to understand the potential impact and 
abatement of operations. 
The GHG inventory for FY24 includes the operations 
of the KMP, Toongi Pastoral Company, and the Perth 
Corporate Office. This is inclusive of ASM’s Scope 1 
emissions from direct energy use (diesel, natural gas), 
use of industrial gases, livestock emissions, refrigerants, 
and Scope 2 emissions from grid electricity usage. 
When the Dubbo Project is operational, it is anticipated 
that the overall emissions will increase due to its 
inclusion within operational activities. 
Overall, ASM’s Scope 1 & Scope 2 GHG emissions 
decreased by 20.4%, from FY23 to FY24.
Total Greenhouse Gas Emissions 
(Scope 1 and Scope 2 - t CO2e)
in FY24  
2,564
76%
798
24%
Scope 1
Scope 2
Scope 1 Emissions by Activity  
(t CO2e) in FY24  
65
7
2,491
 Transport
Non Transport
Process Emissions
Livestock
0.1

ASM Annual Report 2024 |  37
Greenhouse Gas Emissions by Operation in FY24 and FY231
FY24 (t CO2e)                       
FY23 (t CO2e)                       
Korean Metals Plant
Scope 1 Emissions 
15
132 
Scope 2 Emissions 
710
995 
Total Emissions – Scope 1 and Scope 2
726
1,127
Toongi Pastoral Company
Scope 1 Emissions 
2,549
3,034 
Scope 2 Emissions 
84
61 
Total Emissions – Scope 1 and Scope 2
2,633
3,094 
Perth Corporate Office
Scope 1 Emissions 
-
-
Scope 2 Emissions 
4
4
Total Emissions – Scope 1 and Scope 2
4
4
Total
Scope 1 Emissions 
2,564
3,166
Scope 2 Emissions 
798
1,060
Total Emissions – Scope 1 and Scope 2
3,363
4,225
1 Due to rounding to the nearest whole number, some totals may not correspond with the sum of separate figures.
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Scope 1 Emissions
Scope 2 Emissions
Total - Scope 1 & 2 Emissions
Total Greenhouse Gas Emissions (tCO2e)
FY23
FY24

38  |  ASM Annual Report 2024 
1 From the baseline predicted CO2 emissions published in the Dubbo Project Modification Report 1 – State Significant Development 5251 dated March 2022
Emissions reduction targets for the Dubbo Project
Dubbo Project
The Dubbo Project is located in the NSW Government’s designated Central-West Orana Renewable Energy Zone, 
which provides an opportunity to source renewable energy options. In addition, and as ASM continues to develop 
its operations, several targets and opportunities for emissions reduction are being investigated. Despite not being 
operational, ASM has also conducted the Life of Mine emissions calculations for the Dubbo Project to better 
understand its emissions footprint. 
Net zero (Scope 1) by 2050: ASM has set targets for 
Scope 1 emissions at the Dubbo Project, aiming for a 
40% reduction by 20301 and net zero Scope 1 emissions 
by 2050. In addition, ASM is testing a decarbonisation 
pathway to set an interim 2040 target, as means of 
enhancing its emissions reduction efforts through 
electrification and substitution of reagents.
Net zero (Scope 2) by 2030: To achieve the target of 
net zero Scope 2 emissions by 2030, the Dubbo Project 
will focus on emissions associated with electricity 
generation, intending to optimise the use of renewable 
energy.
Greenhouse Gas (GHG) Management Plan: Prior 
to construction, the Dubbo Project will develop a 
comprehensive GHG Management Plan. This will 
ensure effective management and reduction of GHG 
emissions during its operations. The GHG Management 
Plan will implement best practices to minimise GHG 
emissions and improve energy efficiency. This may 
consider conducting regular maintenance of ASM’s 
light vehicles, dump trucks, loaders, drills, graders, and 
other mobile equipment to optimise energy usage and 
reduce emissions, exploring electrification options and 
increasing the integration of renewable energy sources 
like hydrogen, alongside investigating the possibility of 
transitioning to an electric mining fleet.
Emission reduction opportunities: ASM will continue 
to explore innovative ways to minimise GHG emissions 
through various means, including management 
plans, studies, research, and grants. This will include 
active review of schemes that may provide additional 
opportunities to reduce GHG emissions and increase 
productivity in alignment with the NSW Government 
Net Zero Plan Stage 1: 2020-2030.
Assessment, tracking and reporting: ASM will 
facilitate a thorough assessment and reporting of 
GHG emissions and energy consumption against the 
set targets for GHG reduction at the Dubbo Project 
to promote accountability and progress monitoring 
towards these targets.
Scope 1 - 40% Emissions 
Reduction (Alignment with NSW 
Government Net Zero Plan 
Stage 1: 2020 -2030)
Scope 2 - Net zero optimising 
the use of renewable energy
Scope 1 - Interim target 
currently in development
Scope 1 - Net Zero
2030
2040
2050

ASM Annual Report 2024 |  39
Toongi Soil Carbon Project 
Toongi Pastoral Company (TPC) is ASM’s wholly owned subsidiary focused on managing the agricultural land 
surrounding the Dubbo Project. Using sustainable farming technologies and innovative practices, TPC ensures 
sustainable land management and biodiversity, soil health and farm productivity. Working alongside the 
Dubbo Project team, TPC continues to support ASM’s ESG objectives, demonstrating that mining, farming, land 
management and nature conservation can co-exist in harmony with the local community.
Since 2021, TPC has been working to identify opportunities to capture and store carbon (carbon sequestration) 
at the Dubbo Project under the Emissions Reduction Fund (ERF). The ERF is a voluntary scheme that 
incentivises organisations to adopt new practices and technologies to reduce emissions or store carbon. 
Under the scheme, landowners and farmers who adopt approved ERF methods can earn Australian Carbon 
Credit Units (ACCUs). These units can be sold to the government or on the secondary private market to 
generate additional income streams, while benefitting the environment.1 The ERF is administered by the Clean 
Energy Regulator (CER). 
Having provided baseline data from the Dubbo Project in 2023, in 2024 ASM was pleased to receive 
confirmation from the CER that the Toongi Soil Carbon Project has been registered as an eligible offset project 
under the scheme.
ASM is now working with Australian Soil Management to progress the project, conduct annual monitoring and 
compile the reporting required to demonstrate an increase in soil carbon and the health of the land in the 
project. 
As ASM continues the development of the Dubbo Project, we are committed to supporting the drive toward 
net zero. Through innovative projects such as this, as well as actively managing and minimising greenhouse 
gas emissions, ASM aims to continuously improve its carbon footprint and meet its emission reduction targets.
1 https://www.agriculture.gov.au/agriculture-land/farm-food-drought/climatechange/mitigation/cfi 
C A S E  S T U D Y
Fergus Job, TPC Senior Manager, with Aurelie Quade, Australian Soil Management’s Northern NSW Regional Manager, 
inspecting soil at the Dubbo Project. Images courtesy of Australian Soil Management

40  |  ASM Annual Report 2024 
1 Criteria for inclusion in the Target Management Scheme: threshold 15,000tCO2 (KMP FY2023: 1,127tCO2 – currently not applicable).
2 Criteria for participation in the Emissions Trading Scheme: threshold 25,000tCO2 (KMP FY2023: 1,127tCO2 – currently not applicable).
Emissions reduction targets for Korean Metals Plant
Korean Metals Plant
Operational since 2022, the Korean Metals Plant (KMP) is continuing existing and implementing new initiatives to 
decrease its carbon footprint. 
Net zero (Scope 1 and Scope 2): ASM set a target for the 
KMP to achieve carbon net zero for Scope 1 and Scope 2 
emissions from commencement of operation. This was 
achieved in FY24 through the implementation of various 
initiatives to decrease its carbon footprint and the purchase 
of carbon credits. 
Renewable energy integration: The KMP has adopted a 
continuous improvement approach to energy efficiency 
and is committed to aligning with the South Korean 
government’s strategy and target of generating 35% of 
its electricity from renewables (e.g. solar power) by 2040. 
Notably, initiatives adopted at the plant to reduce emissions 
include the use of a fleet of electric forklifts and vehicles, 
which contribute to a reduction in emissions from our 
transportation activities.
Emission reduction opportunities: 
Scope 1:
•	
Enhance fuel efficiency through improvements in driving 
habits (vehicle operation training planned).
•	
Transition business vehicles to electric cars (scheduled 
for implementation after the conclusion of existing 
contracts).
•	
Use fuel additives to counteract decreased fuel 
efficiency due to vehicle aging.
•	
Perform preventive maintenance to ensure the efficient 
operation of the generator.
•	
Gradually implement the use of alternative refrigerants 
and high-efficiency equipment.
Scope 2: 
•	
Consider installation of solar panels. 
•	
Regularly check and inspect idle equipment and 
disconnect power. 
•	
Maintain optimal office temperature:
•	
No temperature standards for indoor settings in 
2023.
•	
Indoor temperature standards effective from 2024: 
25°C in summer, 20°C in winter.
•	
Prioritise high-efficiency products when introducing new 
equipment.
Purchasing carbon credits: In addition to emission reduction 
initiatives, FY24 Scope 1 and Scope 2 emissions at the KMP 
(726 t CO2e) were completely offset by the purchase of 
carbon credits, meeting its carbon net zero target. The credits 
were invested in a local South Korean project by Hyundai 
Greenpower Co. Ltd, Steel Waste Energy Co-generation 
Project (Steel). The project utilises surplus waste gases 
produced by Steel to generate electricity, which would 
otherwise be emitted to the atmosphere after incineration.
National emissions abatement schemes:
The KMP aims to align with Korea’s national emissions 
abatement schemes, including:
•	
The GHG and Energy Target Management Scheme1: 
Aims to achieve the national GHG reduction goals 
under the Carbon Neutrality Act by designating and 
managing entities and workplaces that emit a certain 
level of greenhouse gases as regulated entities. The 
GHG reduction targets are established and managed for 
these regulated entities to meet the national goals. 
•	
Emissions Trading Scheme2: Allocates emission permits 
on an annual basis to businesses emitting greenhouse 
gases, allowing them to conduct emission activities 
within the allocated limits. Inter-business trading of 
excess or deficient emission allowances are permitted 
based on the evaluation of the actual greenhouse gas 
emissions of allocated businesses. 
Scope 1 and Scope 2 - 
targeting net zero from 
commencement of operation
35% electricity from renewables
2023
2040

ASM Annual Report 2024 |  41
41  |  ASM Annual Report 2024 
Managing Director & CEO Rowena Smith 
(left) on site at the Korean Metals Plant with 
Representative Director Sung-lea Cho (right).

42  |  ASM Annual Report 2024 
People and Culture
ASM seeks to foster a culture of innovation, integrity 
and equal opportunity among its workforce, partners 
and supply chain. 
ASM has its headquarters in Perth, where most of 
the management team is located. The remaining 
employees are dispersed across Australia and in Korea. 
The Korean team comprises 73 employees (as at 30 
June 2024). ASM’s team based in Dubbo manages the 
Toongi Pastoral Company (TPC) and Dubbo Project, 
while a team in Brisbane progresses the ongoing 
project development and delivery work. 
In Dubbo, community engagement and investment 
programs are in place, ensuring active involvement 
of the local Indigenous people in the planning for 
operation. This includes the protection of cultural 
heritage sites and moving towards Free, Prior and 
Informed Consent (FPIC). More information is provided 
in ASM’s Indigenous Peoples Policy Statement1.
Diversity 
Between 2023 and 2024, gender diversity remained 
strong across the Board, management team and 
Australia. ASM made gender representation at its South 
Korea operation a focus for FY24, where much of the 
operational workforce is male. The Korean Metals 
Plant achieved an increase in the proportion of female 
employees from 11% to 14% during the year.
ASM Gender Diversity
Social
1 https://asm-au.com/wp-content/uploads/2024/08/202402_Indigenous-
Peoples-Policy-Statement-ASM.pdf
Note: Gender Diversity data represents permanent 
and fixed term ASM employees as at 30 June 2024.
Board
Executive Management
Australia
Korea
Female
Male
60%
50%
61%
86%
40%
50%
39%
14%

ASM Annual Report 2024 |  43
Health and Safety
Aligned to our Values, ASM has continued to build and 
strengthen a culture of caring and promoting a safe 
working environment through the promotion of trust 
and self-responsibility. This includes proactive work in 
risk identification, assessment, controls and verification. 
ASM encourages and supports all employees to become 
safety leaders at work and hold each other responsible 
for the expected behaviours and safe work practices 
required to reduce the potential for occurrences of 
occupational illness and injury.
Performance
ASM continued to maintain its focus on safety over the 
year and is pleased to report that the Group recorded 
the milestone of one year Lost Time Injury (LTI) free 
as of 30 June 2024, with 193,675 hours worked. The 
12-month rolling Total Recordable Injury Frequency Rate 
(TRIFR) as at 30 June 2024 was 1.0 per 200,000 hours 
worked. 
There was one recordable injury sustained during the 
year, related to a head injury classified as a Medical 
Treatment Case (MTC) at the KMP. The employee 
received medical treatment at Ochang Central Hospital 
and returned to their original duties following treatment. 
Therefore, the incident was classified as a MTC, rather 
than a Restricted Work Injury or LTI. Following this MTC, 
ASM implemented engineered corrective solutions to 
prevent a recurrence of the incident. 
ASM recorded no contractor injuries or fatalities in FY24.
Management Systems
ASM is committed to enhancing its health and safety 
management systems through proactive efforts in risk 
identification, assessment, controls and verification. 
ASM maintains an overarching Safety, Health and 
Sustainability Policy, which is enhanced by our 
Company-wide Values. These Values speak to how 
we runs our business, how we express ourselves as 
a Group, and how we engage with our people and 
stakeholders to inspire their trust. 
In FY24, ASM commenced work on enhancing its health, 
safety, security and environment data reporting to 
assist with informed safety conversations and decisions. 
Leading and lagging indicators, such as LTI, TRIFR and 
Fatality Rate are utilised to inform risk management, 
assess performance and continually improve the 
system. This management system will also cover 
the Dubbo Project, and progress and performance 
on health and safety will be reported annually once 
construction begins.
Since becoming operational in 2022, ASM has 
achieved accreditation with ISO 45001 Health 
and Safety Management System, ISO 14001:2015 
Environmental Management Systems, ISO 9001:2015 
Quality Management Systems, and IATF16949 Quality 
Management System for the KMP, demonstrating 
an ongoing commitment to safety and quality in our 
operations. 
ASM’s internal reviews included a Pre-Startup Safety 
Review (PSSR) for electro-refining processes over an 
extended period from April to May 2024. ASM has 
also undergone ongoing inspections by third parties, 
including an ISO 45001 surveillance audit conducted in 
April 2024. This audit resulted in one recommendation 
for improvement which ASM has been actioning to 
mitigate risks, as well as supporting a safety inspection 
on hoists for the titanium induction furnace and 
pressure tank at the KMP machine room, conducted by 
the Korea Safety Technology Association in April 2024. 
To ensure a proactive approach to safety, ASM’s 
leadership conducts monthly joint site inspections 
involving both the management team and workers. 
This integrated approach allows for open discussions 
and the exchange of views on safety-related matters. In 
FY24, 1,517 daily safety inspections were conducted by 
senior leaders, resulting in 129 positive observations, 
further demonstrating ASM’s commitment to creating 
a safe working environment and safeguarding the well-
being of its employees.
Emergency Response Management
ASM prioritises effective emergency response 
management to ensure the safety and well-being 
of its employees and stakeholders. To validate the 
preparedness and response capabilities, regular audits 
are conducted, evaluating the implementation and 
understanding of the emergency response procedures 
and the readiness of first responders to address 
potential emergencies.
Recognising the importance of psychological support 
during workplace accidents or disasters, the KMP 
has entered into a memorandum of understanding  
with the Chungbuk disaster counselling support 
center, represented by the Red Cross. Through 
this collaboration, KMP employees have access to 
psychological counselling services in the event of 
workplace accidents or disasters. In addition, employees 
received training on emergency response measures and 

44  |  ASM Annual Report 2024 
the use of automated external defibrillators (AEDs), and 
can participate in community volunteering activities 
organised by the Red Cross. In unison, these actions, 
foster a sense of preparedness within the community.
ASM’s Fatality Risk Control Program (FRCP) constitutes 
a fundamental aspect of its emergency response 
management approach. This program was developed 
to mandate critical controls aimed at preventing 
fatalities, serious incidents and injuries arising from 
common hazards and associated risks in operational 
activities. By focusing on nine high-risk activities within 
the industry, ASM actively improves safety measures 
and mitigates potential risks, ensuring a safer working 
environment for everyone involved. 
Community and Social 
Responsibility
ASM intends to leave a legacy that delivers enduring 
benefits to the communities and regions where it 
operates. ASM knows that having strong and positive 
relationships with local communities is critical to being 
a responsible and sustainable company.
Indigenous Peoples Engagement
Over the past two decades, ASM has consulted with 
local Elders and Aboriginal organisations, associated 
with the Wiradjuri land on which the Dubbo Project is 
located. This includes the Dubbo Aboriginal Community 
Working Party, Three Rivers Regional Assembly, and 
the Dubbo Local Aboriginal Land Council. The Dubbo 
Project Community Consultative Committee has two 
Indigenous members.
ASM continues to review cultural heritage sites within 
the Dubbo Project footprint and ensures Traditional 
Owners are engaged and consulted on heritage issues, 
as per Part 6 National Parks and Wildlife Act 1974.
ASM continues to identify heritage sites (outside of the 
project footprint) additional to those described in the 
Dubbo Project’s Environmental Impact Statement (EIS 
2013); these sites have been protected from farming 
activities.
Activities during the reporting period included:
•	
Meetings between ASM and representatives from 
Aboriginal organisations and Elders to listen to their 
priorities and grow relationships.
•	
Invitation to Traditional Custodians to walk ‘On 
Country’.
•	
Dubbo Project Community Consultative Committee 
meetings.
•	
Engaging with local community to provide welcome 
to country, smoking ceremonies and cultural 
awareness lessons for all significant site visits and 
functions.
Supply Chain
ASM is committed to the adoption of principles for the 
sustainable, responsible and traceable production of 
metals and alloys and sourcing of inputs, to ensure we 
continuously improve against industry best practices, 
alongside key supply chain partners. ASM understands 
that a responsible and transparent supply chain is 
important to stakeholders and customers and is 
currently investigating technology platforms and 
methods to ensure effective supply chain management.
Modern Slavery
ASM commits to acting ethically and with integrity in 
all business dealings and relationships. ASM commits 
to implementing and enforcing effective systems and 
controls to minimise the risk of modern slavery taking 
place anywhere in its business or in any of its supply 
chains.
In doing so, ASM applies guiding principles, including, as 
part of its contracting processes, specific prohibitions 
against the use of forced, compulsory or trafficked 
labour, and expect that its contractors, suppliers, and 
other business partners hold their own supply chains to 
the same standards1.
Sponsorships & Engagement
Community contribution is one of the ways ASM shares 
value back into the regions where it operates. This can 
be a direct contribution to a cause, event, or group, or 
it can be through in-kind donations, such as employees’ 
time, or use of buildings and resources. Another way 
ASM contributes to communities is through economic 
opportunities, such as engaging local suppliers 
and business partners, or offering employment 
opportunities to the local community. 
1 https://asm-au.com/wp-content/uploads/2023/03/Modern-Slavery-Policy_20220324.pdf 

ASM Annual Report 2024 |  45
During the year, ASM continued to engage with 
the local community in Dubbo through regular 
community newsletter distribution and via the 
community information line. ASM management and 
representatives also met with various government 
stakeholders, community and business leaders, local 
Aboriginal groups and potential local suppliers.
The key channel to ensuring an effective passage 
of information between ASM and the surrounding 
community, is the Community Consultative Committee 
(CCC). The CCC is an independently chaired member 
committee representing the Dubbo Project, the local 
community (including environmental interests) and the 
Aboriginal community.
At CCC meetings, members are updated on the 
progress of current and proposed mining operations 
and projects. Community representatives are given 
the opportunity to raise concerns regarding the Dubbo 
Project and to offer advice regarding consultation with 
the community. CCC meeting minutes are available via 
the ASM website. During FY24 the CCC met three times.
Other community initiatives supported during the year, 
included:
•	
Careers stand at the Dubbo College ASPIRE 
program.
•	
Sponsorship of the Dubbo Cross Cultural Carnivale 
celebrating social growth and diversity.
•	
An ASM employee participated in supervising 
events at the Western Plains Science & Engineering 
Challenge.
•	
Experiential learning supported through the 
Macquarie Agricultural Pathways Program with 
Toongi Pastoral Company.
•	
Supporting the Dubbo Show, with a presence of 
staff throughout the event and a stand to promote 
the Dubbo Project in the community.
•	
Dubbo Field Naturalist & Conservation Society field 
trip to Toongi.
•	
Supporting Native Secrets (an Indigenous-owned 
business based on thinning White Cypress Pine on 
Toongi Pastoral Company lands).
Students from the Macquarie Anglican Grammar School participating in a site visit to Toongi farmland as part of the Macquarie 
Agricultural Pathways Program.

46  |  ASM Annual Report 2024 
Complaints Register
A register of complaints and enquiries received from the 
community is maintained by ASM. A modified version of 
this register (excluding personal details of complainants) 
is published on the ASM website.
No specific complaints were received during the 
reporting period.
Memberships and Participation
In November 2022, ASM became a participant of the 
United Nations Global Compact (UNGC). In 2024, 
ASM has been committed to the UNGC corporate 
responsibility initiative and its principles in the areas of 
human rights, labour, environment and anti-corruption. 
ASM commits to making the UNGC and principles part 
of its strategy, culture and day-to-day operations, and 
to engaging in collaborative projects which advance 
the broader development goals of the United Nations, 
particularly the Sustainable Development Goals. As part 
of the 2024 UNGC Communication on Progress (CoP) 
campaign, ASM has completed its first CoP report that 
describes its efforts to implement the Ten Principles. 
ASM’s CoP is available on the UNGC website1
ASM is proud to be a member of the Diversity Council 
of Australia, an independent not-for-profit peak body 
leading diversity and inclusion in the workplace. The 
membership and network with the UNGC and the 
Diversity Council allows ASM to assess and benchmark 
the impact of its business practices, fostering continuous 
improvement and exemplifying its commitment to be 
accountable to its ESG commitments. 
Developing future skills
Construction and ultimately operation of the Dubbo 
Project will support hundreds of new jobs in the Dubbo 
region – jobs that will represent new professions 
and require skills development. ASM is committed 
to identifying and engaging local organisations that 
will showcase the opportunities at the Dubbo Project, 
support talent development and promote career 
pathways. 
During the year, the Dubbo Project team participcated in 
several events, including the Dubbo Aspire Careers fair, 
the ‘Education meets industry’ networking event hosted 
by the NSW Minerals Council, and a presence at the 
Dubbo Show. 
Now in its third year, ASM’s subsidiary, Toongi Pastoral 
Company (TPC), has continued its partnership with 
Macquarie Anglican Grammar School to provide the 
Macquarie Agricultural Pathways Program (MAPP). The 
Program provides students with hands-on learning 
experiences on TPC farmland, developing agricultural 
based skills that may lead them to a career involved with 
agriculture. Site visits are managed by the TPC team. 
Each year, Year 8 participants undertake a major project 
at Toongi that explores an area of personal interest, 
which this year included: identifying and classifying 
plants, a calendar of operation for managing livestock 
and researching ways to repair gully erosion.
C A S E  S T U D Y
1 https:// unglobalcompact.org/what-is-gc/participants/154693- Australian-Strategic-Materials-Limited 
MAPP students locating paddocks on a property map 
for pasture inspection.

ASM Annual Report 2024 |  47
ASM’s actions are governed by an experienced Board 
committed to administering the Group’s policies and 
procedures with openness and integrity. This year, ASM 
continued to strengthen its governance framework, 
focusing on environment and sustainability. As a 
result, it commenced work on a health, safety, security 
and environment management system. ASM also 
established several new policies, which are published 
on the ASM website.
ASM commits to driving a risk management culture 
that ensures risks are identified, assessed, and reduced 
or removed, as appropriate. Our risk management 
framework is considered in all of our activities, and 
we commit to providing an effective risk management 
framework that prioritises environmental and social 
risks in business decisions, alongside economic, 
political, legal and regulatory risks. 
To demonstrate commitment to responsible mining, 
ASM’s long-term intention is to comply with the 
Initiative for Responsible Mining Assurance (IRMA)’s 
standard when the Dubbo Project transitions into 
operation. Over the next five to seven years, the nature 
of ASM’s activities presents an opportunity to work 
towards readiness for the IRMA Standard by 2030. As 
an interim step, ASM aims to integrate the Towards 
Sustainable Mining (TSM) certification and assurance 
scheme over the next three years. 
Since 2020, ASM has been providing sustainability 
content within its Annual Report. In addition, ASM has 
reported the information cited in the GRI content index 
with reference to the Global Reporting Initiative (GRI) 
Standards since 2022. The current GRI Index can be 
found on the ASM website1.
The Board is responsible for monitoring compliance 
with ASM’s legal obligations, such as those obligations 
relating to the environment, native title, cultural 
heritage and occupational health and safety. Further 
information on board responsibilities is provided within 
the Board Charter. 
Corporate Governance Statement
ASM’s annual Corporate Governance Statement has 
been published and released to the ASX separately. It 
is available on the ASM website at: asm-au.com/about-
asm-home/governance. 
Governance
1 https://asm-au.com/sustainability/

48  |  ASM Annual Report 2024 
Risk
48  |  ASM Annual Report 2024 
Our Risk Management approach is designed to support ASM’s 
critical short- and long-term business activities, achieving the 
desired level of risk management maturity and improved 
business performance.
Managing our risks to maintain sustainable 
growth
The minimum mandatory requirements for the management 
of risks that can materially impact our ability to achieve our 
purpose, strategy and business plans are defined in our risk 
management standard. The approach and standard are 
delivered through our system of risk management which is 
aligned to the principles of the International Standard for Risk 
Management AS/NZS ISO 31000:2018.
At ASM, we are committed to a continuous enhancement 
journey to mature our risk management practices, capability 
and building a risk-aware culture. Financial Year 2024 (FY24) 
embedded risk management foundations and transparency 
across our site-based workforce, management team and 
Board of Directors, demonstrating our commitment to 
addressing potential challenges, while safeguarding our 
stakeholders’ interests.
ASM System of Risk Management
(proposed end state)
Our system of risk management enables everyone at ASM to 
identify, manage and respond to threats and opportunities, to 
support the delivery of our goals and business outcomes.

ASM Annual Report 2024 |  49
We report transparent and complete real-time risk 
data, easily accessed from a single platform.
•	
Single administration platform for risks, events, 
hazards, obligations and actions.
•	
Integrated reporting from single source.
•	
Mobile application functionality for infield 
verifications and observations.
•	
Continuous learning routines.
We have a mature, clearly defined and understood 
three lines model, providing regular quality assurance 
over our controls.
•	
1st line verifications performed regularly.
•	
2nd line stewardship health checks, assessing 
control effectiveness and ongoing compliance to 
our standards.
•	
3rd line assurance assessing systems over 1st and 
2nd line execution.
•	
Co-ordinated plan across 2nd and 3rd lines 
activities.
We understand the regulations that apply to our 
business, and we have processes to manage and 
monitor our compliance.
•	
Regulatory obligations registers in place at each 
operation.
•	
Ongoing monitoring program for obligations 
management effectively escalating non - 
compliance.
•	
Real-time update of obligations registers with 
external regulatory changes.
We all understand our risk management roles and 
accountabilities, and keep building our skills to make 
informed risk-based decisions.
•	
Effective risk management capability training 
programs for all ASM employees.
•	
Regular refresher and new starter risk and 
compliance training.
•	
Highly capable on site/off site risk management 
support.
We have simple risk processes and fit for purpose 
tools, enabling continuous and dynamic risk 
management activities.
•	
Documented risk and compliance processes and 
procedures.
•	
Toolbox guiding on a range of risk techniques.
•	
Core risk rhythms and routines for all operations 
and functions established and operating.
•	
Governance in place for improvements to risk 
standard and processes.
We identify and prioritise our risks and continuously 
address gaps in our controls.
•	
Comprehensive risk registers in place at each 
operation and function.
•	
Risk and control owners assigned for material risks.
•	
Regular assessments of all risks and controls.
•	
Organisation risk appetite and tolerance levels 
established and monitored.
Risk Appetite
Our risks are managed within the context of the Board-
approved risk appetite statement, which outlines the 
level of risk that ASM considers in the pursuit of its 
goals. We are governed by a Board of Directors, and we 
are committed to conduct all our activities legally and 
ethically.
The Risk Management Committee is established to 
oversee ASM’s system of risk management and reports 
to the Board on matters involving risk, including 
recommending a risk appetite level.
ASM has developed policies and procedures to guide its 
employees, whilst ensuring there are clear parameters 
for risk appetite tolerance with respect to essential 
outcomes from areas of activities and jurisdictional 
impacts and influences. At the end of FY24, ASM 
management team and the Board of Directors held 
an annual review of the risk appetite and tolerance 
levels, resulting in increased risk appetite for pursuing 
operational and development opportunities in months 
to come.
Core Risks in Practice
Our risks are regularly assessed and managed at both 
a Company-wide strategic level and at a tactical level 
for operational activities, project developments and 
corporate functions risks. Our dual top-down and 
bottom-up risk management approach enables an 
effective escalation of emerging signals and risks, which 
helps us stay proactive and immediate in our response. 

50  |  ASM Annual Report 2024 
STRATEGIC BUSINESS RISKS
Our strategic business risks are risk exposures and uncertainties that could have a material effect on ASM’s financial 
and operating prospects and our ability to achieve our strategic objectives as described in this report. These risks 
and uncertainties arise from a range of factors, including the Company’s international operations, the current status 
of the Dubbo Project, the nature of the rare earths and critical minerals industry and changing economic factors. 
These risks have the potential to impact our entire organisation or a substantial portion of it, resulting in notable 
consequences, which can be either positive or negative – and subsequently trigger changes to our strategy. 
These risks are overseen by the Board on recommendations from the Risk Committee, Audit Committee and the 
management team. ASM responds to these risks by implementing strategies which are regularly reviewed by 
management, to ensure the Company remains within the Board approved risk appetite.
Keeping our people and communities safe and well                                             
Opportunity
Threat
Keeping our people and communities safe and well 
underpins the culture we aspire to and sets our expectations 
of each other. Caring for our workforce, including employees 
and contractors, and always considering the impact our 
activities can have on the environments we operate in, 
positions us well for local communities’ support, as well as 
potential customers and investors.
The impact of not having a safe working environment and best practices, 
can be devastating for our employees, contractors, communities, and 
retention of personnel. It can alter lives and impact shareholder returns, 
business continuity, financial performance, growth and ultimately ASM’s 
license to operate.
Our Response
Our Response
•	
We operate with care and respect as one of our core 
values, safeguarding the wellbeing of each other and the 
communities we operate in.
•	
We comply with all relevant workplace standards and 
legislation as well as accreditations. 
•	
We proactively engage with our people and 
communities to understand concerns and nurture 
valued relationships.
•	
We monitor developments in practices and technologies 
to ensure we proactively implement best practices and 
improvement opportunities to keep our people and 
communities safe and well. 
•	
We have a documented and tested Corporate 
Emergency Management Plan that provides our support 
to Crisis Management involving local communities in 
which we operate. 
•	
We have assistance programs for our employees in case 
of disasters and hardship.
•	
We have a pandemic response plan that guides us on 
how to manage significant short- or long-term health 
related outbreaks (i.e. COVID). 
•	
We monitor our operational workplace environments 
for early indication of stress response to potential 
psychosocial hazards.
•	
We have a clear focus on health, safety and wellbeing in everything we 
do.
•	
We have robust Emergency Response Plans in place at all sites.
•	
We have a risk management program that guides us on how to 
effectively manage potential health and safety exposures.
•	
We actively and regularly assess our operational risks and controls at 
each site, integrating risk management routines and conversations in 
day-to-day activities.
•	
We have a suite of comprehensive health and safety policies, standards 
and systems designed to prevent potential fatality and injury threats 
and help manage actual events if they occur.
•	
We engage, develop, and train our people so that our work is well 
designed, monitored and executed.
•	
We investigate actual and potential significant events and share our 
learnings across the organisation, so we all learn from controls that fail.
•	
We perform regular audits to check how well designed our controls 
are, and whether they operate effectively.
•	
We quickly adopt appropriate best practices and technologies in safety 
and environmental protection.

ASM Annual Report 2024 |  51
Global economic uncertainty
Opportunity
Threat
We aim to leverage geopolitical support to play a part in 
the reshaping of Western critical minerals supply chains to 
maximise total shareholder returns and become known as a 
credible and reliable counterparty.
Any deterioration in economic conditions, including any increase in inflation 
and interest rates or rapid shifts in the supply and demand for end use 
products, may have an adverse impact on ASM’s financial performance or 
growth. It can also have consequences on ASM’s ability to obtain project 
funding in a timely manner or on terms acceptable to it.
Our Response
Our Response
•	
We monitor ongoing geopolitical developments and 
market opportunities to diversify customers and 
supply chains whilst considering opportunities and 
partnerships to optimise our investment portfolio.
•	
We aim to establish our business in jurisdictions aligned 
with the objective of establishing an alternative critical 
minerals supply chain.
•	
We have various commercial strategies, including contracts with 
mechanisms that provide protection in the event of price fluctuations 
(e.g., fixed prices, defined price reviews, caps and floors on pricing) and 
ongoing monitoring of market conditions.
•	
We adjust our capital allocation plans according to market conditions 
whilst maintaining a minimum liquidity buffer.
•	
We carry out reviews of commodity prices and exchange rates, which 
we use to inform our operational plans.
•	
We monitor our operating cost plans according to market conditions to 
ensure we remain competitive.
•	
We monitor our industry cost curve position relative to our peers and 
incorporate this into our investment decisions. 
Maintaining competitive advantage through business innovation and pricing mechanisms
Opportunity
Threat
To stay competitive, we position our organisation to 
effectively identify, develop and adopt sustainable business 
models including alternative pricing mechanisms, commercial 
arrangements and supply chain partnerships across our rare 
earth and critical mineral portfolio.
The critical minerals supply chains are nascent and rapidly evolving. 
Increasingly end users are requiring whole of supply chain solutions which 
require innovative commercial approaches to remain competitive.
 Acceptable pricing for critical minerals will depend on the ability of markets 
to develop market-based pricing mechanisms. Other factors such as 
government intervention in markets, stockpiling, new trade policies, barriers 
and sanctions can also significantly impact pricing.
Subsequent price volatility could adversely impact on financial performance 
and growth if ASM is unable to adapt.
To secure funding to develop the Dubbo Project ASM will need to enter into 
contracts for the sale of the critical minerals on terms that are bankable. 
There is no guarantee that contracts will be secured on such favourable 
terms or there may be a delay in obtaining such contracts.
Our Response
Our Response
•	
We proactively engage with existing and prospective 
customers, suppliers and supply chain partners to 
understand and ensure we can meet their product 
requirements and objectives.
•	
We monitor broader market developments for 
emerging sale, supply and/or partnership opportunities.
•	
We actively engage with price reporting agencies and 
other industry stakeholders to continually assess our 
pricing mechanisms to ensure alignment with market 
conditions and actively seek to develop improved 
market-based mechanisms.
•	
We have a dedicated marketing function engaging with prospective 
customers whilst monitoring and potentially developing market pricing 
innovations.
•	
We continue to monitor market commodity volumes for both sales and 
supply opportunities.
•	
We have a clearly defined approach to pricing, innovation, and 
improvement which includes industry engagement on enhancing 
pricing mechanisms. 
•	
We explore opportunities to partner with both upstream and 
downstream participants.
•	
We analyse and monitor market trends and customer relationships.
•	
At KMP, we are progressing development of new in-house 
technologies.

52  |  ASM Annual Report 2024 
Capital and funding                                                                                                  
Opportunity
Threat
By investing selectively in our existing operations, growth 
options and external opportunities, including accessing 
competitive capital from government, we aim to maximise 
total shareholder returns over time.
Our projects require substantial capital investment, particularly the Dubbo 
Project, which may be challenging for traditional funding. 
Nonetheless the quantum of export credit finance, commercial debt and/or 
equity funding available to us may not be sufficient; not available in a timely 
manner; or on acceptable terms to execute our strategy and therefore 
impacting on ASM’s financial performance and growth.
Our Response
Our Response
•	
We continue to focus on capital options by considering 
a diverse mix of equity and debt including available 
government support mechanisms across various 
jurisdictions.
•	
We consider different project design and delivery 
options to lower the capital, operating expense and 
liquidity risk to increase attractiveness to debt and 
equity funders. 
•	
We target a project financing funding mix of equity and debt, 
supported by export credit finance and secure bankable offtakes.
•	
We aim to secure offtake agreements on economic terms to assist in 
obtaining funding on acceptable terms.
•	
We consider different project design and delivery options to lower the 
capital, operating expense and liquidity risk.
•	
We maintain sufficient cash balances to operate a solvent business.
•	
We seek strategic investors and relationships, for example offtakes, 
such that financing is de-risked for investors and debt providers.
•	
We create strong relationships with our brokers, financiers and 
investors.
•	
We provide adequate resourcing in finance and marketing functions to 
monitor the finances and performance of the business.
•	
We can sell down interests in Dubbo or KMP to release equity.
Building and sustaining supply chains for critical goods and services                  
Opportunity
Threat
Optimal and sustainable management of supply chain risk 
positions our business to operate safely and reliably, in 
a manner that meets or exceeds the expectations of our 
stakeholders.
It also provides us with the ability to partner with and 
influence how others in our industry approach sustainable 
sourcing. This may position us to benefit as trade flows 
respond to rising protectionism, social consciousness, and 
general trends to de-risk value chains.
Of particular note, the supply chain for rare earth oxides 
(REOs) is developing which provides us with a genuine 
opportunity to establish ourselves as a credible alternative 
supplier of both REOs and metal/alloy material.
We are dependent on contractors, suppliers and key personnel for vital 
goods and services to our operations, including raw materials, services and 
equipment. The supply chain for many of our key raw materials (particularly 
REOs) is still in development stage outside of China. There is potential that 
market dysfunction may lead to a failure to establish an alternative supply 
chain.
Any supply or service disruption may have an adverse effect on financial 
performance, growth and return to shareholders.
Our Response
Our Response
•	
We build strong strategic partnerships with key 
suppliers on a long-term, mutually beneficial basis. This 
involves working collaboratively (and contractually) 
to ensure risks are appropriately shared and mutual 
support is provided as we work to establish robust and 
sustainable supply chains.
•	
We have local procurement initiatives designed, where 
practical, to increase opportunities for local suppliers. 
•	
We have a system of procurement management and approval 
authority in place that guides us on how to effectively select and 
manage our goods and services including multi-source supply where 
required; optimising inventory levels; flexing commercial terms and 
maintaining up-to-date business continuity plans.
•	
We understand, assess and continually monitor the risks in our supply 
chains, including the supply of critical goods and services, potential 
shortages, critical suppliers, vendor liquidity, logistics, climate change 
and decarbonisation, and modern slavery.

ASM Annual Report 2024 |  53
Consistent operational performance                               
Opportunity
Threat
We look to continuously improve our operations and product 
range to deliver stable and consistent performance meeting 
the requirements of our customers.
We invest in developing processes to sustain and improve 
our production performance to deliver a broader range of 
products for current and future customers.
ASM may encounter operational difficulties in meeting and consistently 
fulfilling customer requirements which will impact on the ramp up schedule 
and cash flow.
Consistent operational performance may be affected by supply chain 
constraints, as well as shifts in regulatory environment.
If ASM cannot reliably and securely meet profitability goals, it may have an 
adverse impact on the capacity to accomplish the strategic goals, disrupt the 
supply chain and harm shareholder returns.
Our Response
Our Response
•	
We actively and regularly assess our operational risks 
and controls at each site, integrating risk management 
routines and conversations in day-to-day activities.
•	
We continuously assess and enhance the efficiency 
of our operations by integrating our operational 
procedures, which encompass operational planning, 
work design and standards, as well as process control 
enhancement.
•	
We build strong relationships with our customers to 
ensure that we understand their requirements and 
work to meet those.
•	
We work collaboratively with customers to understand and meet their 
technical specifications and delivery requirements.
•	
We operate in line with ISO certified requirements in Quality, 
Environment, Occupational Health, Safety and Risk Management.
•	
We carry out regular quality assurance processes over our operation 
and production.
•	
We monitor and adjust our operating cost plans to remain cost 
effective and stable in our performance. 
Delivering on contractual relationships                                                        
Opportunity
Threat
Realising our strategic objectives and financial prospects 
will be dependent on contracts with a variety of parties in 
differing jurisdictions. We manage those contracts to build 
positive relationships, deliver in line with our purpose and 
meet our strategic commitments.
There is a possibility that ASM’s contracts are not honoured or not extended, 
or that memoranda of understanding with parties do not result in binding 
contracts.
ASM’s contracts are exposed to the possibility of disruptions caused by 
a range of factors, some of which may be outside of either our or our 
counterparties’ control. Disruptions to contractual performance could 
potentially have a significant adverse impact on the business, reputation, 
financial performance, and overall financial health.
Many of ASM’s contracts are or will be for longer terms and in a variety of 
jurisdictions. ASM may encounter difficulties managing issues that emerge 
over that term.
Our Response
Our Response
•	
We seek to enter into contracts with parties and 
in jurisdictions that are aligned with our strategic 
objectives, purpose and values.
•	
We actively build relationships with our counterparties 
to ensure we understand the issues faced by them and 
to ensure successful delivery of contractual obligations.
•	
We obtain formal advice on our contractual commitments and the 
jurisdictional requirements that may apply to them.
•	
We apply our risk management practices to identify potential issues 
that may impact on contractual performance and introduce measure 
to address or minimise the impact.
•	
We establish open and transparent communication with our 
contractual counterparties to resolve issues amicably before 
escalation.
•	
We continuously monitor and evaluate the performance of the parties 
throughout the contract term and address any deviations from the 
agreed upon obligations promptly.

54  |  ASM Annual Report 2024 
Maintaining our license to operate                           
Opportunity
Threat
Proactive, collaborative and transparent engagement 
provides the opportunity to build relationships with our 
stakeholders based on trust and shared understanding. 
Our stakeholders include communities, traditional owners 
and governments we operate in. Through maintaining and 
safeguarding our ongoing license to operate, we contribute to 
our stakeholders and broader society.
Failure to maintain our reputation with some or all stakeholders and 
communities, as well as appropriately consider our impacts on environment 
and compliance with regulation may have a negative effect on financial 
performance and growth.
ASM relies on Government and government agencies to grant appropriate 
permits and approvals to allow the development and the ongoing operation 
of the Dubbo Project and KMP. If permits, licenses or approvals are revoked, 
not granted, or are delayed, or the terms are onerous, this may delay or 
hinder the development of our operations, increase costs and impact the 
supply chain.
Our Response
Our Response
•	
Our purpose and strategy expressly balance economic 
outcomes with social and environmental outcomes, now 
and into the future. In the decisions we take, we look 
to minimise impact, respect human rights, and create 
enduring social, environmental, and economic value for 
all our stakeholders.
•	
We are working with industry bodies to obtain 
responsible mining certification and align our 
environmental, social and governance (ESG) reporting 
and monitoring to industry standards.
•	
We work to operate in accordance with all relevant 
regulatory and legislative requirements.
•	
We undertake formal risk analysis on all risks that can impact our 
license to operate.
•	
We use recognised rating agencies ratings to benchmark our ESG 
progress and identify areas we can improve.
•	
We have fit for purpose ESG commitments and strategies.
•	
We continuously work to build strong, positive, and meaningful 
relationships with local communities and with the traditional owners.
•	
We monitor and audit our compliance with relevant regulatory and 
legislative requirements.
•	
We proactively monitor legislative changes to ensure we continue to 
comply.
•	
We appropriately resource our teams to respond to ongoing 
commitments, changing environments and external pressures
Political risks, actions by government and/or authority                                
Opportunity
Threat
Proactive engagement leading to strong relationships with 
governments, regulators, industry bodies and authorities 
provides a mutual understanding of drivers for decision- 
making. This increases clarity around policy and regulatory 
environments, enables appropriate and tailored responses to 
issues and provides understanding of government support 
and momentum for our strategic objectives.
Any change in the government, legislative and administrative regimes, 
taxation laws, interest rates and other legal and government policies may 
have an adverse effect on the assets, operations and financial performance.
Our Response
Our Response
•	
We monitor global political activity, policy, and legislative 
and regulatory changes both globally and in the 
jurisdictions in which we operate. We engage with 
relevant authorities to understand the opportunities for 
government support and mitigate potential impacts on 
our business performance.
•	
We partner with selected industry associations to 
provide insights and views to help shape regulations 
impacting the industry in which we operate.
•	
We have specialised knowledge through in-house expertise or the use 
of external experts, including tax, legal, sustainability, regulatory and 
external affairs advice where appropriate.
•	
We use a system of risk management with respect to regulatory 
compliance to anticipate and analyse risks, to design and implement 
plans that aims to ensure ongoing compliance with changing legislative 
and regulatory frameworks.

ASM Annual Report 2024 |  55
Technology and innovation
Opportunity
Threat
To be competitive, we position our organisation to effectively 
identify, develop and adopt sustainable improvements for 
breakthrough technology and innovation in our operations 
and projects.
Critical minerals technology, legislative requirements and consumer 
trends are evolving rapidly, which could adversely impact on our financial 
performance and growth if we are unable to adapt.
Our Response
Our Response
•	
We proactively engage with existing and prospective 
customers to ascertain requirements and objectives.
•	
We monitor broader market developments for 
emerging opportunities.
•	
We continually assess our operations for area of 
technical improvement via the implementation of new 
technology or testing of processes improvements.
•	
We have a highly credentialed dedicated research and 
development team, that is focussed on identifying 
improvements and innovations to our processes and is 
developing our own innovative low carbon technology 
for the metallisation process, 
•	
We recognise that the intellectual property we develop 
is an important asset and therefore we invest in 
and develop processes and procedures designed to 
maintain and protect our intellectual property.
•	
We focus dedicated investment on research and development whilst 
monitoring market innovations.
•	
We have a clearly defined approach to innovation, improvement and 
technology.
•	
We proactively engage with government research and development 
organisations where appropriate. 
•	
We continually assess our operations for areas of technical 
improvement via the implementation of new technology or testing of 
process improvements.
Climate change                                                                                               
Opportunity
Threat
Aligning our business strategy, including how we operate 
and what we produce, with stakeholder expectations, 
future technologies and evolving climate and environmental 
policies and regulations, contributes to a resilient and high 
performing portfolio, and assists in addressing the physical 
risks of climate change.
Failure to manage environmental risks may impact our ability to secure 
development approvals, permits or licenses and increase legal exposures 
adversely impacting on financial performance and growth, as well as our 
ability to operate.
Our Response
Our Response
•	
We are transparent in our disclosure of environment 
related opportunities and threats in our annual 
reporting.
•	
We focus on our sustainability approach, inclusive of our 
environmental requirements, aligned with best practice 
goals and standards and work to proactively identify 
ways in which we can reduce our carbon emissions.
•	
We are working with industry bodies to obtain 
responsible mining certification and align our ESG 
reporting to industry standards.
•	
We engage with stakeholders to ensure our operations are well 
designed, monitored and executed.
•	
We have a fit for purpose company-wide ESG approach, with 
established targets and a forward workplan.
•	
We seek to manage water resources to promote better water use and 
effective catchment management.
•	
We integrate biodiversity land management, carbon farming and 
rehabilitation processes into our business planning to minimise 
impacts on surrounding ecosystems.
•	
We are aware of our greenhouse gas emissions and are actively 
working on reducing our carbon footprint.
•	
We understand the physical and transitional risks that our organisation 
may suffer from or create impact on our environment. 
•	
We seek external assurances to maintain our ESG credibility and 
confirm the accuracy and quality of our approaches.

56  |  ASM Annual Report 2024 
Business resilience (pandemic, natural disasters, strikes/people action)                     
Opportunity
Threat
Achieving stable and predictable performance enhances the 
value proposition for our shareholders, other stakeholders, 
and the communities in which we operate. The better 
we prepare for and learn from events, the better we are 
placed to respond and reduce the impact of future events – 
strengthening our organisational resilience.
Failure to manage natural catastrophes or major events, such as cyber-
attacks, could result in a significant event or other long-term damage that 
could harm the Company’s access to logistics chains and critical goods and 
services, financial performance, and license to operate.
Our Response
Our Response
•	
We have business continuity and disaster response 
plans in place.
•	
We have trained and competent persons and 
equipment to respond to emergency incidents, including 
large scale community emergencies.
•	
When facing potential catastrophes, we put safety and wellbeing at the 
heart of everything we do.
•	
We use a system of risk management in design, construction, and 
operation phases to anticipate and analyse risks, to design and 
implement plans that aim to prevent or limit business impacts.
•	
We purchase capped insurance coverage against many, but not all, 
potential losses or liabilities arising from major events or natural 
catastrophes.
•	
We monitor and test our resilience to cyber-attacks with appropriate 
technology, processes and expertise.
Optimising our asset mix                                                            
Opportunity
Threat
Disciplined development and acquisition of critical minerals 
projects, including non-operating/operating and non-
controlling/controlling interests in these operations and 
projects, present us with opportunities to increase our 
participation and strengthen the end-to-end supply chain. 
Partnering with other critical minerals stakeholders also 
creates opportunities for us in early-stage development and 
expansion into current and new jurisdictions.
Rapidly changing global sentiment presents a threat to the sustainability 
of our current portfolio mix if we do not act. In responding to stakeholder 
expectations, we could make decisions to dispose of operations, projects, 
and investments, including at less than market value,  miss critical 
opportunities or make new investment decisions on unfavourable terms.
Increasing demand for critical minerals may drive higher valuations of 
operations and projects that we want to acquire, making acquisitions 
challenging. Geopolitical developments may limit those jurisdictions in 
which we can operate or those counterparties with whom we can partner or 
transact.
Our Response
Our Response
•	
We will be flexible on opportunistic acquisitions and 
divestments including non-controlling/controlling and 
non-operating/operating shareholdings in incorporated 
or unincorporated joint ventures across our value chain.
•	
If a Joint Venture arrangement is pursued, we will seek 
to partner with credible like-minded organisations, likely 
with complementary capabilities, who see the strategic 
long-term value of partnerships in establishing a robust 
and sustainable mine to metals supply chain.
•	
We are actively shaping our critical minerals portfolio cognisant of the 
emerging global critical mineral value chain across jurisdictions that 
impact on our ability to achieve our goals. 
•	
We will continue to strengthen our due diligence processes to ensure 
we work with the right partners.
•	
We understand the importance of economies of scale in the processing 
end of our business and will focus on ensuring our cost structures are 
globally competitive.
•	
We will develop world-class capability in all aspects of rare earth 
processing from mine through to metals and alloys.

ASM Annual Report 2024 |  57
Access to people and talent                                              
Opportunity
Threat
Our position as an emerging global leader in critical rare 
earths minerals with a reputation for diversity, innovation, 
sustainability and safety enhances our ability to attract and 
retain talent.
Our global operating model provides greater access to talent 
which can be positioned across the company to better meet 
business challenges and capture opportunities to develop our 
succession planning.
Inability to attract the right expertise, as well as engage and retain key talent 
may adversely impact reputation, financial performance, ability to execute 
our commitments and strategic growth.
In an emerging skill market for critical minerals specialists and combined 
with growing competition for such specialists there may be a shortage of 
appropriately skilled talent to deliver on our objectives which may impact on 
our reputation, financial performance and growth.
Our Response
Our Response
•	
We have a leadership and talent management model 
which aligns our personnel to our preferred culture and 
behaviours.
•	
We proactively engage with our people and 
stakeholders to build a trusted value proposition for 
current and prospective employees.
•	
We have a strong values model that represents 
our culture ambition as well as guiding the talent 
recruitment and people decisions.
•	
We design our reward program to position ourselves relative to the 
market, enabling us to competitively attract appropriate skills and 
experience, motivate engagement and loyalty from employees and 
improve business performance.
•	
We review our reward proposition every year to ensure we remain 
competitive.
•	
We actively manage this retention risk by routinely reviewing our 
strategy against capability requirements, including retention programs.
•	
We identify the need for and actively seek appropriately skilled talent 
to support specialist delivery options for our operations and project 
milestones.
Metals furnace in operation at the Korean Metals Plant.

58  |  ASM Annual Report 2024 
58  |  ASM Annual Report 2024 
Neodymium praseodymium (NdPr) metal 
produced at the Korean Metals Plant.

Directors’ Report
The Board of Directors (the Board or the Directors) of Australian 
Strategic Materials Limited (ASM or the Company) and its 
controlled entities (the Group) is pleased to present their 
Directors’ Report together with the consolidated financial 
statements of the Group for the year ended 30 June 2024. 
 
Directors
The following persons were Directors of the Company during 
the whole of the financial year and up to the date of this report, 
unless otherwise stated:
I J Gandel  
Non-Executive Chair
R J Smith 
Managing Director and CEO
G M Smith 
Non-Executive Director 
K J Gleeson
Non-Executive Director
N P Earner 
Non-Executive Director
ASM Annual Report 2024 |  59

60  |  ASM Annual Report 2024 
Information on Directors and 
Company Secretaries 
The following information is current at the date of this 
report. 
Ian Jeffrey Gandel LLB, BEc, FCPA, FAICD - 
Non-Executive Chairman 
Mr Gandel is a successful Melbourne based 
businessman with extensive experience in retail 
management, retail property and mining. He has been 
a Director of the Gandel Retail Trust and has had an 
involvement in the construction and leasing of Gandel 
shopping centres. He has previously been involved in 
the Priceline retail chain and was the CEO of a chain of 
serviced offices. Mr Gandel has been an investor in the 
mining industry since 1994. Mr Gandel is currently a 
substantial holder in several publicly listed Australian 
companies and, through his private investment 
vehicles, now holds and explores tenements in his own 
right in both South Australia and Western Australia. 
Mr Gandel has been a Non-Executive Director of ASM 
since 2014 and Non-Executive Chair since 2017, and 
is a member of ASM’s Audit Committee, Nomination 
Committee, Remuneration Committee and Risk 
Committee.
Current listed Directorships also include Non-Executive 
Chair of Alkane Resources Ltd (Director since 2006). 
Past listed Directorships (previous three years) include 
Executive Chairman of Alliance Resources Pty Ltd (2003 
to 2022). 
Rowena Jane Smith B.Com, MAICD – 
Managing Director and Chief Executive 
Officer
Ms Smith has over 30 years’ experience in the mining 
and minerals processing sector holding senior roles 
in strategy, operations and commercial. Prior to 
joining ASM, she was Chief Sustainability Officer at 
South32, accountable for sustainability strategy, risk 
management and HSE business processes. Her other 
past roles include Vice President Supply at South32, 
General Manager of BHP’s Kwinana Nickel Refinery, 
and operational leadership roles within Rio Tinto’s 
aluminium smelting business.  
Ms Smith has been Managing Director of ASM since 
March 2023 and is a member of ASM’s Nomination 
Committee and Risk Committee. Ms Smith joined 
ASM as Chief Operating Officer in July 2021 and was 
appointed Chief Executive Officer in July 2022.
Nicholas Paul Earner BEng (hons) - Non-
Executive Director 
Mr Earner is a chemical engineer and graduate of 
University of Queensland with over 25 years’ experience in 
technical and operational optimisation and management 
and has held a number of executive roles in mining and 
processing. Mr Earner was employed by Straits Resources 
Ltd for a four-year period, including two years as Executive 
General Manager – Operations, supervising up to 1,000 
employees in open cut and underground gold mines 
and an underground copper mine. During the eleven 
years before that he had various roles at Rio Tinto Coal 
Australia’s Mount Thorley Warkworth coal mine and BHPB/
WMC Olympic Dam copper-uranium-gold operations. 
Mr Earner’s eight years at Olympic Dam included roles 
managing the Concentrator and Hydromet functions 
which included substantial milling, leaching and solvent 
extraction circuits. His other positions included Production 
Superintendent – Smelting, and Senior Engineer – Process 
Control, Instrumentation and Communications.
Mr Earner has been a Non-Executive Director of ASM since 
2017 and is a member of ASM’s Remuneration Committee, 
Risk Committee, Audit Committee and Nomination 
Committee. 
Current listed Directorships also include Managing 
Director of Alkane Resources Ltd (since 2017). Past listed 
Directorships (previous three years) include Non-Executive 
Director of Genesis Minerals Ltd (2019 to 2021).
Gavin Murray Smith B.Com, MBA, MAICD - 
Non-Executive Director 
Mr Smith is an accomplished senior executive and 
Non-Executive Director within multinational business 
environments. He has more than 35 years’ experience 
in information technology, business development, and 
general management in a wide range of industries and 
sectors. As the Bosch Oceania Regional President, Mr 
Smith is the Managing Director of Robert Bosch Australia, 
and a Non-Executive Director of the various Bosch 
Subsidiaries and Joint Ventures in Australia and New 
Zealand. Mr Smith is member of the industry advisory 
boards of the CSIRO and the Victorian Skills Authority.
Mr Smith has been a Non-Executive Director of ASM 
since 2017 and is Chair of ASM’s Remuneration 
Committee and Audit Committee, in addition to being 
a member of ASM’s Risk Committee and Nomination 
Committee. 
Current listed Directorships also include Non-Executive 
Director of Alkane Resources Ltd (since 2017). 

ASM Annual Report 2024 |  61
Kerry Jo-Anne Gleeson LLB (Hons), FAICD - 
Non-Executive Director
Ms Gleeson is an experienced independent Non-
Executive Director, Chair and Committee Member with 
over two decades of experience as a director, senior 
executive and board advisor of various ASX listed 
companies. Ms Gleeson has worked nationally and 
internationally across broad and complex industry 
sectors, including mining and resources, industrial 
and agrichemicals, manufacturing, transport and 
distribution and international education. Ms Gleeson 
is a qualified lawyer in both the UK and Australia, and 
spent 15 years in private practice, including as a partner 
of an English law firm, before emigrating to Melbourne 
and joining Blake Dawson Waldron (now Ashurst).
Ms Gleeson has been a Non-Executive Director of 
ASM since 2022 and is Chair of ASM’s Risk Committee 
and Nomination Committee, in addition to being a 
member of ASM’s Audit Committee and Remuneration 
Committee.
Current listed Directorships include Non-Executive 
Director of St Barbara Ltd (since 2015), Chair of St 
Barbara Ltd (since 2023) and Non-Executive Director 
of Chrysos Corporation Ltd (since 2021). Past listed 
Directorships (previous three years) include Non-
Executive Director of New Century Resources Ltd (2020 
to 2023).
Dennis Wilkins B.Bus - Joint Company 
Secretary
Mr Wilkins is the founder and principal of DWCorporate 
Pty Ltd, a corporate advisory firm servicing the natural 
resources industry. 
Since 1994 he has been a Director of, and involved in 
the executive management of, several publicly listed 
resource companies with operations in Australia, PNG, 
Scandinavia and Africa. Since July 2001 Mr Wilkins has 
been running DWCorporate Pty Ltd, where he advises 
on the formation of, and capital raising for, emerging 
companies in the Australian resources sector. 
Mr Wilkins has served as a Company Secretary of ASM 
since 2018.  
Annaliese Eames LLB (Law) Joint 
Company Secretary and Chief Legal and 
External Affairs Officer 
Ms Eames has more than 15 years of legal, commercial, 
strategic, and corporate governance experience.  
Her depth of knowledge covers large scale project 
contracting, corporate, finance and intellectual property 
law. Before joining ASM, Annaliese was Managing 
Counsel with BHP, and prior to this held a variety of 
roles with a range of companies in the mining industry.
Ms Eames has served as Joint Company Secretary since 
January 2023.
Meetings of Directors
The number of meetings of the Company’s Board of Directors and of each Board committee held during the year 
ended 30 June 2024, and the number of meetings attended by each director were:
 
Full 
Board
Nomination  
Committee
Risk 
Committee
Audit 
Committee
Remuneration 
Committee
Attended
Held
Attended
Held
Attended
Held
Attended
Held
Attended
Held
I Gandel
15
15
1
1
4
4
3
3
4
4
R Smith 
15
15
1
1
4
4
3*
3
3*
4
G Smith
15
15
1
1
4
4
3
3
4
4
N Earner
15
15
1
1
3
4
2
3
4
4
K Gleeson
15
15
1
1
4
4
3
3
4
4
Held: represents the number of meetings held during the financial year. 
Directors are members of each committee unless otherwise noted.
*Indicates the director was an invitee only, and not a member of the committee.  

62  |  ASM Annual Report 2024 
Dividends
There were no dividends paid, recommended nor 
declared during the current or previous financial year.
Review of operations 
Information on the operations and financial position of 
the Group and its business strategies and prospects is 
set out in the Operating and Financial Review on pages 
11 to 27 of this Annual Report.
Governance and Risk
The Group takes a pragmatic approach to risk 
management. The Directors provide oversight for risks 
and opportunities on a regular basis, ensuring that the 
Group’s objectives and activities are aligned with our 
approach on how we manage these exposures.
ASM has a Risk Management Policy in place that guides 
the management of key business risks. In October 
2022, the Directors approved a detailed System of 
Risk Management design and approach, RMS. The 
RMS framework sets the appropriate governance and 
provides a methodology for regular routines and tools 
to enable enterprise-wide management of threats 
and opportunities relevant to ASM’s development, 
operations and strategic activities. The approach 
includes an implementation of an integrated technology 
platform to administer risks and event data. The 
platform will enable improved risk data transparency 
and reporting to management and the Board, for 
oversight and direction, as well as supporting an annual 
review of ASM’s risk appetite.
The Group believes it is crucial for Directors to be part 
of this process and has an established Audit Committee 
and a Risk Management Committee with oversight of 
governance and risk activities.
For more information on ASM’s approach to Risk 
Management and our Strategic Business Risks, see 
pages 48 to 57 of this Annual Report.
Significant changes in state of 
affairs
There were no significant changes in the state of affairs 
of the Group during the financial year.
Events since the end of the 
financial year
No other matter or circumstance has arisen since 
30 June 2024 that has significantly affected or may 
significantly affect the Group’s operations, the results 
of those operations, or the Group’s state of affairs in 
future financial years.
Likely developments 
and expected results of 
operations
The Group intends to continue evaluation activities 
in relation to the Dubbo Project and progress the 
commercialisation of ASM’s first metals plant in South 
Korea, in line with details provided in the Operating and 
Financial Review. 
Refer to the Operating and Financial Review on pages 
11 to 27 of this Annual Report for further detail on 
planned developments.
Environment Regulation 
The Group is bound by the requirements and 
guidelines of the relevant environmental protection 
authorities for the management and rehabilitation 
of mining tenements owned or previously owned by 
the Group. Mining tenements are being maintained 
and rehabilitated in accordance with these guidelines. 
The Group is also bound by the requirements of its 
operating license in Korea. There have been no known 
breaches of any of these requirements and guidelines. 
We continue to focus on ensuring positive relationships 
with regulators and local communities, and compliance 
with regulatory requirements in all jurisdictions in 
which we operate.
For a full review of ASM’s environmental and social 
initiatives, refer to pages 30 to 47 of this Annual Report. 
Corporate
Capital Raising 
On 17 April 2024, ASM successfully completed a $15 
million share Placement (before costs) to institutional 
investors. The Placement comprised the issue of 

ASM Annual Report 2024 |  63
12,931,035 fully paid ordinary shares (New Shares) in 
ASM at an offer price of $1.16 per share, along with one 
(1) free-attaching Option for every one (1) New Share 
subscribed for. 
Following successful completion of the Placement, on 3 
June 2024 ASM completed a pro rata, non-renounceable 
Entitlement Offer. The Entitlement Offer provided 
eligible shareholders the opportunity to apply to receive 
one (1) fully paid ordinary share in ASM for every 40 fully 
paid ordinary shares held in the Company at an issue 
price of A$1.16. Participants in the Entitlement Offer 
were issued one (1) free attaching Option for every one 
(1) Entitlement Offer Share issued to them under the 
Entitlement Offer. The Company received subscriptions 
for 1,410,541 Entitlement Offer Shares and 1,410,541 
Entitlement Offer Options, totalling approximately $1.6 
million. All ASM Directors participated in the Entitlement 
Offer, taking up their full entitlements.
A combined total of 14,341,576 shares were issued 
under the Placement and Entitlement Offer. 
Funds raised were primarily allocated towards 
demonstration of required ASM co-commitments to 
enable government funding for critical path items 
associated with taking ASM to final investment decision 
regarding the Dubbo Project and provide general 
working capital. 
KDB loan renegotiation
In the final Quarter of FY24, the Group successfully 
executed two Korean loan facilities totalling ₩15 billion 
Korean Won (A$16.4 million1), refinancing existing 
Korean loan facilities associated with the Group’s 
Korean Metals Plant (KMP). The loan facilities are held 
with the Korea Development Bank (₩12 billion Korean 
Won) and Hana Bank (₩3 billion Korean Won). 
Appointment of Chief Operations Officer  
Mr Chris Jordaan was appointed to the position of 
Chief Operations Officer (COO) on 24 August 2023. 
Mr Jordaan has more than 30 years’ experience in 
operational and corporate leadership roles in the 
petrochemical, processing and mining industries in 
South Africa, Australia and Papua New Guinea. Prior to 
accepting the COO role, Mr Jordaan was President and 
CEO of Superior Gold, a gold mining company listed on 
the Toronto Stock Exchange. He has also held senior 
leadership roles within Newcrest Mining, BHP and 
several South African based companies.
Appointment of Chief Financial Officer 
Mr Stephen Motteram was appointed to the position 
of Chief Financial Officer on 22 January 2024. Mr 
Motteram is a senior finance executive with more 
than 20 years of international experience in banks and 
commodities trading firms, including Noble Group 
and National Australia Bank. His extensive experience 
covers project development, capital raising, financial 
control, contract negotiations, investment analysis, 
mergers, acquisitions, and treasury operations. He has 
held non-executive director positions on various listed 
and unlisted natural resources companies, with projects 
in Australia, Asia, Africa, Jamaica, the UK and Brazil. Mr 
Motteram succeeded Mr Jason Clifton, who resigned in 
November 2023 to pursue a new opportunity.
Auditor
PricewaterhouseCoopers continues in office in 
accordance with section 327 of the Corporations Act 2001.
1 Exchange rate (A$ : ₩) – 0.0011

64  |  ASM Annual Report 2024 
The directors present the Australian Strategic Materials Limited 2024 Remuneration Report, outlining key aspects of 
our remuneration policy, framework and remuneration awarded this year. 
The report is structured as follows:
a)	 key management personnel (KMP) covered in this report;
b)	 remuneration policy and link to performance; 
c)	 elements of remuneration; 
d)	 link between remuneration and performance;
e)	 remuneration expenses for KMP;
f)	 contractual arrangements with executive KMP; 
g)	 non-executive director arrangements; and
h)	 other statutory information. 
a)	
Key management personnel (KMP) covered in this report
Details of KMP of the Company and their movements during the year ended 30 June 2024 are set out below: 
Name
Position
Term as KMP
Non-Executive Directors
I Gandel
Non-executive Chairman
Full financial year
G Smith
Non-executive Director
Full financial year
N Earner
Non-executive Director
Full financial year
K Gleeson
Non-executive Director
Full financial year
Executive Directors and other KMP
R Smith
Managing Director and Chief Executive Officer
Full financial year
C Jordaan
Chief Operating Officer
Appointed 24 August 2023
S Motteram
Chief Financial Officer
Appointed 22 January 2024
J Clifton
Chief Financial Officer
Resigned 10 November 2023
There have been no other changes to directors or KMP since the end of the reporting period.
b)	
Remuneration policy and link to performance 
Our Remuneration Committee is made up of non-executive directors. The committee reviews and determines our 
Remuneration Policy and structure annually to ensure it remains aligned to the business needs of the Company and 
meets our remuneration principles. From time to time, the committee also engages external consultants to assist 
with this review, see page 74 for further information. In particular, the committee aims to ensure that remuneration 
practices are:
•	
competitive and reasonable, enabling the Company to attract and retain key talent;
•	
align to the Company’s strategic and business objectives and the creation of shareholder value;
•	
transparent and easily understood; and 
•	
acceptable to shareholders. 
The Remuneration Committee at the date of this report included G Smith (Chair), K Gleeson, N Earner, and I Gandel 
with R Smith as an invitee. The committee operates in accordance with the Remuneration Committee Charter which 
is available on ASM’s website: asm-au.com.
Our remuneration framework aims to achieve a balance between fixed and performance related components 
such that it incentivises a high performing executive team. The following table illustrates the components of 
the remuneration for executives based on maximum short term incentive (STI) and long term incentive (LTI) 
opportunities for Financial Year 2024 (FY24) and prospectively for Financial Year 2025 (FY25).   
Remuneration Report (audited)

ASM Annual Report 2024 |  65
Remuneration framework
Element
Purpose 
Performance 
metrics 
Potential value
Changes for FY25
Total fixed 
remuneration 
(TFR)
Provide competitive 
market salary including 
superannuation and 
non-monetary benefits
Nil
Positioned at market 
rate
No change 
Short term 
incentive (STI)
Reward for in-year 
performance, retention 
via STI performance 
rights which vest 
subject to performance 
conditions being met per 
the annual performance 
scorecard
Aligned with 
weighted 
performance 
scorecard set for 
the financial year
CEO: 30% of TFR
Execs: 30% of TFR
CEO: 80% of TFR
Execs: 50% of TFR
with half of the 
performance 
rights meeting the 
performance conditions 
vesting after conclusion 
of the performance 
period and vesting 
of remaining half  
deferred until 24 
months after conclusion 
of performance period.
Long term 
incentive (LTI)
Alignment to long-term 
shareholder value
Three year relative 
total shareholder 
return (TSR) 
performance
CEO: 80% of TFR
Execs: 30% of TFR
CEO: 80% of TFR
Execs: 50% of TFR
Balancing short-term and long-term performance 
Annual incentives are set at a maximum range between 30% and 80% of fixed remuneration, in order to drive 
performance without encouraging undue risk-taking. From FY25 the structure of the annual incentives will be 
changed to increase the maximum value of award and also to provide that half of the performance rights which 
meet performance conditions will vest 12 months after the conclusion of the performance period and vesting of the 
remaining half is deferred until 24 months after the conclusion of the performance period.  These changes align with 
market practice and also encourage executive talent retention.
Long-term incentives are assessed over a three-year period and are designed to promote long-term stability in 
shareholder returns.  
The target remuneration mix for FY24 is shown in the table below. It reflects the STI opportunity for the current year 
that will be available if the performance conditions are satisfied at target, and the value of the LTI performance rights 
granted during the year, as determined at the grant date.  
88%
65%
7%
8%
5%
27%
0%
20%
40%
60%
80%
100%
Other Executive KMP
Managing Director and CEO
Total remuneration mix for FY2024
Fixed
remuneration
STI Deferred
LTI

66  |  ASM Annual Report 2024 
Assessing performance and claw-back of remuneration 
The Remuneration Committee is responsible for assessing performance against KPIs and determining the STI and LTI 
to be paid. To assist in this assessment, the committee receives detailed reports on performance from management 
which are based on independently verifiable data such as financial measures, market share and data from 
independently run surveys.  
In the event of serious misconduct or a material misstatement in the Company’s financial statements, the 
Remuneration Committee can recommend to the Board that it cancel or defer performance-based remuneration and 
the Board may also claw back performance-based remuneration in previous financial years. 
c)	
Elements of remuneration 
i)	
Total fixed annual remuneration (TFR)
Executives may receive their fixed remuneration as cash, or cash with non-monetary benefits such as health 
insurance, car allowances and advisory services. TFR is reviewed annually, or on promotion. It is benchmarked 
against market data for comparable roles in companies in a similar industry and with similar market capitalisation. 
The Remuneration Committee aims to position executives at or near the median, with flexibility to take into account 
capability, experience, value to the organisation and performance of the individual.   
Superannuation is included in the TFR for all executives. TFR for new executive KMPs recruited during FY24 was 
aligned with median levels of comparative roles, and no fixed increase was given to any other executive KMP.  
ii)	
Short term incentives (STI) FY24 
Feature
Description 
Maximum opportunity 
CEO and other executives: 30% of fixed remuneration. 
Performance metrics
The STI metrics align with our strategic priorities being market competitiveness, 
operational excellence, shareholder value and fostering talented and engaged people.
Metric and Targets Band
Weighting
Cash management 30 June cash balance
25%
Korean Metals Plant production (NdFeB tonnes or metal tonnes 
produced) 
15%
Secure supply agreement for rare earth oxide (REO) feedstock for 
Korean Metals Plant
20%
Dubbo Project binding offtake commitment agreed 
30%
Sustainalytics rating movement through delivery of ESG 
improvements
10%
Delivery of STI
Award issued as vested performance rights based on weighted performance metrics 
during FY24.
Board discretion 
The Board has the discretion to adjust remuneration outcomes up or down to prevent 
any inappropriate reward outcomes, including reducing (down to zero, if appropriate) 
any STI award.

ASM Annual Report 2024 |  67
iii)	
Long term incentives (LTI)
Executives participate, at the Board’s discretion, in the LTI plan comprising annual grants of performance rights 
which are subject to a three year Total Shareholder Return (TSR) performance condition. Structure of the long-term 
incentive plan is shown in the table below.
Feature
Description 
Maximum opportunity 
CEO: up to 80% of fixed remuneration; other executives: up to 30% of fixed 
remuneration.
Performance metrics
Vesting of LTI performance rights is linked to the long-term share price in 2026 and 
weighted based on share price performance at that time. 
Metric - Weighting Band 
0%
50%
100%
FY26 Share Price 
$1.10
$2.20
$4.40
This is designed to focus executives on delivering sustainable long-term shareholder 
returns.
Share price measurement  
Volume weighted average share price calculated over 10 trading days immediately 
following the release of the 2026 Full Year Statutory Financial Report.
Forfeiture and termination  
Performance rights will lapse if performance conditions are not met. Performance 
rights will be forfeited on cessation of employment unless the Board determines that 
there is a qualifying reason. 
d)	
Link between remuneration and performance
FY24 performance and impact on remuneration
Despite the challenges presented by the global critical minerals economy for emerging resource developers and 
producers, the Group maintained a steady performance throughout FY24. Management progressed the Group’s 
funding strategy for the development of the Dubbo Project by securing letters of interest from global export credit 
agencies, progressed sales opportunities for the Korean Metals Plant supported by ongoing technical validation, 
advanced discussions with REO suppliers in the EU and US, progressed design optimisation and early establishment 
activities for the Dubbo Project and built our presence in prospective Dubbo Project offtake markets whilst delivering 
an ESG rating and closing cash balance both well above target. Despite progress in discussions and processes, sales 
for product from the Korean Metals Plant has been slower than expected and no binding offtake commitment for the 
Dubbo Project was concluded. For more information on strategic priorities and FY24 results, see the Operating and 
Financial Review on page 11 of this report. 

68  |  ASM Annual Report 2024 
Performance against key measures and impact on variable remuneration 
Metric
Weighting
Performance 
Impact on incentive award 
STI
35% of maximum STI awarded
Cash management 30 
June cash balance
25%
Group cash forecast >$30m at year end.
Maximum 
achieved
 
Korean Metals Plant 
production (NdFeB 
tonnes or metal tonnes 
produced) 
15%
ASM progressed a number of technical 
validation and commercial processes 
supported by sales of commercial samples.  
Production will ramp up as sale agreements 
are concluded.
Below threshold
 
Secure supply agreement 
for REO feedstock for 
Korean Metals Plant
20%
ASM advanced discussions and product 
quality assessments for REO supply with 
agreements to be concluded in alignment 
with production requirements.
Below threshold
 
Dubbo Project binding 
offtake commitment 
agreed 
30%
Offtake discussions progressed and binding 
offtake commitment remains a key target.
Below threshold
 
Sustainalytics rating 
movement through 
delivery of ESG 
improvements
10%
Received a medium ESG Risk Rating 
(improved from previous high rating) from 
Morningstar Sustainalytics
Maximum 
achieved
 
As a result of the scorecard assessment and progress on the Dubbo Project funding strategy, the Board awarded 
executives 35% of their maximum short-term incentives. Executives received the benefits after satisfying the required 
service and performance conditions. These equity instruments had been granted under previously issued short-term 
incentive schemes. 
Statutory performance indicators
We aim to align our executive remuneration to our strategic and business objectives and the creation of shareholder 
wealth. The table below shows measures of the Group’s financial performance over the last four years, as required 
by the Corporations Act 20011. However, these are not necessarily consistent with the measures used in determining 
the variable amounts of remuneration to be awarded to all executives. As a consequence, there may not always be a 
direct correlation between the statutory key performance measures and the variable remuneration awarded.
2024
2023
2022
2021
Loss for the year attributable to owners of Australian 
Strategic Materials Limited ($’000)
(25,175)
(26,303)
(24,257)
(809)
Basic loss per share (cents) 
(15)
(17)
(17)
(1)
Increase / (decrease) in share price (%) on prior year
(29)
(68)
(56)
458
1 ASM was first listed on the ASX in July 2020, therefore only four years are disclosed in the table above. 

ASM Annual Report 2024 |  69
e)	
Remuneration expenses for executive KMP
The following table shows details of the remuneration expense recognised for the Group’s non-executive directors 
and executive KMP for the current and previous financial year measured in accordance with the requirements of the 
accounting standards.
Name
Year
Salary and 
fees
Non-
monetary 
benefits
Annual and 
long service 
leave
Post-
employment 
benefits6
Other7
Performance 
rights
Total
$
$
$
$
$
$
$
Non-Executive Directors
I Gandel
2024
171,171
-
-
18,829
-
-
190,000
2023
171,946
-
-
18,054
-
-
190,000
G Smith
2024
140,899
-
-
-
-
-
140,899
2023
140,899
-
-
-
-
-
140,899
N Earner
2024
114,797
-
-
12,703
-
-
127,500
Restated8
2023
115,247
-
-
12,253
-
-
127,500
K Gleeson
2024
133,694
-
-
14,706
-
-
148,400
2023
134,299
-
-
14,101
-
-
148,400
Executive Directors and other KMP
R Smith
2024
582,600
7,756
62,757
27,399
-
376,967
1,057,479
2023
563,540
91,900
54,325
25,296
-
174,112
909,173
C Jordaan1
2024
430,432
4,162
34,661
26,433
-
97,024
592,712
2023
-
-
-
-
-
-
-
S Motteram2
2024
218,512
4,752
6,499
13,699
-
36,989
280,451
2023
-
-
-
-
-
-
-
J Clifton3
2024
172,681
45,347
-
12,848
41,722
-
272,598
2023
474,707
7,049
18,841
25,296
-
170,226
696,119
D Woodall4
2024
-
-
-
-
-
-
-
2023
47,892
1,487
-
6,323
191,126
1,065,154
1,311,982
F Moon5
2024
-
-
-
-
-
-
-
2023
238,220
48,401
-
2,223
63,025
-
351,869
Total KMP 
remuneration 
expensed
2024
1,964,786
62,017
103,917
126,617
41,722
510,980
2,810,039
2023
1,886,750
148,837
73,166
103,546
254,151
1,409,492
3,875,942
1 C Jordaan was appointed as Chief Operating Officer effective 24 August 2023.
2 S Motteram was appointed as Chief Financial Officer effective 22 January 2024.
3 J Clifton resigned as Chief Financial Officer effective 10 November 2023.
4 D Woodall resigned as Managing Director effective 15 July 2022.
5 F Moon resigned as President Asia effective 28 February 2023.
6 Post-employment benefits are provided through superannuation contributions and national pension scheme.
7 Other benefits consists of employee termination benefits including leave entitlements.
8 N Earner 2023 remuneration revised to include the committee member fees for Risk and Audit Committees paid in September 2024.

70  |  ASM Annual Report 2024 
The proportion of remuneration linked to performance and the fixed proportion are as follows:
Fixed remuneration
At risk – STI and LTI
2024
2023
2024
2023
Non-Executive Directors
I Gandel
100%
100%
-
-
G Smith
100%
100%
-
-
N Earner
100%
100%
-
-
K Gleeson
100%
100%
-
-
Executive Directors and other KMP
R Smith
64%
81%
36%
19%
C Jordaan
84%
-
16%
-
S Motteram
87%
-
13%
-
J Clifton
100%
76%
-
24%
D Woodall
-
100%
-
-
F Moon
-
100%
-
-
f)	
Contractual arrangements with executive KMP
Component 
CEO 
Executive KMP 
Total Fixed Remuneration 
$610,000
Between $520,000 and $530,000
Contract duration 
Ongoing
Notice by individual / company 
(without cause)
3 months
Termination of employment (without 
cause) 
Additional 3 months payment
STI and LTI become vested and exercisable subject the terms of the 
applicable employee incentive arrangements
Termination of employment by 
company (with cause) 
Immediate with no notice period 
STI and LTI forfeited on cessation of employment
Different contractual terms apply to the following individual:
•	
R Smith’s inception contract included a sign on issue of performance rights, these rights were issued on 5 July 
2021 and included in remuneration disclosure on page 73.

ASM Annual Report 2024 |  71
g)	
Non-executive director arrangements
Non-executive directors receive a board fee and fees for chairing or participating on board committees, see 
table below. They do not receive performance-based pay or retirement allowances. The fees are inclusive of 
superannuation. The chairman does not receive additional fees for participating in or chairing committees.
Fees are reviewed annually by the Board taking into account comparable roles and market data provided by the 
Board’s independent remuneration adviser. The current base fees did not change from the previous financial year.
The maximum annual aggregate directors’ fee pool limit is $950,000 and was approved by shareholders at the annual 
general meeting on 30 November 2021.
Board
Audit 
Committee
Risk 
Committee
Remuneration 
Committee
Nominations 
Committee
$
$
$
$
$
Chairman of the Board1
190,000
-
-
-
-
Other Non-Executive Directors
103,000
-
-
-
-
Committee Chair
-
14,400
14,400
15,000
15,000
Committee Member
-
8,500
8,500
7,500
-
1 Inclusive of committee work.
All non-executive directors enter into a service agreement with the Company which summarises the board policies 
and terms, including remuneration, relevant to the office of the director.  
h)	
Other statutory information 
i)	
Performance based remuneration granted and forfeited during the year
Table below shows for each KMP the value of performance rights that were awarded, forfeited and granted during 
FY24. The number of options and deferred shares and percentages vested/forfeited for each grant are disclosed in 
section (iii) on page 73 below.
2024
Total STI
LTI Performance Rights
Total opportunity
Awarded
Forfeited
Value granted1
Value exercised
$
%
%
$
$
R Smith
253,706
35%2
65%2
408,145
-
C Jordaan3
172,508
35%2
65%2
109,939
-
S Motteram3
61,761
35%2
65%2
46,117
-
Total
487,975
564,201
-
1 The value at grant date calculated in accordance with AASB 2 Share-based Payment of performance rights granted during the year as part of 
remuneration.
2 STI granted for FY24 were measured based on performance criteria subsequent to the year end with 35% awarded and 65% forfeiture during July 
2024.
3 Total opportunity was issued pro-rata from appointment date. C Jordaan was appointed on 24 August 2023, and S Motteram was appointed on 22 
January 2024.

72  |  ASM Annual Report 2024 
ii)	
Terms and conditions of the share-based payment arrangements
Options of KMP 
Grant date
Vesting and 
exercise 
date
Expiry date
Exercise 
price
Value per 
option at 
grant date
Performance achieved
% Vested
16/06/2021
12/07/2024
12/07/2024
$6.36
$3.90
Options lapsed 
upon cessation 
of employment in 
November 20231
n/a
16/06/2021
12/07/2026
12/07/2026
$6.36
$3.90
n/a
1 J Clifton resigned as Chief Financial Officer effective 10 November 2023
The number of options over ordinary shares in the Company provided as remuneration to KMP is shown in section 
(iii) below. The options carry no dividend or voting rights. 
The exercise price of options is based on the weighted average price at which the Company’s shares are traded on 
the Australian Securities Exchange during the 30 trading days prior to the date of commencement of employment.
Performance rights of KMP
Rights to deferred shares under the executive STI and LTI scheme are granted during the year. Shares vest 
proportionally subject to performance conditions after one year (for STI) or relative to TSR after three years (for LTI) 
from the grant date. On vesting, each right is convertible into one ordinary share. The executives do not receive 
any dividends and are not entitled to vote in relation to the rights during the vesting period. If an executive ceases 
employment before the rights vest, the rights will be forfeited, except in limited circumstances that are approved by 
the Board on a case-by-case basis. 
The fair value is measured using the Monte Carlo valuation method for LTI and Binominal Tree valuation method for 
STI at the grant date of the performance rights. Refer to the disclosure in Note [26] for the key variables used in the 
valuation for each performance rights and options granted to KMP during the year ended 30 June 2024.
Grant date
Vesting date
Grant date value
22 June 2021
5 July 2024
$6.40
22 June 2021
5 July 2026
$6.40
19 December 2022
30 June 2025
$0.64
23 November 2023
30 June 2024
$1.53
23 November 2023
30 June 2026
$0.92
29 November 2023
30 June 2024
$1.40
29 November 2023
30 June 2026
$0.80
30 May 2024
30 June 2024
$0.99
30 May 2024
30 June 2026
$0.40

ASM Annual Report 2024 |  73
iii)	
Reconciliation of options and performance rights
The number of options held during the financial year by directors and key management personnel of the Company, 
including their personally related parties, is set out below. 
Balance at the 
start of the year
Received during 
the year as part 
of remuneration
Forfeited / 
lapsed
Net change 
other4
Balance at the 
end of the year
Non-Executive Directors
I Gandel
-
-
-
847,410
847,410
G Smith
-
-
-
2,213
2,213
N Earner
-
-
-
4,184
4,184
K Gleeson
-
-
-
723
723
Executive Directors and other KMP
R Smith
-
-
-
419
419
C Jordaan1
n/a
-
-
-
-
S Motteram2
n/a
-
-
102,500
102,500
J Clifton3
125,248
-
(125,248)
-
n/a
1 C Jordaan was appointed as Chief Operating Officer effective 24 August 2023.
2 S Motteram was appointed as Chief Financial Officer effective 22 January 2024.
3 LTI options were issued to J Clifton as sign-on incentives for the commencement of his employment on 16 June 2021. 50% will vest and be exercisable 
after three years and 50% will vest and be exercisable after five years. The options had a service condition only and there were no performance 
conditions associated with them. J Clifton resigned effective 10 November 2023. Under the employee contract, options lapsed upon cessation of 
employment.
4 “Net change other” for others represents options purchased by directors and other KMP as part of ASM capital raising activities during FY24.
The number of performance rights held during the financial year by directors and key management personnel 
of the Company, including their personally related parties, is set out below. No non-executive directors hold any 
performance rights.
Name 
Year 
granted
Balance at 
the start 
of the year
Granted 
during the 
year
Performance rights
Balance at 
the end of 
the year 
(unvested)
Maximum 
value yet 
to vest3
Vested
Forfeited / Lapsed
Number
Number
Number
%
Number
%
Number
$
R Smith
2021 - LTI
54,7141
-
-
-
-
-
54,714
350,170
2023 - LTI
265,390
-
-
-
-
-
265,390
169,850
2023 - STI
47,844
-
(16,746)
35
(31,098)
65
-
-
2024 - LTI
-
443,636
-
-
-
-
443,636
408,145
2024 - STI
-
166,363
-
-
-
-
166,363
253,704
C Jordaan
2024 - LTI
-
137,424
-
-
-
-
137,424
109,939
2024 - STI
-
123,220
-
-
-
-
123,220
172,508
S Motteram
2024 - LTI
-
115,292
-
-
-
-
115,292
46,117
2024 - STI
-
62,385
-
-
-
-
62,385
61,761
J Clifton2
2023 - LTI
86,705
-
-
-
(86,705)
100
-
-
2023 - STI
41,512
-
(14,530)
35
(26,982)
65
-
-
2024 - LTI
-
-
-
-
-
-
-
-
2024 - STI
-
-
-
-
-
-
-
-
1 LTI’s performance rights were issued to R Smith as sign-on incentives for the commencement of her employment. 50% will vest after three years and 
50% will vest after five years. The performance rights had a service condition, and there are no performance conditions associated with these rights.
2 J Clifton resigned as Chief Financial Officer effective 10 November 2023. All performance rights were lapsed upon cessation of employment.
3 The maximum value of the performance rights yet to vest has been determined as the amount of the grant date fair value of the rights that is yet to 
be expensed. The minimum value of performance rights yet to vest is nil, as the shares will be forfeited if the vesting conditions are not met.

74  |  ASM Annual Report 2024 
Assessing performance and claw-back of remuneration
The Board has ultimate discretion to adjust the STI and LTI outcomes upwards or downwards (including zero), 
in exceptional circumstances, where the STI and LTI generated outcomes are inconsistent with the Company’s 
performance or resulted in misalignment with shareholders (e.g. fatality, financial misstatement, misconduct, 
reputational damage, etc.). If the Board determines an executive has acted dishonestly, fraudulently or is breach of 
their obligations they may determine that any unvested or vested but unexercised performance rights will lapse.
iv)	
Shareholding
The number of shares in the Company held during the financial year by each director and other members of key 
management personnel of the Company, including their personally related parties, is set out below:
Balance at the start 
of the year
Received on vesting 
of performance 
rights to shares
Net change other3
Balance at the end 
of the year
Non-Executive Directors
I Gandel
33,896,248
-
847,410
34,743,658
G Smith
88,459
-
2,213
90,672
N Earner
167,342
-
4,184
171,526
K Gleeson
28,902
-
723
29,625
Executive Directors and other KMP
R Smith
-
16,746
419
17,165
C Jordaan1
n/a
-
-
-
S Motteram2
n/a
-
102,500
102,500
J Clifton3
-
14,530
(14,530)
n/a
1 C Jordaan was appointed as Chief Operating Officer effective 24 August 2023.
2 S Motteram was appointed as Chief Financial Officer effective 22 January 2024.
3 J Clifton resigned as Chief Financial Officer on 10 November 2023. “Net change other” for Mr Clifton reflects the number of shares no longer 
disclosable after resignation. “Net change other” for others includes shares subscribed for as part of ASM capital raising activities during FY24.
v)	
Remuneration Strategy FY25 
In February 2024, the Remuneration Committee engaged Loftswood to provide market data on pay levels and 
variable compensation. Loftswood was not engaged to, nor provided, a remuneration recommendation as defined 
under the Corporations Act 2001 (Cth). Following consideration of this market data, the Board (other than Ms Smith 
who excused herself due to a personal interest) approved changes to its remuneration strategy to align with market 
practice and also encourage executive talent retention. 
vi)	
Voting of shareholders at last year’s Annual General Meeting 
Australian Strategic Materials Limited received more than 96% of “yes” votes on its Remuneration Report for the 
2023 financial year. The Company did not receive any specific feedback at the AGM or throughout the year on its 
remuneration practices.
This concludes the Remuneration Report, which has been audited.

ASM Annual Report 2024 |  75
Indemnity and insurance of 
officers
During the financial year, the Company paid a premium 
in respect of a contract to insure the Directors, officers 
and company secretaries of the Company against a 
liability to the extent permitted by the Corporations Act 
2001. The contract of insurance prohibits disclosure 
of the nature of the liability and the amount of the 
premium.
The Company has entered into deeds of indemnity, 
access and insurance (Deeds) with each of the 
Directors. These Deeds remain in effect as at the 
date of this report. Under the Deeds, the Company 
indemnifies each Director to the maximum extent 
permitted by law against legal proceedings or claims 
made against or incurred by a Director in connection 
with being a Director of the Group or breach by the 
Group of its obligations under a Deed.
No liability has arisen under this indemnity as at the 
date of this report.
Proceedings on behalf of the 
Company
No person has applied to the Court under section 
237 of the Corporations Act 2001 for leave to bring 
proceedings on behalf of the Company, or to intervene 
in any proceedings to which the Company is a party for 
the purpose of taking responsibility on behalf of the 
Company for all or part of those proceedings.
Audit and non-audit services
The Company may decide to employ the auditor on 
assignments additional to their statutory audit duties 
where the auditor’s expertise and experience with the 
Group is important.
The Directors are satisfied that the provision of non-
audit services during the financial year, by the auditor 
(or by another person or firm on the auditor’s behalf), is 
compatible with the general standard of independence 
for auditors imposed by the Corporations Act 2001.
The Directors, in accordance with advice provided 
by the Audit Committee, are of the opinion that 
the services as disclosed in note 28 to the financial 
statements do not compromise the external auditor’s 
independence requirements of the Corporations Act 
2001 for the following reasons:
•	
all non-audit services have been reviewed and 
approved to ensure that they do not impact the 
integrity and objectivity of the auditor; and
•	
none of the services undermine the general 
principles relating to auditor independence as 
set out in APES 110 Code of Ethics for Professional 
Accountants.
Auditor’s independence 
declaration
A copy of the auditor’s independence declaration as 
required under section 307C of the Corporations Act 
2001 is set out immediately after this Directors’ Report.
Rounding of amounts
The Company is of a kind referred to in Corporations 
Instrument 2016/191, issued by the Australian 
Securities and Investments Commission, relating 
to ‘rounding-off’. Amounts in this report have been 
rounded off in accordance with that Corporations 
Instrument to the nearest thousand dollars, or in 
certain cases, the nearest dollar.
The Financial Report has been prepared in Australian 
dollars and all values are rounded to the nearest 
thousand dollars, unless otherwise stated.
This report is made in accordance with a resolution 
of Directors, pursuant to section 298(2)(a) of the 
Corporations Act 2001.
 
On behalf of the Directors
Rowena Smith 
Managing Director and CEO 
30 September 2024

76  |  ASM Annual Report 2024 
PricewaterhouseCoopers, ABN 52 780 433 757 
Brookfield Place, Level 15, 125 St Georges Terrace, PERTH  WA  6000, GPO Box D198, PERTH  WA  6840 
T: +61 8 9238 3000, F: +61 8 9238 3999, www.pwc.com.au 
Liability limited by a scheme approved under Professional Standards Legislation. 
Auditor’s Independence Declaration 
 
As lead auditor for the audit of Australian Strategic Materials Limited for the year ended 30 June 2024, 
I declare that to the best of my knowledge and belief, there have been:  
(a) 
no contraventions of the auditor independence requirements of the Corporations Act 2001 in 
relation to the audit; and 
(b) 
no contraventions of any applicable code of professional conduct in relation to the audit. 
This declaration is in respect of Australian Strategic Materials Limited and the entities it controlled 
during the period. 
  
 
Ian Campbell 
Perth 
Partner 
PricewaterhouseCoopers 
  
30 September 2024 

ASM Annual Report 2024 |  77
Financial Report
ASM Annual Report 2024 |  77

78  |  ASM Annual Report 2024 
Australian Strategic Materials Limited 
Financial Statements Contents 
30 June 2024 
 
  
  
Consolidated statement of profit or loss and other comprehensive income 
79 
Consolidated balance sheet 
80 
Consolidated statement of changes in equity 
81 
Consolidated statement of cash flows 
82 
Notes to the consolidated financial statements 
83 
Consolidated entity disclosure statement 
118 
Directors' declaration 
119 
Independent auditor's report to the members of Australian Strategic Materials Limited 
120 
General information 
  
The financial statements cover Australian Strategic Materials Limited as a Group consisting of Australian Strategic Materials Limited 
and the entities it controlled at the end of, or during, the year. The financial statements are presented in Australian dollars, which is 
Australian Strategic Materials Limited's functional and presentation currency. 
  
Australian Strategic Materials Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its 
registered office and principal place of business is: 
       Australian Strategic Materials Limited 
       Level 4, 66 Kings Park Road, West Perth, Western Australia 
  
A description of the nature of the Group's operations and its principal activities are included in the Directors' report, which is not part 
of the financial statements. 
  
The financial statements were authorised for issue by the directors on 30 September 2024. The directors have the power to amend 
and reissue the financial statements. 
 

ASM Annual Report 2024 |  79
Australian Strategic Materials Limited 
Consolidated statement of profit or loss and other comprehensive income 
For the year ended 30 June 2024 
 
 
 
 
 
Consolidated 
 
 
Note 
 
2024 
 
2023 
 
 
 
 
$'000 
 
$'000 
 
 
Revenue 
3 
3,106  
4,441  
Cost of sales 
 
(2,497) 
(4,268) 
Gross profit 
 
609  
173  
 
 
 
 
Other income 
 
2,556  
1,754  
 
 
 
 
Expenses 
 
 
 
Operating expenses 
4 
(7,223) 
(8,936) 
Professional fees and consulting services 
 
(1,704) 
(1,798) 
Employee remuneration 
 
(8,837) 
(8,166) 
Share-based payments 
27 
(488) 
(1,529) 
Directors fees and salaries 
 
(1,260) 
(1,234) 
General and administration expenses 
 
(4,317) 
(4,633) 
Pastoral company expenses 
 
(953) 
(1,209) 
Depreciation and amortisation expense 
 
(1,756) 
(1,799) 
Fair value movement in biological assets 
 
(899) 
(1,007) 
Finance costs 
5 
(879) 
(884) 
Net foreign exchange gain 
 
4  
567  
 
 
 
 
Loss before income tax (expense)/benefit 
 
(25,147) 
(28,701) 
 
 
 
 
Income tax (expense)/benefit 
6 
(28)  
2,398  
 
 
 
 
Loss after income tax (expense)/benefit for the year 
 
(25,175) 
(26,303) 
 
 
 
 
Other comprehensive income/(loss) 
 
 
 
 
 
 
 
Items that may be reclassified subsequently to profit or loss 
 
 
 
Gain/(Loss) on translation of foreign operations 
 
(1,592) 
1,113  
Items that will not be reclassified subsequently to profit or loss 
 
-  
-  
Remeasurements of net defined benefit plan 
 
(157) 
35  
Other comprehensive income/(loss) for the year, net of tax 
 
(1,749) 
1,148  
 
 
 
 
Total comprehensive loss for the year 
 
(26,924) 
(25,155) 
 
 
 
 
Loss for the year is attributable to: 
 
 
 
Non-controlling interest 
 
(28) 
(31) 
Owners of Australian Strategic Materials Limited 
 
(25,147) 
(26,272) 
 
 
 
 
 
 
(25,175) 
(26,303) 
 
 
 
 
Total comprehensive loss for the year is attributable to: 
 
 
 
Non-controlling interest 
 
(28) 
(31) 
Owners of Australian Strategic Materials Limited 
 
(26,896) 
(25,124) 
 
 
 
 
 
 
(26,924) 
(25,155) 
  
 
Cents 
Cents 
Basic loss per share 
29 
(15) 
(17) 
Diluted loss per share 
29 
(15) 
(17) 
 
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the 
accompanying notes 

80  |  ASM Annual Report 2024 
Australian Strategic Materials Limited 
Consolidated balance sheet 
As at 30 June 2024 
  
 
 
 
 
Consolidated 
 
 
Note 
 
2024 
 
2023 
 
 
 
 
$'000 
 
$'000 
 
Assets 
 
 
 
 
 
 
 
Current assets 
 
 
 
Cash and cash equivalents 
7 
47,602  
56,655  
Trade and other receivables 
8 
1,298  
4,251  
Inventories 
9 
17,750  
25,447  
Biological assets 
10 
379  
962  
Total current assets 
 
67,029  
87,315  
 
 
 
 
Non-current assets 
 
 
 
Property, plant and equipment 
11 
68,171  
66,700  
Intangible assets 
13 
1,454  
2,538  
Exploration and evaluation assets 
12 
121,214  
109,340  
Biological assets 
10 
925  
1,089  
Other assets 
 
172  
238  
Total non-current assets 
 
191,936  
179,905  
 
 
 
 
Total assets 
 
258,965  
267,220  
 
 
 
 
Liabilities 
 
 
 
 
 
 
 
Current liabilities 
 
 
 
Trade and other payables 
14 
4,803  
3,394  
Interest bearing liabilities 
15 
16,531  
17,295  
Provisions 
16 
592  
464  
Unearned revenue 
17 
11,221  
2,525  
Total current liabilities 
 
33,147  
23,678  
 
 
 
 
Non-current liabilities 
 
 
 
Interest bearing liabilities 
15 
324  
410  
Deferred tax 
6 
18,075  
18,096  
Provisions 
16 
2,825  
2,842  
Unearned revenue 
17 
-  
6,232  
Total non-current liabilities 
 
21,224  
27,580  
 
 
 
 
Total liabilities 
 
54,371  
51,258  
 
 
 
 
Net assets 
 
204,594  
215,962  
 
 
 
 
Equity 
 
 
 
Issued capital 
18 
281,462  
268,316  
Other equity 
19 
1,922  
-  
Reserves 
20 
13,752  
15,013  
Accumulated losses 
 
(92,560) 
(67,413) 
Equity attributable to the owners of Australian Strategic Materials Limited 
 
204,576  
215,916  
Non-controlling interest 
 
18  
46  
 
 
 
 
Total equity 
 
204,594  
215,962  
  
 
The above consolidated balance sheet should be read in conjunction with the accompanying notes

ASM Annual Report 2024 |  81
Australian Strategic Materials Limited 
Consolidated statement of changes in equity 
For the year ended 30 June 2024 
  
 
 
 
 
Issued 
 
Other 
 
 
 
Accumulated 
 
Non-
controlling 
 
 
 
 
 
capital 
 
equity 
 
Reserves 
 
losses 
 
interest 
 Total equity 
Consolidated 
Note  
$'000 
 
$'000 
 
$'000 
 
$'000 
 
$'000 
 
$'000 
 
 
 
 
 
 
 
Balance at 1 July 2022 
228,425 
- 
12,336 
(41,141) 
77 
199,697 
Loss after income tax 
benefit for the year 
- 
- 
- 
(26,272) 
(31) 
(26,303) 
Other comprehensive 
income for the year, net 
of tax 
- 
- 
1,148 
- 
- 
1,148 
Total comprehensive 
income/(loss) for the year 
- 
- 
1,148 
(26,272) 
(31) 
(25,155) 
 
 
 
 
 
 
 
Contributions of equity, 
net of transaction costs 
18 
39,776 
- 
- 
- 
- 
39,776 
Share-based payments 
27 
- 
- 
1,529 
- 
- 
1,529 
Deferred tax recognised 
in equity 
115 
- 
- 
- 
- 
115 
 
 
 
 
 
 
 
Balance at 30 June 2023 
268,316 
- 
15,013 
(67,413) 
46 
215,962 
  
 
 
 
 
Issued 
 
Other 
 
 
 
Accumulated 
 
Non-
controlling 
 
 
 
 
 
 
capital 
 
equity 
 
Reserves 
 
losses 
 
interest 
 Total equity 
Consolidated 
 Note  
$'000 
 
$'000 
 
$'000 
 
$'000 
 
$'000 
 
$'000 
 
 
 
 
 
 
 
Balance at 1 July 2023 
268,316 
- 
15,013 
(67,413) 
46 
215,962 
Loss after income tax 
expense for the year 
- 
- 
- 
(25,147) 
(28) 
(25,175) 
Other comprehensive loss 
for the year, net of tax 
- 
- 
(1,749) 
- 
- 
(1,749) 
Total comprehensive loss 
for the year 
- 
- 
(1,749) 
(25,147) 
(28) 
(26,924) 
 
 
 
 
 
 
 
Contributions of equity, 
net of transaction costs 
18, 19 
13,097 
1,922 
- 
- 
- 
15,019 
Share-based payments 
27 
- 
- 
488 
- 
- 
488 
Deferred tax recognised 
in equity 
49 
- 
- 
- 
- 
49 
 
 
 
 
 
 
 
Balance at 30 June 2024 
281,462 
1,922 
13,752 
(92,560) 
18 
204,594 
  
 
 
 
 
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes 

82  |  ASM Annual Report 2024 
Australian Strategic Materials Limited 
Consolidated statement of cash flows 
For the year ended 30 June 2024 
  
 
 
Consolidated 
 
Note 
2024 
 
2023 
 
 
$'000 
 
$'000 
 
 
 
 
 
Cash flows from operating activities 
 
 
 
Receipts from customers 
 
4,001  
4,218  
Payments to suppliers and employees 
 
(24,822) 
(40,036) 
 
 
(20,821) 
(35,818) 
 
 
 
 
Interest received 
 
2,027  
1,161  
Other income 
 
3,188  
378  
Finance costs paid 
 
(16) 
(26) 
 
 
 
 
Net cash outflow from operating activities 
21 
(15,622) 
(34,305) 
 
 
 
 
Cash flows from investing activities 
 
 
 
Payments for property, plant and equipment 
 
(2,103) 
(3,220) 
Payments for exploration and evaluation 
 
(12,953) 
(7,517) 
Payments for the purchase of biological assets 
 
(230) 
(1,532) 
Payments for patents 
 
(108) 
-  
Proceeds from government grants received 
 
7,702  
4,292  
 
 
 
 
Net cash outflow from investing activities 
 
(7,692) 
(7,977) 
 
 
 
 
Cash flows from financing activities 
 
 
 
Proceeds from issue of shares 
18, 19 
16,647  
41,085  
Share issue transaction costs 
 
(1,576) 
(1,309) 
Payments of interest 
 
(726) 
(715) 
 
 
 
 
Net cash inflow from financing activities 
 
14,345  
39,061  
 
 
 
 
Net decrease in cash and cash equivalents 
 
(8,969) 
(3,221) 
Cash and cash equivalents at the beginning of the financial year 
 
56,655  
60,220  
Effects of exchange rate changes on cash and cash equivalents 
 
(84) 
(344) 
 
 
 
 
Cash and cash equivalents at the end of the financial year 
7 
47,602  
56,655  
  
 
 
 
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes 
 
 

ASM Annual Report 2024 |  83
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
  
  
 
Note 1. Basis of preparation 
84 
Note 2. Operating segments 
86 
Note 3. Revenue 
87 
Note 4. Operating expenses 
88 
Note 5. Finance costs 
88 
Note 6. Income tax 
88 
Note 7. Cash and cash equivalents 
92 
Note 8. Trade and other receivables 
92 
Note 9. Inventories 
92 
Note 10. Biological assets 
93 
Note 11. Property, plant and equipment 
94 
Note 12. Exploration and evaluation assets 
97 
Note 13. Intangible assets 
98 
Note 14. Trade and other payables 
98 
Note 15. Interest bearing liabilities 
99 
Note 16. Provisions 
100 
Note 17. Unearned revenue 
101 
Note 18. Issued capital 
102 
Note 19. Other equity 
103 
Note 20. Reserves 
104 
Note 21. Cash flow information 
105 
Note 22. Risk management 
105 
Note 23. Contingent liabilities 
108 
Note 24. Commitments 
109 
Note 25. Events after the reporting period 
109 
Note 26. Related party transactions 
109 
Note 27. Share-based payments 
110 
Note 28. Remuneration of auditors 
112 
Note 29. Loss per share 
113 
Note 30. Parent entity financial information 
114 
Note 31. Interests in subsidiaries 
114 
Note 32. Deed of cross guarantee 
115 

84  |  ASM Annual Report 2024 
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
 
  
  
Note 1. Basis of preparation 
  
These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and 
Interpretations issued by the Australian Accounting Standards Board (AASB) and the Corporations Act 2001, as appropriate for for-
profit oriented entities. These financial statements also comply with International Financial Reporting Standards (IFRS) as issued by 
the International Accounting Standards Board (IASB). 
  
Accounting policies  
Material accounting policies that summarise the measurement basis used and are relevant to an understanding of the financial 
statements are provided throughout the notes to the financial statements. Where possible, wording has been simplified to provide 
clearer commentary on the financial report of the Group. Accounting policies determined non-significant are not included in the 
financial statements. There have been no changes to the Group’s accounting policies that are no longer disclosed in the financial 
statements. 
  
Key estimates and judgements  
In the process of applying the Group’s accounting policies, management has made a number of judgements and applied estimates of 
future events. Judgements and estimates which are material to the financial report are found in the following notes: 
Note 6 'Income tax' 
Note 9 'Inventories' 
Note 11 'Property, plant and equipment' 
Note 12 'Exploration and evaluation assets' 
Note 16 'Provisions' 
Note 27 'Share-based payments' 
  
New or amended Accounting Standards and Interpretations 
The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting 
Standards Board (AASB) that are mandatory for the current reporting period. 
  
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. 
  
The adoption of any new or amended Accounting Standards and Interpretations did not have any significant impact on the financial 
performance or position of the Group. 
  
Reclassifications of items in the financial statements 
Minor reclassifications of items in the financial statements of the previous period have been made in accordance with the 
classification of items in the financial statements for the year ended 30 June 2024. 
  
Going concern 
The consolidated financial statements have been prepared on a going concern basis which contemplates the realisation of assets and 
settlement of liabilities in the normal course of business. 
  
The Group has cash outflows from operating activities of $15.6 million and investing activities of $7.7 million for the year ended 30 
June 2024 (30 June 2023: cash outflows from operating activities of $34.3 million and investing activities of $8.0 million). At 30 June 
2024, the Group had cash on hand of $47.6 million (30 June 2023: $56.7 million). The Group has net working capital as at 30 June 
2024 of approximately $33.9 million and outstanding commitments of $17.4 million relating to Korean Metals Plant feedstock supply 
and equipment, Dubbo flow sheet optimisation and design, Dubbo land acquisitions, and exploration obligations (refer Note 24). 
  
Based on the Group's cash flow forecast, the Group will require additional funding to enable the Group to continue to realise its 
strategic business activities and meet all associated corporate, exploration, construction and development commitments. 
 
 
 
 
 
 
 
 
 

ASM Annual Report 2024 |  85
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
 
  
Note 1. Basis of preparation (continued) 
  
  
The continuing viability of the Group and its ability to continue as a going concern and meet its debts and commitments as they fall 
due are dependent upon the Group: 
 
● 
Continuing to source new customers for sale of product produced from the Korean Metals Plant and offtake agreements for
the Dubbo Project. 
● 
Refinancing the borrowings of $16.4 million from two Korean banks. 
● 
Raising additional equity capital. The Directors are of the view that the Group will be able to raise further equity capital as they 
were successful in raising $41.1 million in November 2022 and $16.6 million in June 2024 (before costs). 
● 
Obtaining project funding for the Dubbo Project. ASM continues to engage with global banks, export credit agencies and
government agencies to progress funding options for the project. Current activities include: 
●  
Evaluating applications for the Australian Critical Minerals Fund (CMF), the National Reconstruction Fund (NRF) and US 
Department of Defence funding. 
●  
Satisfying Export Finance Australia (EFA) conditions precedent to access $200 million in finance support for the Dubbo 
Project as announced on 28 June 2021. 
●  
Satisfying US EXIM non-binding and conditional Letter of Interest (LoI) due diligence requirements to access US$32 
million in pre-construction finance support for the Dubbo Project as announced on 25 March 2024. 
●  
Satisfying US EXIM non-binding and conditional Letter of Interest (LoI) due diligence requirements to access US$600 
million in construction finance support for the Dubbo Project as announced on 21 March 2024. 
●  
Satisfying Export Development Canada (EDC) non-binding and conditional Letter of Interest (LoI) due diligence
requirements by 25 April 2025 to access up to $400 million in finance support for the Dubbo Project as announced on 
26 April 2024.  
  
As a result of the above, there is a material uncertainty that may cast significant doubt on the Group's ability to continue as a going 
concern and therefore, that the Group may be unable to realise its assets and discharge its liabilities in the normal course of business. 
  
However, the Directors believe that the Group will be successful in the above matters and that it is appropriate to adopt the going 
concern basis in the preparation of the financial report. 
  
Historical cost convention 
The financial statements have been prepared under the historical cost convention, except for the biological assets and Korean 
pensions benefit which are measured at fair value.  
  
Parent entity information 
In accordance with the Corporations Act 2001, these financial statements present the results of the Group only. Supplementary 
information about the parent entity is disclosed in note 30. 
  
Principles of consolidation 
Subsidiaries are all those entities over which the Group has control. The Group controls an entity when the Group is exposed to, or 
has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to 
direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They 
are de-consolidated from the date that control ceases. 
 
Intercompany transactions, balances and unrealised gains on transactions between entities in the Group are eliminated. Unrealised 
losses are also eliminated unless the transaction provides evidence of the impairment of the transferred asset. Accounting policies 
of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. 
 
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without 
the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the 
book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent. 
 
Non-controlling interest in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss 
and other comprehensive income, balance sheet and statement of changes in equity of the Group. Losses incurred by the Group are 
attributed to the non-controlling interest in full, even if that results in a deficit balance. 
 
Where the Group loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non-controlling interest 
in the subsidiary together with any cumulative translation differences recognised in equity. The Group recognises the fair value of 
the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss. 
  

86  |  ASM Annual Report 2024 
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
 
  
Note 1. Basis of preparation (continued) 
  
  
Investments and other financial assets 
Investments and other financial assets are initially measured at fair value. Transaction costs are included as part of the initial 
measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently measured at either 
amortised cost or fair value depending on their classification. Classification is determined based on both the business model within 
which such assets are held and the contractual cash flow characteristics of the financial asset unless an accounting mismatch is being 
avoided. 
  
Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and the Group has 
transferred substantially all the risks and rewards of ownership. When there is no reasonable expectation of recovering part or all of 
a financial asset, its carrying value is written off. 
  
Financial assets at amortised cost 
A financial asset is measured at amortised cost only if both of the following conditions are met: (i) it is held within a business model 
whose objective is to hold assets in order to collect contractual cash flows; and (ii) the contractual terms of the financial asset 
represent contractual cash flows that are solely payments of principal and interest. 
  
Impairment of financial assets 
The Group recognises a loss allowance for expected credit losses on financial assets which are either measured at amortised cost or 
fair value through other comprehensive income. The measurement of the loss allowance depends upon the Group's assessment at 
the end of each reporting period as to whether the financial instrument's credit risk has increased significantly since initial 
recognition, based on reasonable and supportable information that is available, without undue cost or effort to obtain. 
  
Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month expected credit loss 
allowance is estimated. This represents a portion of the asset's lifetime expected credit losses that is attributable to a default event 
that is possible within the next 12 months. Where a financial asset has become credit impaired or where it is determined that credit 
risk has increased significantly, the loss allowance is based on the asset's lifetime expected credit losses. The amount of expected 
credit loss recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls over the life 
of the instrument discounted at the original effective interest rate. 
  
For financial assets mandatorily measured at fair value through other comprehensive income, the loss allowance is recognised in 
other comprehensive income with a corresponding expense through profit or loss. In all other cases, the loss allowance reduces the 
asset's carrying value with a corresponding expense through profit or loss. 
  
Goods and Services Tax ('GST') and other similar taxes 
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from 
the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense. 
  
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, 
or payable to, the tax authority is included in other receivables or other payables in the balance sheet. 
  
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are 
recoverable from, or payable to the tax authority, are presented as operating cash flows. 
  
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority. 
  
Rounding of amounts 
The Company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and Investments 
Commission, relating to 'rounding-off'. Amounts in this report have been rounded off in accordance with that Corporations 
Instrument to the nearest thousand dollars, or in certain cases, the nearest dollar. 
 
Note 2. Operating segments 
  
Description of segments 
The Group identified its operating segments based on the internal reports that are reviewed and used by the executive management 
team (the chief operating decision makers) in assessing performance in determining the allocation of the resources. The operating 
segments of the Group are: 
  

ASM Annual Report 2024 |  87
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
 
  
Note 2. Operating segments (continued) 
 
  
  
● 
Corporate: which includes corporate activities. 
● 
Dubbo Project: which includes the evaluation and feasibility of the Dubbo project and the Pastoral company. 
● 
Korea: which includes the Korean Metals Plant and research and development activities. 
  
Recognition and measurement 
The accounting policies used by the Group in reporting segments internally are the same as those contained throughout the notes to 
the financial statements and in the prior period. 
  
Intersegment transactions were made at market rates. Intersegment loans are initially recognised at the consideration received. 
Intersegment loans receivable and loans payable that earn or incur non market interest are not adjusted to fair value based on market 
interest rates. Intersegment loans and transactions are eliminated on consolidation. 
  
Operating segment information 
The table below shows segment information provided to the executive management team for the reportable segments for the 
year ended 30 June 2024: 
  
 
 
 
 
 
 
Corporate 
 Dubbo Project  
Korea 
 
Consolidated 
Consolidated 30 June 2024 
$'000 
 
$'000 
 
$'000 
 
$'000 
 
 
 
 
 
Total segment revenue 
- 
1,532 
1,574 
3,106 
Total segment result 
(7,917) 
(1,137)
(16,121) 
(25,175)
Total segment assets 
50,007 
155,189 
53,769 
258,965 
Total segment liabilities 
17,048 
7,978 
29,345 
54,371 
Additions to non-current segment assets 
2 
12,162 
5,087 
17,251 
  
Consolidated 30 June 2023 
 
 
 
 
 
 
 
 
 
Total segment revenue 
- 
1,447 
2,994 
4,441 
Total segment result 
(8,008) 
(1,888)
(16,407) 
(26,303)
Total segment assets 
52,699 
148,676 
65,845 
267,220 
Total segment liabilities 
19,328 
3,918 
28,012 
51,258 
Additions to non-current segment assets 
- 
9,208 
3,653 
12,861 
 
Note 3. Revenue 
  
Recognition and measurement 
The Group derives revenue from the sale of metal products and biological assets, which is governed by sales contracts with customers. 
Revenue is recognised in relation to sales at the time control transfers to the customers at the date of loading and shipment. Sales 
are made under ex works incoterms, where the buyer is responsible for freight and shipping, and generally recognised at the point 
in time when the metals products are loaded onto a vehicle or vessel for shipment. For those sales not made under ex works 
incoterms, the revenue timing is upon the delivery of the products into the customer's control.  
  
 
 
Consolidated 
 
 
2024 
 
2023 
 
 
$'000 
 
$'000 
 
 
 
 
Metal sales - Korea 
 
1,574  
2,994  
Pastoral sales 
 
1,532  
1,447  
 
 
 
 
 
 
3,106  
4,441  
 

88  |  ASM Annual Report 2024 
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
 
  
  
Note 4. Operating expenses 
  
 
 
Consolidated 
 
 
2024 
 
2023 
 
 
$'000 
 
$'000 
 
 
 
 
Inventory write off 
 
5,804  
7,490  
Other [i] 
 
1,419  
1,446  
 
 
 
 
 
 
7,223  
8,936  
  
[i] Other operating expenses include administration and general expenditure not capitalised with respect to the operation of the 
Korean Metals Plant. 
 
Note 5. Finance costs 
  
Recognition and measurement 
Finance costs attributable to qualifying assets are capitalised as part of the asset. All other finance costs are expensed in the period 
in which they are incurred. 
  
Finance costs for interest bearing liabilities 
Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease 
period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Refer note 15 
for further details. 
 
Borrowing costs are expensed as part of finance costs in the period incurred. Borrowing costs consist of interest and other costs that 
an entity incurs in connection with the borrowing of funds. Refer note 15 for further details. 
 
Provisions: unwinding of discount 
The unwinding of the discount is recognised as a finance cost. Refer to note 16. 
  
 
 
 
 
Consolidated 
 
 Note  
2024 
 
2023 
 
 
 
 
$'000 
 
$'000 
 
 
 
 
Interest expense 
15 
769  
780  
Provisions: unwinding of discount 
16 
83  
73  
Finance charges for lease liabilities 
15 
27  
31  
 
 
 
 
 
 
879  
884  
 
Note 6. Income tax 
  
ASM and its wholly-owned Australian controlled entities implemented a tax consolidation group as of 21 July 2020 and the entities 
in the tax consolidated group have entered into a tax sharing agreement, which limits the joint and several liability of the wholly-
owned entities in the case of a default by the Parent entity, Australian Strategic Materials Limited. The entities have also entered into 
a tax funding agreement under which the wholly-owned entities fully compensate Australian Strategic Materials Limited for any 
current tax payable assumed and are compensated by Australian Strategic Materials Limited for any current tax receivable. 
  

ASM Annual Report 2024 |  89
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
 
  
Note 6. Income tax (continued) 
  
  
Recognition and Measurement 
Current taxes  
The income tax expense/benefit for the year comprises current income tax expense/income and deferred income tax 
expense/income. Current income tax expense charged to the profit or loss is the tax payable on taxable income calculated using 
applicable income tax rates enacted at reporting date. Deferred income tax expense reflects movements in deferred tax asset and 
deferred tax liability balances during the year as well as unused tax losses if recognised.  
 
Current and deferred income tax (expense)/benefit is charged or credited directly to equity instead of the profit or loss when the tax 
relates to items that are credited or charged directly to equity. 
  
Deferred taxes 
Deferred tax assets and liabilities are ascertained based on temporary differences arising between the tax bases of assets and 
liabilities and their carrying amounts in the financial statements. Deferred tax assets also result where amounts have been fully 
expensed but future tax deductions are available.  
 
No deferred income tax will be recognised from the initial recognition of an asset or liability, excluding a business combination, where 
there is no effect on accounting or taxable profit or loss.  
 
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised, or liability is settled. 
Deferred tax is credited in the consolidated statement of profit or loss and other comprehensive income except where it relates to 
items that may be credited directly to equity, in which case the deferred tax is adjusted directly against equity. Deferred income tax 
assets are recognised to the extent that it is probable that future taxable profits will be available against which deductible temporary 
differences can be utilised. The amount of benefits brought to account or which may be realised in the future is based on the 
assumption that no adverse change will occur in income taxation legislation and the anticipation that ASM will derive sufficient future 
assessable income to enable the benefit to be realised and comply with the conditions of deductibility imposed by the law.  
 
ASM determines whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax 
treatments and uses the approach that better predicts the resolution of the uncertainty. 
  
Offsetting deferred tax balances 
Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and 
where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity 
has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability 
simultaneously. 
  
 
 
Consolidated 
 
 
2024 
 
2023 
 
 
$'000 
 
$'000 
 
 
 
 
(a) Income tax expense/(benefit) 
 
 
 
Increase in deferred tax assets 
 
(4,988) 
(4,096) 
Increase in deferred tax liabilities 
 
5,016  
1,698  
 
 
 
 
Total deferred tax expense/(benefit) 
 
28 
(2,398) 
 
 
 
 
 
 

90  |  ASM Annual Report 2024 
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
 
  
Note 6. Income tax (continued) 
  
  
 
 
 
 
Consolidated 
 
 
2024 
 
2023 
 
 
$'000 
 
$'000 
 
 
 
 
 
(b) Numerical reconciliation of income tax expense/(benefit) to prima facie tax payable. 
 
 
 
Loss before income tax expense/(benefit) 
 
(25,147) 
(28,701) 
  
Tax at the Australian tax rate of 30% (2023: 30%) 
 
(7,544) 
(8,610)
 
 
 
 
Tax effect of amounts which are not deductible/(taxable) in calculating taxable income: 
 
 
 
 
 
 
 
Non-deductible expenses 
 
223  
464  
Under provision in prior year 
 
2,388  
1,646  
Non-assessable income 
 
- 
(690)
Other deductible costs 
 
(196) 
(147)
 
Subtotal 
 
(5,129) 
(7,337) 
 
 
 
 
Foreign unrecognised loss - Korea 
 
3,593 
3,441
Tax rate differential on foreign income 
 
1,564 
1,498 
Income tax expense/(benefit) 
 
28 
(2,398)
  
 
 
Consolidated 
 
 
2024 
 
2023 
 
 
$'000 
 
$'000 
 
 
 
 
(c) Deferred tax asset 
 
 
 
Deferred tax asset comprises temporary differences attributable to: 
 
 
 
 
 
 
 
Tax losses 
 
18,106  
13,172  
Accruals and provisions 
 
297  
240  
Equity raising costs 
 
542  
505  
Other 
 
49  
40  
Offset against deferred tax liabilities 
 
(18,994) 
(13,957) 
 
 
 
 
Deferred tax asset 
 
-  
-  
  
Movements 
 
Tax losses 
 
Accruals and 
provisions 
 Equity raising 
costs 
 
Other 
 
Total 
 
 
 
 
 
 
At 1 July 2022 
8,787 
499 
301 
159 
9,746 
(Charged)/credited to profit or loss 
4,385 
(259) 
89 
(119) 
4,096 
(Charged)/credited to equity 
- 
- 
115 
- 
115 
At 30 June 2023 
13,172 
240 
505 
40 
13,957 
(Charged)/credited to profit or loss 
4,934 
57 
(12) 
9 
4,988 
(Charged)/credited to equity 
- 
- 
49 
- 
49 
At 30 June 2024 
18,106 
297 
542 
49 
18,994 
  

ASM Annual Report 2024 |  91
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
 
  
Note 6. Income tax (continued) 
  
  
 
 
Consolidated 
 
 
2024 
 
2023 
 
 
$'000 
 
$'000 
 
 
 
 
(d) Deferred tax liability 
 
 
 
Deferred tax liability comprises temporary differences attributable to: 
 
 
 
 
 
 
 
Exploration 
 
36,821  
31,775  
Property, plant and equipment 
 
184  
207  
Other 
 
64  
71  
Set-off of deferred tax asset 
 
(18,994) 
(13,957) 
 
 
 
 
Deferred tax liability 
 
18,075  
18,096  
  
Movements 
Exploration 
 Property, plant 
and equipment 
 
Other 
 
Total 
 
 
 
 
 
 
 
 
At 1 July 2022 
30,238 
113 
4 
30,355 
(Charged)/credited to profit or loss 
1,537 
94 
67 
1,698 
(Charged)/credited to equity 
- 
- 
- 
- 
At 30 June 2023 
31,775 
207 
71 
32,053 
(Charged)/credited to profit or loss 
5,046 
(23) 
(7) 
5,016 
(Charged)/credited to equity 
- 
- 
- 
- 
At 30 June 2024 
36,821 
184 
64 
37,069 
  
 
 
Consolidated 
 
 
2024 
 
2023 
 
 
$'000 
 
$'000 
 
 
 
(e) Unused tax losses and temporary differences for which no tax asset has been recognised 
Deferred tax assets have been recognised in respect of the following and are stated as the tax 
rates applicable to the relevant statutory authority: 
 
 
 
 
 
Korean deductible temporary differences 
3,758 
3,133 
Korean income tax losses 
4,865 
1,848 
 
 
 
Total unrecognised deferred tax assets 
8,623 
4,981 
  
Key judgements, estimates and assumptions 
The Group is subject to income taxes in the jurisdictions in which it operates. Significant judgment is required to determine the 
provision for income tax. There are many transactions and calculations undertaken during the ordinary course of business for which 
the ultimate tax determination is uncertain. The Group recognises liabilities for anticipated tax audit issues based on the Group's 
current understanding of the tax law. Where the final tax outcome of these matters is different from the carrying amounts, such 
differences will impact the current and deferred tax provisions in the period in which such determination is made. There are no 
uncertain tax matters at 30 June 2024 (30 June 2023: nil). 
  
 
 
 

92  |  ASM Annual Report 2024 
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
  
  
Note 7. Cash and cash equivalents 
  
Recognition and measurement 
Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short-term, highly liquid 
investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are 
subject to an insignificant risk of changes in value. 
  
 
 
Consolidated 
 
 
2024 
 
2023 
 
 
$'000 
 
$'000 
 
 
 
 
Current assets 
 
 
 
Cash at bank 
 
47,602  
56,655  
 
Restricted cash 
The cash and cash equivalents disclosed above and in the consolidated statement of cash flows include $333,083, which is subject to 
Korean pension obligations and is not available for general use by the other entities within the Group. 
 
Note 8. Trade and other receivables 
  
Recognition and measurement 
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are 
generally due for settlement within 30 days and are therefore all classified as current. Trade receivables are recognised initially at 
the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised 
at fair value. Subsequently receivables are recognised at the amounts considered receivable (financial assets at amortised cost). 
  
 
 
Consolidated 
 
 
2024 
 
2023 
 
 
$'000 
 
$'000 
 
 
 
 
Current assets 
 
 
 
Trade receivables 
 
48  
1,095  
Prepayments 
 
645  
649  
Non trade receivables 
 
605  
2,507  
 
 
 
 
 
 
1,298  
4,251  
  
The Group’s exposure to various risks associated with financial instruments is discussed in note 22. The maximum exposure to credit 
risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned above.  
 
Note 9. Inventories 
  
Recognition and measurement 
Inventory raw materials are physically measured and valued at the lower of cost and net realisable value. The cost of raw materials 
comprises the direct purchase costs. Net realisable value is the estimated selling price in the ordinary course of business, less the 
estimated costs of completion and costs necessary to make the sale.  
  
Consumables relating to plant and equipment and farm supplies are recognised as inventory and measured at cost.  
  
Any provision for obsolescence is determined by reference to specific items of stock. A regular review is undertaken to determine 
the extent of any provision for obsolescence. 
  

ASM Annual Report 2024 |  93
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
  
Note 9. Inventories (continued) 
  
  
 
 
Consolidated 
 
 
2024 
 
2023 
 
 
$'000 
 
$'000 
 
 
 
 
Current assets 
 
 
 
Toongi Pastoral Company supplies 
 
184  
156  
Korea Materials [i] 
 
17,566  
25,291  
 
 
 
 
 
 
17,750  
25,447  
  
[i] Of the Korean materials inventory recorded at 30 June 2024, $15,996,000 (30 June 2023: $23,748,000) is recorded at net realisable 
value. 
 
Amounts recognised in the profit or loss 
Inventories recognised as an expense during the year ended 30 June 2024 amounted to $2,497,000 (30 June 2023: $4,268,000). These 
were included in the cost of sales in the consolidated statement of profit or loss and other comprehensive income.  
  
Key judgements, estimates and assumptions 
The Group's assessment of the net realisable value and classification of its inventory holdings requires the use of estimates, including 
the cost to complete. During the year, inventory writedowns of $5,804,000 occurred for raw materials or work in progress (30 June 
2023: $7,490,000). These were recognised as an operating expense in the consolidated statement of profit or loss and other 
comprehensive income. 
 
Note 10. Biological assets 
  
Recognition and measurement 
The Group recognises biological assets when, and only when, the Group controls the assets as a result of past events, it is probable 
that future economic benefits associated with such assets will flow to the Group and the fair value or cost of the assets can be 
measured reliably. Expenditure incurred on biological assets are measured on initial recognition and at the end of each reporting 
period at its fair value less costs to sell in terms. The gain or loss arising on initial recognition of such biological assets at fair value 
less costs to sell and from a change in fair value less costs to sell of biological assets are included in the consolidated statement of 
profit or loss and other comprehensive Income for the period in which it arises. 
  
Biological assets are classified as current assets if they are to be sold within one year. 
  
Biological assets comprise sheep and cattle owned by the Group's wholly owned subsidiary Toongi Pastoral Company Pty Ltd as part 
of farming operations on land surrounding the Dubbo Project mining lease. 
  
 
 
Consolidated 
 
 
2024 
 
2023 
 
 
$'000 
 
$'000 
 
 
 
 
Current assets 
 
 
 
Biological asset 
 
379  
962  
 
 
 
 
Non-current assets 
 
 
 
Biological asset 
 
925  
1,089  
 
 
 
 
 
 
1,304  
2,051  
  

94  |  ASM Annual Report 2024 
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
 
  
Note 10. Biological assets (continued) 
  
  
 
 Consolidated  Consolidated 
 
 
2024 
 
2023 
 
 
$'000 
 
$'000 
 
 
 
 
Reconciliation of carrying amount: 
 
 
 
Opening carrying amount 
 
2,051 
1,797 
Purchase of livestock 
 
198 
1,380 
Sale of livestock 
 
(1,013) 
(1,006) 
Births 
 
300 
452 
Losses 
 
(44) 
(55) 
Transfers 
 
45 
(19) 
Fair value movement of biological assets 
 
(233) 
(498) 
 
 
 
 
Closing carrying amount 
 
1,304 
2,051 
  
 
 
Consolidated  Consolidated 
 
 
2024 
 
2023 
Fair value movement in biological assets: 
 
$'000 
 
$'000 
 
 
 
 
Market value movement [i] 
 
(1,246) 
(1,505) 
Biological transformation [ii] 
 
45 
(19) 
Births 
 
300 
452 
Attrition 
 
(44) 
(55) 
Other 
 
46 
120 
 
 
 
 
 
 
(899) 
(1,007) 
  
[i] As a biological asset, AASB 141 Agriculture requires the livestock to be valued at fair value less costs to sell at all times prior to sale.  
  
[ii] Biological transformation in accordance with AASB 141 Agriculture, includes reclassification of an animal as it moves from being a 
newborn calf, grows, ages, and progresses through the various stages to become a trading animal. 
 
Note 11. Property, plant and equipment 
  
Recognition and measurement 
Buildings, plant and equipment are stated at historical cost less accumulated depreciation and impairment. Land and other infinite 
useful life assets are stated at historical cost less any impairment. Historical cost includes expenditure that is directly attributable to 
the acquisition of the items. 
 
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is 
probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured 
reliably.  
 
The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and 
maintenance are charged to profit or loss during the reporting period in which they are incurred. 
  
Right of use assets 
The Group leases various land, buildings, plant and equipment resulting in a right-of-use asset (ROU). Right-of-use assets are 
measured at cost and subsequently depreciated inline with the groups accounting policy of like assets. Cost comprising the following: 
  
● 
The amount of the initial measurement of the lease liability. 
● 
Any lease payments made at or before the commencement date less any lease incentives received. 
● 
Any initial direct costs. 
● 
Any restoration costs. 
  

ASM Annual Report 2024 |  95
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
  
Note 11. Property, plant and equipment (continued) 
  
  
Depreciation 
Depreciation is calculated using straight-line method over estimated useful life as follows: 
  
Buildings 
40 years 
 
Plant and equipment 
3-10 years 
 
  
Depreciation is expensed as incurred, unless it relates to an asset or operation in the construction phase, in which it is capitalised. 
  
Derecognition 
An item of plant and equipment is derecognised when it is sold or otherwise disposed of, or when its use is no longer expected to 
bring about future economic benefits to the Group.  
  
Any gain or loss from derecognising the asset is included in the profit or loss in the period the item is derecognised. The assets’ 
residual values and useful lives are reviewed, and adjusted if appropriate, at the end of the reporting period. 
  
Work in progress 
The value of assets under construction is measured at the cost of the asset less impairment. The cost of the asset also includes the 
cost of assembly and replacement parts that are eligible for capitalisation. Depreciation does not commence until the asset is in the 
location and condition necessary for it to be capable of operating in the manner intended by management. 
 

96  |  ASM Annual Report 2024 
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
 
  
Note 11. Property, plant and equipment (continued) 
  
  
 
 
Land & 
 
Plant & 
 
Work in 
 
Right of use 
 
 
 
 
Buildings 
 
Equipment 
 
Progress 
 
Asset 
 
Total 
Non-current assets 
 
 $'000  
 
 $'000  
 
 $'000  
 
 $'000  
 
 $'000  
 
 
 
 
 
 
Balance at 1 July 2022 
48,329 
2,507 
12,831 
510 
64,177 
Additions 
43 
154 
3,477 
391 
4,065 
Disposals 
(118) 
(8) 
(307) 
(254) 
(687) 
Exchange differences 
345 
116 
260 
12 
733 
Transfers between classes 
358 
4,399 
(4,757) 
- 
- 
Changes in restoration and 
rehabilitation estimate 
51 
- 
- 
- 
51 
Depreciation expense 
(766) 
(743) 
- 
(130) 
(1,639) 
 
 
 
 
 
 
Balance at 30 June 2023 
48,242 
6,425 
11,504 
529 
66,700 
  
Cost or fair value 
 
49,259 
7,780 
11,504 
797 
69,340 
Accumulated depreciation 
 
(1,017) 
(1,355)
- 
(268) 
(2,640)
 
 
 
 
 
 
 
Balance at 30 June 2023 
 
48,242 
6,425 
11,504 
529 
66,700 
  
Balance at 1 July 2023 
48,242 
6,425 
11,504 
529 
66,700 
Additions 
5 
96 
5,247 
29 
5,377 
Disposals 
- 
- 
(72) 
(86) 
(158) 
Exchange differences 
(591) 
(245) 
(662) 
(18) 
(1,516) 
Transfers between classes 
173 
1,083 
(1,256) 
- 
- 
Changes in restoration and 
rehabilitation estimate 
(255) 
- 
- 
- 
(255) 
Depreciation expense 
(815) 
(1,130) 
- 
(32) 
(1,977) 
 
 
 
 
 
 
Balance at 30 June 2024 
46,759 
6,229 
14,761 
422 
68,171 
  
Cost or fair value 
48,521 
8,631 
14,761 
729 
72,642 
Accumulated depreciation 
(1,762) 
(2,402) 
- 
(307) 
(4,471) 
 
 
 
 
 
 
Balance at 30 June 2024 
46,759 
6,229 
14,761 
422 
68,171 
  
Key judgements, estimates and assumptions 
The estimations of useful lives, residual value and depreciation methods require management judgement and are reviewed annually. 
If they need to be modified, the change is accounted for prospectively from the date of reassessment until the end of the revised 
useful life (for both the current and future years). Such revisions are generally required when there are changes in economic 
circumstances impacting specific assets or groups of assets, such as changes to contract length or when an asset designation from 
idle to non-idle occurs. These changes are limited to specific assets and as such, any reasonably possible change in the estimate is 
unlikely to have a material impact on the estimations of useful lives, residual value or amortisation methods. 
  
Impairment of property, plant and equipment 
For the year ended 30 June 2024, the Group assessed whether there were any indicators of impairment. The Group’s market 
capitalisation at 30 June 2024 was below its net assets and management considered this factor as an impairment indicator at 30 June 
2024. Subsequent to 30 June 2024, the Group market capitalisation remained below the Group’s net assets at the date of this report. 
  
The recoverable amount of the Group’s cash generating units (CGUs) was determined by calculating the higher of fair value less cost 
of disposal (FVLCD) and value in use (VIU). 
  

ASM Annual Report 2024 |  97
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
 
  
Note 11. Property, plant and equipment (continued) 
  
  
Summary of the impairment and method used to assess the impairment 
The following table summarises the outcomes from impairment testing conducted across the Group’s material non-current assets 
under AASB 136. 
 
 
 
Indicator for impairment testing 
 
Valuation method used 
CGU 
 
2024 
 
2023 
 
2024 
 
2023 
Korea 
Yes 
 
Yes 
 
FVLCD 
 
FVLCD 
Dubbo 
Yes 
 
Yes 
 
FVLCD 
 
FVLCD 
  
Key assumptions used  
At 30 June 2024, estimates of recoverable amounts for non-current assets within the Korea CGU were prepared using the FVLCD 
method to assess whether impairments were required. Given the recent construction and commissioning of the KMP, the Group has 
determined FVLCD using the cost approach. This approach determines fair value with reference to the depreciated replacement cost 
of the assets adjusted for obsolescence. The Group has considered the risks of both technological and economic obsolescence in 
determining fair value and concluded that no such adjustment was required. 
  
Separately, estimates of recoverable amounts for the Dubbo CGU were prepared using the FVLCD method, after the Group sourced 
independent valuations at 30 June 2024 to support the FVLCD estimates required for the applicable assets. 
  
At 30 June 2024, no impairment expense was recognised (30 June 2023: Nil). 
 
Note 12. Exploration and evaluation assets 
  
Recognition and measurement 
Exploration and evaluation costs include acquisition of rights to explore, and costs associated with exploration and evaluation in 
relation to separate areas of interest for which rights of tenure are current. The balance is carried as a non-current asset on the 
consolidated balance sheet where it is expected that the expenditure will be recovered through the successful development and 
exploitation of an area of interest, or by its sale; or exploration activities are continuing in an area and activities have not reached a 
stage which permits a reasonable estimate of the existence or otherwise of economically recoverable ore reserve. Costs incurred 
before the Group has obtained the legal rights to explore an area are recognised in the consolidated statement of profit or loss and 
other comprehensive income 
  
No amortisation is charged during the exploration and evaluation phase. Payments for exploration and evaluation expenditure are 
recorded net of any government grants and partner contributions. 
  
 
 
Consolidated 
 
 
2024 
 
2023 
 
 
$'000 
 
$'000 
 
 
 
 
Opening balance 
 
109,340 
104,225 
Expenditure capitalised during the year [i] 
 
14,080 
7,416 
R&D tax incentives on capitalised costs 
 
(1,706) 
(2,301) 
Government grant {ii} 
 
(500) 
- 
 
 
 
 
Closing balance 
 
121,214 
109,340 
  
[i] Additions during the year ended 30 June 2024 related to Engineering, Procurement and Construction (EPC) Definition work, non-
process infrastructure study work, metallurgical, engineering and project management. 
  
[ii] During the year, the Group fully satisfied with the contributory grant criteria and reclassified the $500,000 awarded by Critical 
Minerals and High-Tech Metals Activation Fund from unearned revenue to offset against exploration and evaluation assets where 
the initial costs were incurred. Refer to note 17 for further details.  
  

98  |  ASM Annual Report 2024 
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
 
  
Note 12. Exploration and evaluation assets (continued) 
  
  
Key judgements, estimates and assumptions 
Key judgements are applied to make certain estimates as to future events and circumstances, in particular whether an economically 
viable extraction operation can be established. Any such estimates and assumptions may change as new information becomes 
available. To the extent that capitalised exploration and evaluation expenditure is determined not to be recoverable in the future, 
profits and net assets will be reduced in the period in which the determination is made. 
 
Note 13. Intangible assets 
  
Recognition and measurement 
Intangible assets acquired as part of a business combination, other than goodwill, are initially measured at their fair value at the date 
of the acquisition. Intangible assets acquired separately are initially recognised at cost. Finite life intangible assets are subsequently 
measured at cost less amortisation and any impairment. The gains or losses recognised in profit or loss arising from the derecognition 
of intangible assets are measured as the difference between net disposal proceeds and the carrying amount of the intangible asset. 
The method and useful lives of finite life intangible assets are reviewed annually. Changes in the expected pattern of consumption 
or useful life are accounted for prospectively by changing the amortisation method or period. 
  
Intellectual property 
Significant costs associated with intellectual property are deferred and amortised on a straight-line basis over the period of their 
expected benefit, being their finite life of five years. 
  
 
 
Consolidated 
 
 
2024 
 
2023 
 
 
$'000 
 
$'000 
 
 
 
 
Non-current assets 
 
 
 
Intellectual property (IP) 
 
5,372  
5,387  
Less: Accumulated amortisation 
 
(3,918) 
(2,849) 
 
 
 
 
 
 
1,454  
2,538  
  
The intangible assets are related to the internally generated intellectual property, which was part of the acquisition of the Korean 
entities.  
 
Note 14. Trade and other payables 
  
Recognition and measurement 
Trade and other payables represent the liability outstanding at the end of the reporting period for goods and services received by 
the Group during the period which remains unpaid. Trade and other payables are presented as current liabilities unless payment is 
not due within 12 months from the reporting date. They are recognised initially at their fair value and subsequently measured at 
amortised cost. 
  
 
 
Consolidated 
 
 
2024 
 
2023 
 
 
$'000 
 
$'000 
 
 
 
 
Current liabilities 
 
 
 
Trade payables 
 
984  
479  
Accruals 
 
3,015  
2,201  
Other payables 
 
804  
714  
 
 
 
 
 
 
4,803  
3,394  
 

ASM Annual Report 2024 |  99
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
 
  
  
Note 15. Interest bearing liabilities 
  
Recognition and measurement 
Initial recognition and measurement 
Interest bearing liabilities are recognised initially at fair value, net of directly attributable transaction costs. 
 
Subsequent measurement - financial liabilities at amortised cost 
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective 
interest rate (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through 
the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or 
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the consolidated statement of profit or 
loss and other comprehensive income.  
 
Derecognition  
An interest bearing liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an 
existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing 
liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the 
recognition of a new liability. The difference in the respective carrying amounts is recognised in the consolidated statement of profit 
or loss and other comprehensive income. 
  
 
 
Consolidated 
 
 
2024 
 
2023 
 
 
$'000 
 
$'000 
 
 
 
 
Current liabilities 
 
 
 
Lease Liability [i] 
 
110  
137  
Borrowings [ii] 
 
16,421  
17,158  
 
 
 
 
 
 
16,531  
17,295  
 
 
 
 
Non-current liabilities 
 
 
 
Lease liability [i] 
 
324  
410  
 
 
 
 
 
 
16,855  
17,705  
  
[i] As at 30 June 2024, the Group leased various assets under leases expiring within one to eight years. The interest rates are fixed and 
payable over a period of the lease term from the inception of the lease. These leases are effectively secured as the rights to the 
leased assets recognised in the financial statements revert to the lessor in the event of default. 
  
[ii] On 11 June 2024, ASM refinanced two loan facilities with the Korean Development Bank (KDB) and Hana Bank in South Korea which 
are denominated in Korean Won (₩).  
 
These new facilities comprise of: 
• 
A fully drawn unsecured loan facility with Hana Bank of ₩3 billion (30 June 2024: equivalent to $3.3 million) due for full 
repayment in May 2025 (30 June 2023: Nil); and 
• 
A fully drawn secured loan facility with KDB of ₩12 billion (30 June 2024: equivalent to $13.1 million) due for full 
repayment in June 2025 (30 June 2023: fully drawn unsecured ₩15 billion equivalent to $17.2 million). 
 
ASM’s held no other debt facilities at 30 June 2024.  
 
Secured liabilities and assets pledged as security 
The KDB loan facility is secured against KMP assets. 
  
Fair value 
For the majority of the borrowings, the fair values approximate their carrying amounts, since the interest payable on those 
borrowings is either close to current market rates or the borrowings are of a short-term nature.  
  

100  |  ASM Annual Report 2024 
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
 
  
Note 15. Interest bearing liabilities (continued) 
  
  
The interest rate on a loan from Hana Bank is 3.952% and varies every 6 months. The interest rate on a loan from KDB is fixed at 
6.32%. 
 
Debt covenants 
There are no debt covenants associated with the loan facilities. 
 
Note 16. Provisions 
  
Recognition and measurement 
Provisions 
Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which it is probable 
that an outflow of economic benefits will results, and that outflow can be reliably measured.  
 
Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present 
obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects 
current market assessments of the time value of money and the risks specific to the liability. 
  
Employee leave benefits 
Provision is made for the Group’s expected liability for future employee benefits arising from services rendered by employees up to 
reporting date.  
 
Short-term employee benefits are expected to be settled wholly within 12 months after the end of the period in which employees 
render the related service, are recognised in respect of the employee’s services up to the end of the reporting period and are 
measured at the amounts expected to be paid when the liabilities are settled. The amounts are presented as current employee 
entitlements in the consolidated balance sheet.  
 
The liability for long service leave is measured at the present value of the estimated future cash outflows to be made by the Group 
for those employees with greater than five years of service up to the reporting date. Long-term benefits not expected to be settled 
within 12 months are discounted by using rates attached to high quality corporate bonds at the end of the reporting period with 
terms that match, as closely as possible, the estimated future cash outflows. Related on-costs are also included in the liability. 
  
Decommissioning and restoration  
In accordance with the applicable legal and constructive obligations, a provision for site rehabilitation in respect of returning the land 
to its original state is recognised when land is disturbed.  
 
Decommissioning and restoration costs are recognised in full based on the net present value of the estimated cost of 
decommissioning and restoring the environmental disturbance that has occurred up to the reporting date. To the extent that future 
economic benefits are expected to arise, these costs are capitalised and amortised over the remaining life of the mine and the 
provision is accreted periodically as the discounting of the liabilities unwinds. The unwinding of the discount is recorded as a finance 
cost. 
  
Any changes in the estimates for the costs or other assumptions against the cost of relevant assets are accounted for on a prospective 
basis. In determining the costs for site restoration there is uncertainty regarding the nature and extent of restoration due to 
community expectations and future legislation. 
  
Korean pensions benefit 
The Group operates a defined benefit pension plan in Korea. A defined benefit plan determines the amount of pension benefits an 
employee will receive when they retire. The level of benefits provided depends on members’ age, length of service and their salary 
up to retirement. The liability recognised in the consolidated balance sheet in respect of defined benefit plans is the present value of 
the defined benefit liability as of the end of the reporting period less the fair value of plan assets. The defined benefit liability is 
calculated annually by an independent actuary using the projected unit credit method. The present value of the defined benefit 
liability is calculated by discounting the expected future cash outflows at the rate of interest for high quality corporate bonds with 
similar payout timing and maturities. 
  
The remeasurement component of the net defined benefit liability is recognised in the consolidated statement of profit or loss and  
other comprehensive income. When a scheme amendment, curtailment or settlement occurs, any gain or loss on past service cost 
or settlement is recognised in the consolidated statement of profit or loss and other comprehensive income. 
  

ASM Annual Report 2024 |  101
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
 
  
Note 16. Provisions (continued) 
  
  
 
 
Consolidated 
 
 
2024 
 
2023 
 
 
$'000 
 
$'000 
 
 
 
 
Current liabilities 
 
 
 
Annual leave [i] 
 
535  
434  
Long service leave 
 
57  
30  
 
 
 
 
 
 
592  
464  
 
 
 
 
Non-current liabilities 
 
 
 
Long service leave 
 
80  
49  
Korean pensions benefit 
 
692  
476  
Provision for decommissioning  
 
2,053  
2,317  
 
 
 
 
 
 
2,825  
2,842  
 
 
 
 
 
 
3,417  
3,306  
  
[i] The current portion of annual leave liability includes all of the accrued annual leave. The provision amount of $535,000 (30 June 
2023: $434,000) is presented as current since the Group does not have an unconditional right to defer settlement for any of these 
obligations. However, based on past experience, the Group does not expect all employees to take the full amount of accrued leave 
or require payment within the next 12 months. The following amounts reflect leave that is not expected to be taken or paid within 
the next 12 months. 
  
 
 
Consolidated 
 
 
2024 
 
2023 
 
 
$'000 
 
$'000 
 
 
 
 
Current leave obligations expected to be settled after 12 months  
 
267  
217  
  
Key judgements, estimates and assumptions 
The Group assesses its decommissioning and restoration provision annually. Significant judgement is required in determining the 
provision for plant site rehabilitation and closure as there are many factors that could impact the ultimate liability payable to 
rehabilitate the Korean plant site including changes in legislation, technology or other circumstances. When these factors change or 
become known in the future, such differences will impact the decommissioning and restoration in the period in which the change 
becomes known. 
 
Note 17. Unearned revenue 
  
Recognition and measurement 
Government grants are recognised where there is reasonable assurance that the grant will be received, and all attached conditions 
will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods 
that the related costs, for which is intended to compensate, are expensed. When the grant relates to an asset, it is recognised as an 
offset to the asset and is recognised in the consolidated statement of profit or loss and other comprehensive income on a systematic 
basis over the life of the asset. Where grant criteria are not fully satisfied a portion of the grant may be repaid subject to performance 
condition requirements. 
  

102  |  ASM Annual Report 2024 
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
 
  
Note 17. Unearned revenue (continued) 
  
  
 
 
Consolidated 
 
 
2024 
 
2023 
 
 
$'000 
 
$'000 
 
 
 
 
Current liabilities 
 
 
 
Government Grant - Australia [i] 
 
5,720  
2,525  
Government Grant - Korea [ii] 
 
5,501  
-  
 
 
 
 
 
 
11,221  
2,525  
 
 
 
 
Non-current liabilities 
 
 
 
Government Grant - Korea [ii] 
 
-  
6,232  
 
 
 
 
 
 
11,221  
8,757  
  
[i] During the year ended 30 June 2024, cash grants were received from Federal and State governments for the following exploration 
and evaluation programs: 
  
● 
Critical Minerals Development Program – ASM was awarded a contributory grant of $6,500,000 (net of GST) to progress the 
Dubbo Project’s Engineering, Procurement and Construction (EPC) Definition activities with respect to non-process 
infrastructure. During the year ended 30 June 2024, a total of $3,445,000 (net of GST) was received (30 June 2023: an initial 
payment of $2,275,000 (net of GST)). Should any grant criteria not be fully satisfied a portion of the grant may be required to 
be repaid. 
● 
Critical Minerals and High-Tech Metals Activation Fund – ASM was awarded a contributory grant of $500,000 (net of GST) to 
finalise the process flowsheet for the Dubbo Project’s Heavy Rare Earths solvent extraction circuit. The first instalment of 
$250,000 (net of GST) was received in March 2023, followed by the remaining $250,000 received during the year ended 30 
June 2024. ASM fully complied with the terms of the agreement and reclassified these funds under exploration and 
evaluation assets where the initial costs were capitalised. Refer to note 12. 
  
[ii] Unearned revenue relates to a cash grant from the South Korean government to support the development of the Korean Metals 
Plant. Should any grant criteria not be fully satisfied by 31 December 2024 a portion of the grant may be required to be repaid. 
 
Note 18. Issued capital 
  
Recognition and measurement 
Ordinary shares are classified as equity. 
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the 
proceeds. 
  
 
Consolidated 
 
2024 
 
2023 
 
2024 
 
2023 
 
Shares 
 
Shares 
 
$'000 
 
$'000 
 
 
 
 
 
Ordinary shares - fully paid 
181,133,558 
166,705,227 
281,462  
268,316  
  

ASM Annual Report 2024 |  103
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
 
  
Note 18. Issued capital (continued) 
  
  
Movements in ordinary shares 
 
Number of 
 
Total 
 
 
shares 
 
$'000 
 
 
 
 
Opening balance 1 July 2022  
 
141,956,062 
228,425 
Issue of shares on vesting of performance rights 
 
1,000,000 
- 
Issue of shares for institutional placement 
 
15,000,159 
25,950 
Issue of shares in accordance with share purchase plan 
 
8,749,006 
15,135 
Less: transaction costs arising on share issue 
 
- 
(1,309) 
Deferred tax credit recognised directly into equity 
 
- 
115 
Balance 30 June 2023  
 
166,705,227 
268,316 
 
 
 
 
Issue of shares on vesting of performance rights 
 
86,755 
- 
Issue of shares for institutional placement 
 
12,931,035 
13,266 
Issue of shares in accordance with entitlement offer 
 
1,410,541 
1,458 
Less: transaction costs arising on share issue 
 
- 
(1,627) 
Deferred tax credit recognised directly into equity 
 
- 
49 
 
 
 
 
Balance 30 June 2024  
 
181,133,558 
281,462 
  
Ordinary shares 
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to 
the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the Company does not 
have a limited amount of authorised capital. 
  
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall 
have one vote. 
  
On 24 April 2024, the Company issued 12,931,035 institutional shares, followed by the issue of 1,410,541 shares under the 
entitlement offer on 3 June 2024 with attached options. A total of $16.6 million (before costs) was raised from institutional placement 
and the entitlement offer, as disclosed in Notes 18 and 19.  
 
Note 19. Other equity 
 
Listed options classed as other equity carry no voting rights or right to dividends: 
  
Movements in listed options 
 
Number of 
 
Total 
 
 
options 
 
$'000 
 
 
 
 
Opening balance 1 July 2022  
 
- 
- 
Issue of placement options 
 
- 
- 
Issue of option rights  
 
- 
- 
Balance 30 June 2023 
 
- 
- 
 
 
 
 
Issue of placement options[i] 
 
12,931,035 
1,733 
Issue of option rights[ii] 
 
1,410,541 
189 
 
 
 
 
Balance 30 June 2024  
 
14,341,576 
1,922 
 
[i] On 24 April 2024, the Company completed a successful institution placement for shares, which included one free attached option 
for every share subscribed for under the placement. These options were approved at an extraordinary general meeting of the 
Company held on 19 June 2024. 
[ii] On 24 April 2024, the Company invited its shareholders to participate in the entitlement offer where eligible shareholders might 
apply to one share for every 40 fully paid ordinary shares held with one free attaching option. This entitlement offer was finalised 
on 3 June 2024. 
 

104  |  ASM Annual Report 2024 
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
 
  
Note 19. Other equity (continued) 
  
  
The call options issued for the year ended 30 June 2024 have been valued at the weighted average market price on the date of issue.  
  
No options were exercised during the year ended 30 June 2024. All options expire on 31 October 2027. 
 
Note 20. Reserves 
  
Recognition and measurement 
Capital contributions reserve 
This reserve has been used to recognise the discounted value of a loan from Alkane Resources Ltd prior to the demerger in accordance 
with AASB 9.  
 
Share-based payments reserve 
The reserve is used to recognise the grant date fair value of options and performance rights issued to employees and executive 
directors. 
 
Retirement benefit obligation reserve 
The reserve is used to recognise the actuarial gains and losses on the retirement benefit obligation that are recognised outside of 
profit or loss. 
 
Foreign currency reserve 
The reserve is used to recognise exchange differences arising from the translation of the financial statements of foreign operations 
to Australian dollars. The foreign currency reserve is recognised in the profit or loss when the foreign operation or net investment is 
disposed of. 
  
 
 
Consolidated 
 
 
2024 
 
2023 
 
 
$'000 
 
$'000 
 
 
 
 
Capital contribution reserve 
 
11,324  
11,324  
Share-based payments reserve 
 
3,810  
3,322  
Retirement benefit obligation reserve 
 
(122)
35  
Foreign currency reserve 
 
(1,260)
332  
 
 
 
 
 
 
13,752  
15,013  
 
 
 

ASM Annual Report 2024 |  105
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
 
 
  
Note 21. Cash flow information 
  
(a) Reconciliation of loss after income tax to net cash outflow from operating activities 
  
 
 
Consolidated 
 
 
2024 
 
2023 
 
 
$'000 
 
$'000 
 
 
 
 
Loss after income tax for the year 
 
(25,175) 
(26,303) 
 
 
 
 
Adjustments for: 
 
 
 
Depreciation and amortisation 
 
1,756  
1,799  
Finance charges 
 
83  
79  
Share-based payments 
 
488  
1,529  
Inventory – non-cash movement 
 
899  
1,007  
Inventory – write off 
 
5,804  
7,490  
Provision for decommissioning – unwind of discount 
 
(171) 
(241) 
Gain on disposal of assets 
 
(1) 
(1) 
Unrealised FX loss 
 
(4) 
(567) 
 
 
 
 
Change in operating assets and liabilities: 
 
 
 
Decrease/(increase) in receivables 
 
3,258  
(4,360) 
Increase in inventory 
 
(5,183) 
(12,030) 
Decrease/(increase) in biological and other assets 
 
747  
(413) 
Decrease in deferred tax liability 
 
(21) 
(2,513) 
Increase/(decrease) in trade and other payables 
 
1,522  
(62) 
Increase in other provisions 
 
376  
281  
 
 
 
 
Net cash outflow from operating activities 
 
(15,622) 
(34,305) 
  
(b) Net debt reconciliation 
  
 
 
Consolidated 
 
 
2024 
 
2023 
 
 
$'000 
 
$'000 
 
 
 
 
Cash and cash equivalents (note 7) 
 
47,602 
56,655 
Interest bearing liabilities - repayable within one year (note 15) 
 
(16,531) 
(17,295) 
Interest bearing liabilities - repayable after one year (note 15) 
 
(324) 
(410) 
 
 
 
 
Net debt 
 
30,747 
38,950 
  
Includes lease liability expiring within 1 to 8 years and loan facilities with the Korea Development Bank ($13.1 million) and Hana Bank 
($3.3 million). 
 
Note 22. Risk management 
  
Capital risk management 
 
The Group's objectives when managing capital are to safeguard their ability to continue as a going concern, so that they can continue 
to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the 
cost of capital. In order to maintain or adjust the capital structure, the Group may return capital to shareholders, pay dividends to 
shareholders, issue new shares or sell assets. 
  
 
 

106  |  ASM Annual Report 2024 
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
 
  
Note 22. Risk management (continued) 
  
  
Financial risk management 
  
The Group's activities expose it to a variety of financial risks: market risk (including foreign currency risk, price risk and interest rate 
risk), credit risk and liquidity risk. The Group's overall risk management program focuses on the unpredictability of financial markets 
and seeks to minimise potential adverse effects on the financial performance of the Group.  
  
This note presents information about the Group's exposure to each of the above risks, their objectives, policies and processes for 
measuring and managing risk, and the management of capital. 
  
The Board of Directors has overall responsibility for the establishment and oversight of the risk management framework. 
Management monitors and manages the financial risks relating to the operations of the Group through regular reviews of the risks 
and mitigating strategies. 
  
The Group undertakes certain transactions denominated in foreign currency and is exposed to foreign currency risk through foreign 
exchange rate fluctuations. 
  
Foreign exchange risk arises from future commercial transactions and recognised financial assets and financial liabilities denominated 
in a currency that is not the Group's functional currency. The risk is measured using sensitivity analysis and cash flow forecasting. 
  
Market risk 
 
Foreign currency risk 
The Group operated internationally and is exposed to foreign exchange risk arising from currency exposures with respect to changes 
in USD/AUD, KRW/AUD and KRW/USD exchange rates. The Group is exposed to currency risk on purchases that are denominated in 
a currency other the respective functional currency of Group entities, primarily the United States Dollar (USD) and Korean Won 
(KRW). 
  
The Group's expenditure obligations in Korea are primarily in KRW. Funding requirements in Korea are met by transferring USD from 
the Australian based parent entity and converting it into KRW or depositing it into a USD bank account. As a result, the Group is 
exposed to fluctuations in the USD/KRW to Australian currency. These exposures are not subject to a hedging instrument. The 
Group’s risk from movements in foreign currency rates, relates to USD held within Australia and Korea and KRW held in Korea. The 
risk exposure is minimised by holding sufficient funds in KRW to meet the immediate cash requirements of the subsidiaries. Once 
funds are converted to KRW, they are only used to pay expenses in KRW.  
  
The financial assets and liabilities that are exposed to foreign currency risk at the end of the reporting period, expressed in Australian 
dollars are: 
  
 
 
2024 
 
2023 
 
 
$'000 
 
$'000 
 
 
 
 
Cash and cash equivalents - USD 
 
2,857 
2,471 
 
Sensitivity 
As shown in the table above, the Group is primarily exposed to changes in USD AUD exchange rates. The sensitivity of profit or loss 
to changes in the exchange rate arises mainly from USD cash and cash equivalents.  
 
 
Impact on post-tax profit 
2024 
2023 
$’000 
$’000 
 
 
 
USD AUD exchange rate – increase 9% (2023 – 10%) 
(180) 
(247) 
USD AUD exchange rate – decrease 9% (2023 – 10%) 
180 
247 
 

ASM Annual Report 2024 |  107
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
 
  
Note 22. Risk management (continued) 
  
  
Price risk 
Commodity price risk in the Group primarily results from price fluctuations and the availability of rare earth oxides required by the 
Korean operations. The Group considers the outlook for rare earths regularly in considering the need for active financial risk 
management. As the Group progressed towards production of a saleable product the Group will monitor and develop a policy to 
mitigate its exposure to price risk. 
 
Interest rate risk 
Interest rate risk is the risk that fair values and cash flows of the Group’s financial instruments will be affected by changes in the 
market interest rates. The Group's main interest rate risk arises through its cash and cash equivalents, other financial assets and 
financial liabilities held within financial institutions. The Group minimises this risk by utilising fixed rate instruments where 
appropriate.  
  
Summarised market risk sensitivity analysis: 
  
 
 
 
 30 June 2024  
 
 
 
 30 June 2023  
 
 
 
Carrying 
Amount 
 
+100BP 
 
-100BP 
 
Carrying 
Amount 
 
+100BP 
 
-100BP 
 
 
$'000 
 
$'000 
 
$'000 
 
$'000 
 
$'000 
 
$'000 
 
 
 
 
 
 
 
Financial assets 
 
 
 
 
 
 
Cash-and cash equivalents 
47,602 
476 
(476)
56,655 
567 
(567) 
Receivables (current) [i] 
654 
7 
(7)
3,603 
36 
(36) 
Other financial assets 
172 
2 
(2)
238 
2 
(2) 
Financial liabilities 
 
 
 
 
 
 
Trade and other payables  
15,984 
160 
(160)
11,985 
120 
(120) 
Total 
32,444 
325 
(325)
48,511 
485 
(485) 
  
[i] The receivables balance excludes prepayments and tax balances which do not meet the definition of financial assets and liabilities. 
  
Credit risk 
  
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial asset fails to meet its contractual 
obligations and arises principally from the Group’s receivables from customers and related entities. The Group’s exposure to credit 
risk is primarily in its trade and other receivables and is influenced mainly by the individual characteristics of the customer based on 
recent sales experience, historical loss rates and forward-looking information that is available. In accounting for credit risk the Group 
applies the simplified approach to measuring expected credit losses, determining a lifetime expected loss allowance for all trade 
receivables. 
  
In determining the recoverability of a trade or other receivable using the expected credit loss model, the Group performs a risk 
analysis considering the type and age of the outstanding receivables, the creditworthiness of the counterparty, contract provisions, 
letter of credit and timing of payment. 
  
Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit exposure to 
customers, including outstanding receivables and committed transactions. 
 
The Group limits its exposure to credit risk in relation to cash and cash equivalents and other financial assets by only utilising banks 
and financial institutions with acceptable credit ratings. The Group's cash deposits are all on call or in term deposits and attract a rate 
of interest at normal short-term money market rates. 
 
Tax receivables and prepayments do not meet the definition of financial assets. The Group assesses the credit quality of the customer, 
taking into account its financial position, past experience and other factors. 
  

108  |  ASM Annual Report 2024 
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
 
  
Note 22. Risk management (continued) 
  
  
Liquidity risk 
 
Liquidity risk is the risk that the Group will not be able to meet its financial liabilities as they fall due. The Group's approach to 
managing liquidity risk is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under 
normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's reputation. The Board of 
Directors monitors liquidity levels on an ongoing basis. 
  
Liquidity risk management involves maintaining sufficient cash on hand or undrawn credit facilities to meet the operating and capital 
requirements of the business. 
  
Maturity analysis of financial assets and liabilities based on management expectations. The tables below reflect an undiscounted 
contractual maturity analysis for financial liabilities: 
  
 
 
Within 1 year 
 
1 to 5 years 
 
Over 5 years 
 
Total contractual 
outflows 
Year ended 30 June 2024 
 
$'000 
 
$'000 
 
$'000 
 
$'000 
 
 
 
 
 
 
Financial liabilities due for payment 
 
 
  
 
Trade and other payables 
(4,803) 
- 
-  
(4,803) 
Unearned revenue 
(11,221) 
- 
-  
(11,221) 
Interest bearing liabilities 
(16,531) 
(324)
-  
(16,855) 
 
(32,555) 
(324)
-  
(32,879) 
  
 
 
Within 1 year 
 
1 to 5 years 
 
Over 5 years 
 
Total contractual 
outflows 
Year ended 30 June 2023 
 
$'000 
 
$'000 
 
$'000 
 
$'000 
 
 
 
 
 
 
Financial liabilities due for payment 
 
 
  
 
Trade and other payables 
(3,394) 
- 
-  
(3,394) 
Unearned revenue 
(2,525) 
(6,232)
-  
(8,757) 
Interest bearing liabilities 
(17,295) 
(410)
-  
(17,705) 
 
(23,214) 
(6,642)
-  
(29,856) 
  
The Group's financial liabilities generally mature within 3 months, therefore the carrying amount equals the cash flow required to 
settle the liability. 
 
Note 23. Contingent liabilities 
  
The Group has contingent liabilities estimated at up to $8,163,695 for the potential acquisition of parcels of land surrounding the 
Dubbo Project (30 June 2023: $7,398,421). The landholders have the right to require the Group to acquire their property when the 
development consent conditions for the Dubbo Project have been met. 
  
On 9 June 2022, Australian Strategic Materials (Holdings) Ltd and Hyundai Engineering Co., Ltd (HEC) signed an agreement to provide 
engineering, procurement, and construction definition work (EPCD) for the Dubbo Project. Work was to be undertaken in three 
stages, with HEC completing Stage 1 works. During the year ended 30 June 2024, the conditions precedent to commence Stage 2 
were not fulfilled to allow the next stage to proceed and so the agreement was concluded with Nil contingent liabilities (30 June 
2023: $41,200,000). 
 
On 25 March 2024, ASM announced the appointment of Bechtel Mining and Metals, Inc (Bechtel) to conduct FEED services for the 
Dubbo Project. The contract will see Bechtel progress in the design of both the process plant and NPI facilities at the Dubbo Project. 
Bechtel’s services are estimated at $54,347,826 (~US$36,000,000). Bechtel’s commencement of the work is conditional upon the 
Group: 
  
● 
confirming that funding has been received for the work. 
● 
confirming all necessary approvals to proceed with the work have been received, and 
● 
issuing Bechtel with a notice to proceed. 
  

ASM Annual Report 2024 |  109
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
  
Note 23. Contingent liabilities (continued) 
  
  
It is anticipated that the Group will be in a position to commence the FEED services during 2024. The estimated schedule for the FEED 
services is 18 months and is anticipated to be completed in the first quarter of the 2026 calendar year. 
 
Note 24. Commitments 
  
a) Capital commitments 
 
 
 
 
 
Within 1 year  
1 to 5 years 
 
Over 5 years 
 
Total 
 
$'000 
 
$'000 
 
$'000 
 
$'000 
 
 
 
 
 
Year ended 30 June 2024 
 
 
 
 
Mineral tenement leases 
100 
- 
- 
100 
Dubbo Project - parcels of land 
2,306 
- 
- 
2,306 
Dubbo Project – engineering and design activities 
4,416 
2,500 
- 
6,916 
Korean Metals Plant – equipment   
488 
- 
- 
488 
 
7,310 
2,500 
- 
9,810 
 
 
 
 
 
Year ended 30 June 2023 
 
 
 
 
Mineral tenement leases 
100 
- 
- 
100 
Dubbo Project - parcels of land 
1,996 
- 
- 
1,996 
Dubbo Project – engineering and design activities 
2,307 
2,500 
- 
4,807 
Korean Metals Plant – equipment     
1,410 
- 
- 
1,410 
 
5,813 
2,500 
- 
8,313 
  
Mineral tenement leases 
In order to maintain current rights of tenure to exploration and mining tenements, the Group has certain obligations for 
payment. These costs are discretionary, however if the expenditure commitments are not met then the associated exploration and 
mining leases may be relinquished. 
 
Parcels of land  
The Group has capital commitments for the acquisition of parcels of land surrounding the Dubbo Project. The amount to be paid is 
market value contractual terms and is subject to movement. The landholders have the right to require Australian Strategic Materials 
(Holdings) Limited to acquire their property as provided for under the agreement. 
 
b) Other commitments 
On 30 April 2023, the Group signed binding agreement with Vietnam Rare Earth Company (VTRE) for metals plant feedstock supply. 
Under the terms of the agreement, VTRE will deliver 100 tonnes of product within the next 12 months. At 30 June 2024, the Group 
estimated commitment amount based on the product price at the reporting date was $7,586,000 (2023: $9,426,000). 
 
Note 25. Events after the reporting period 
  
No matter or circumstance has arisen since 30 June 2024 that has significantly affected, or may significantly affect the Group's 
operations, the results of those operations, or the Group's state of affairs in future financial years. 
 
Note 26. Related party transactions 
  
Parent entity 
Australian Strategic Materials Limited is the parent entity of the Group. 
  
Subsidiaries 
Interests in subsidiaries are set out in note 31. 
  
Key management personnel compensation 
The aggregate compensation made to Directors and other members of key management personnel of the Group is set out below: 
  

110  |  ASM Annual Report 2024 
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
 
  
Note 26. Related party transactions (continued) 
  
  
 
 
Consolidated 
 
 
2024 
 
2023 
 
 
$ 
 
$ 
 
 
 
 
Short-term employee benefits 
 
2,121,551  
2,100,624  
Post-employment benefits 
 
126,617  
103,546  
Long-term benefits 
 
9,169  
8,129  
Termination benefits 
 
41,722  
254,151  
Share-based payments 
 
510,980  
1,409,492  
 
 
 
 
 
 
2,810,039  
3,875,942  
  
Detailed remuneration disclosures are provided in the Remuneration Report on pages 64 to 74. 
  
Transactions with other related parties 
The following transactions occurred with other related parties: 
  
 
 
Consolidated 
 
 
2024 
 
2023 
 
 
$ 
 
$ 
 
 
 
 
Purchase of goods and services from other related parties: 
 
 
 
Alkane Resources Ltd 
 
373,935  
356,400  
Gandel Metals Pty Ltd 
 
11,733  
97,268  
  
Alkane Resources Ltd, a Director related entity, for personnel and office services under its ongoing Trade Service Agreement with 
ASM.  
  
Gandel Metals Pty Ltd, a Director related entity, for travel related services. 
  
Receivable from and payable to related parties 
As at 30 June 2024, nil (2023: Nil). 
  
Loans to/from related parties 
There were no loans to or from related parties at the current and previous reporting date. 
  
Terms and conditions 
All transactions were made on normal commercial terms and conditions and at market rates. 
 
Note 27. Share-based payments 
  
Recognition and measurement 
Share-based payments 
Share-based compensation benefits are provided to employees via the Group’s incentive plans. The objective of the plans is to assist 
in the recruitment, reward, retention and motivation of eligible persons of the Group. The incentive plans consist of short-term (STI) 
and long-term (LTI) incentive plans. Information relating to these plans is set out in the remuneration report and below.  
 
The fair value of performance rights and options granted under the short-term and long-term incentive plans is recognised as an 
employee benefits expense with a corresponding increase in equity. The total amount to be expensed is determined by reference to 
the fair value of the performance rights and options granted, which includes any market performance conditions and the impact of 
any non-vesting conditions but excludes the impact of any service non-market performance vesting conditions. The number of shares 
expected to vest is estimated based on the non-market vesting conditions. The estimates are revised at the end of each reporting 
period and adjustments are recognised in profit or loss and the share-based payment reserve.  
  

ASM Annual Report 2024 |  111
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
 
  
Note 27. Share-based payments (continued) 
  
  
Non-market conditions 
Non-market vesting conditions and the impact of service conditions are included in assumptions about the number of rights that are 
expected to vest. The total expense is recognised over the vesting period, which is the period over which all of the specified vesting 
conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of rights that are expected to 
vest based on the non-market vesting and service conditions. It recognises the impact of the revision to original estimates, if any, in 
the consolidated statement of profit or loss and other comprehensive income, with a corresponding adjustment to equity.  
  
Market conditions 
The initial estimate of fair value for market based and non-vesting conditions is not subsequently adjusted for differences between 
the number of rights granted and number of rights that vest. When the rights are exercised, the appropriate number of shares are 
transferred to the employee. The proceeds received are net of any directly attributable transaction costs are credited directly to 
equity.  
  
The fair value of deferred shares granted to employees for nil consideration under the employee share scheme is recognised as an 
expense over the relevant service period, being the year to which the incentive relates and the vesting period of the shares. The fair 
value is measured using the Monte Carlo valuation method for long-term incentive plans and Binominal Tree method for short-term 
incentive plans at the grant date of the shares and is recognised in equity in the share-based payment reserve.  
  
The Group's remuneration framework is set out in the remuneration report, including all details of the performance rights plans, the 
associated performance hurdles and vesting criteria. Participation in the plans is at the discretion of the Board of Directors and no 
individual has a contractual right to participate in the plans or to receive any guaranteed benefits.  
  
Options 
No employee options were granted during the year. Previously granted options lapsed upon cessation of employment as disclosed 
in the remuneration report.  
  
The are no share options outstanding at the end of the year.  
 
Performance Rights  
Set out below are summaries of performance rights granted under the plan: 
  
 
 2024 
 Number 
 
  Weighted 
average fair 
value at grant 
date 
 
2023 
Number 
 
  Weighted 
average fair 
value at grant 
date 
 
 
 
 
 
Outstanding as at 1 July 
703,702 
$1.33  
3,217,010 
$1.28  
Granted [i] 
1,821,993 
$0.98  
744,442 
$0.91  
Forfeited/lapsed  
(192,980) 
$1.46  
(2,257,750) 
$1.28  
Vested  
(86,755) 
$1.65  
(1,000,000) 
$2.64  
 
 
 
 
 
Outstanding as at 30 June 
2,245,960 
$1.05  
703,702 
$1.33  
 
 
 
 
 
Vested and exercisable as at 30 June 
250,198 
$1.29  
45,410 
$1.43  
  
[i] During the year ended 30 June 2024, 711,105 short term and 1,110,888 long term performance rights were granted to employees 
and key management personnel. The fair value at the grant date of the performance rights, with non-market-based performance 
conditions, was estimated using a Binominal Tree valuation method. The fair value at the grant date of the performance rights, with 
market-based performance conditions, was estimated using a Monte Carlo valuation method. 
  
 
 

112  |  ASM Annual Report 2024 
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
 
  
Note 27. Share-based payments (continued) 
  
  
The table below details the terms and conditions of the grants and the assumptions used in estimating fair value:  
  
Type 
LTI 
LTI 
STI 
Value of the underlying security at grant date 
$0.97-$1.53 
$1.34 
$0.97-$1.53 
Number of performance rights issued 
1,055,489 
55,399 
711,105 
Exercise price 
nil 
nil 
nil 
Dividend yield 
nil 
nil 
nil 
Risk free rate 
3.61%-4.11% 
3.85% 
4.10%-4.36% 
Volatility 
65% 
65% 
65% 
Performance period (years) 
3 
3 
1 
Commencement of the measurement period 
1 July 2023 
1 December 2023 
1 July 2023 
Test date 
30 June 2026 
30 November 2026 
30 June 2024 
Remaining performance period (years) 
2.0 
2.4 
0.0 
Valuation methodology  
Monte Carlo 
Monte Carlo 
Binominal Tree 
  
The weighted average remaining contractual life of performance rights and options is 1.7 years (30 June 2023: 1.5 years).  
  
Total expenses arising from share-based payment transactions recognised during the period as share-based payment expense in the 
consolidated statement of profit or loss and other comprehensive income:  
  
 
 
2024 
 
2023 
 
 
$'000 
 
$'000 
 
 
 
 
Options (i) 
 
(256) 
130  
Performance rights 
 
744  
1,399  
 
 
 
 
 
 
488  
1,529  
  
(i) Employee resignation resulted in the reversal of options expense recognised in prior periods. Refer to the section h on page 71 of 
the Remuneration Report for further details. 
 
Key judgements, estimates and assumptions 
The Group measures the cost of equity-settled transactions with employees by reference to the fair of the equity instruments at the 
date at which they are granted. The fair value is determined using the appropriate valuation model. The valuation basis and the 
related assumptions are disclosed above. 
 
Note 28. Remuneration of auditors 
  
During the financial year the following fees were paid or payable for services provided by PricewaterhouseCoopers, the auditor of 
the Company, and its related network firms: 
  
 
Consolidated 
 
 
2024 
 
2023 
 
 
$ 
 
$ 
Audit services - PricewaterhouseCoopers 
 
 
 
Audit or review of the financial statements 
 
230,974  
233,527  
 
 
 
 
Other assurance services - PricewaterhouseCoopers 
 
-  
-  
 
 
 
 
Other services - PricewaterhouseCoopers 
 
 
 
Consulting services 
 
30,206  
66,103  
  
Total services provided by - PricewaterhouseCoopers 
 
261,180 
299,630 
 

ASM Annual Report 2024 |  113
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
  
  
Note 29. Loss per share 
  
Recognition and measurement 
  
Basic loss per share 
Basic earnings per share is calculated by dividing: 
  
● 
the profit attributable to owners of the company, excluding any costs of servicing equity other than ordinary shares 
● 
by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in 
ordinary shares issued during the year. 
  
Diluted loss per share 
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account: 
  
● 
the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and 
● 
the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of 
all dilutive potential ordinary shares. 
  
 
 
Consolidated 
 
 
2024 
 
2023 
 
 
$'000 
 
$'000 
 
 
 
 
Loss after income tax 
 
(25,175) 
(26,303) 
Non-controlling interest 
 
28  
31  
 
 
 
 
Loss after income tax attributable to the owners of Australian Strategic Materials Limited 
 
(25,147) 
(26,272) 
  
 
 
Cents 
 
Cents 
 
 
 
 
Basic loss per share 
 
(15) 
(17) 
Diluted loss per share 
 
(15) 
(17) 
  
 
 
Number 
 
Number 
 
 
 
 
Weighted average number of ordinary shares used in calculating basic loss per share 
 
169,284,927 
157,482,313 
Weighted average number of ordinary shares used in calculating diluted loss per share 
 
169,284,927 
157,482,313 
  
The number of potential ordinary shares not considered dilutive are as follows: 
 
 
 
Performance rights and options 
 
16,587,636 
828,950 
  
Potential ordinary shares 
Performance rights and options granted to employees are considered to be potential ordinary shares. Details relating to options and 
performance rights are set out in Note 27. They have not been included in the determination of basic loss per share. Performance 
rights and options outstanding are not included in the calculation of diluted loss per share because they are antidilutive for the years 
ended 30 June 2024 and 30 June 2023. These options could potentially dilute basic earnings per share in the future. 
 
 
 

114  |  ASM Annual Report 2024 
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
 
 
  
Note 30. Parent entity financial information 
  
Recognition and measurement 
The financial information for the parent entity has been prepared on the same basis as the consolidated financial statements, other 
than investments in subsidiaries, which have been recorded at cost less any impairments. 
  
The individual financial statements for the parent entity, Australian Strategic Materials Limited, show the following aggregate 
amounts: 
  
 
 
Parent 
 
 
2024 
 
2023 
 
 
$'000 
 
$'000 
 
 
 
 
Statement of profit or loss and other comprehensive income 
 
 
 
Loss after income tax 
 
(32,910) 
(47,263) 
Total comprehensive Loss 
 
(32,910) 
(47,263) 
  
 
 
Parent 
 
 
2024 
 
2023 
 
 
$'000 
 
$'000 
 
 
 
 
Balance sheet 
 
 
 
Current assets 
 
63,112 
64,207 
Total assets 
 
197,742 
214,781 
Current liabilities 
 
1,482 
1,196 
Total liabilities 
 
1,561 
1,233 
  
Equity 
 
 
 
Issued capital 
 
281,462 
268,316 
Other equity 
 
1,922 
- 
Share-based payments reserve 
 
3,809 
3,321 
Foreign currency translation reserve 
 
(13) 
- 
Capital contributions reserve 
 
11,324 
11,324 
Accumulated losses 
 
(102,323) 
(69,413) 
 
 
 
 
Total equity 
 
196,181 
213,548 
  
Guarantees entered into by the parent entity in relation to the debts of its subsidiaries 
The parent entity did not have any guarantees in relation to the debts of its subsidiaries as at 30 June 2024 and 30 June 2023. 
  
Contingent liabilities 
The parent entity did not have any contingent liabilities as at 30 June 2024 and 30 June 2023. 
  
Capital commitments - Property, plant and equipment 
The parent entity did not have any capital commitments for property, plant and equipment as at 30 June 2024 and 30 June 2023. 
 
Note 31. Interests in subsidiaries 
  
Recognition and measurement 
Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has 
rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct 
the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are 
deconsolidated from the date that control ceases. 
  
Intercompany transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated 
unless the transaction provides evidence of the impairment of the asset transferred. 
  

ASM Annual Report 2024 |  115
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
 
  
Note 31. Interests in subsidiaries (continued) 
  
  
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss 
and other comprehensive income, consolidated balance sheet, and consolidated statement of changes in equity respectively.  
  
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries: 
  
 
 
 
 
Ownership interest 
 
 
Principal place of business / 
 
2024 
 
2023 
Name 
 
Country of incorporation 
 
% 
 
% 
 
 
 
 
Australian Strategic Materials (Holdings) Ltd 
Australia 
100%  
100%  
Toongi Pastoral Company Pty Ltd 
Australia 
100%  
100%  
ASM Metals Corporation Pty Ltd 
Australia 
100%  
100%  
ASM Technology Corporation Pty Ltd 
Australia 
100%  
100%  
ASM Korea Co. Ltd 
South Korea 
100%  
100%  
KSM Technology Co. Ltd  
South Korea 
95%  
95%  
Korea Strategic Metal Co. Ltd 
South Korea 
100%  
100%  
 
Note 32. Deed of cross guarantee 
  
The following entities are parties to a deed of cross guarantee made on 28 June 2023 under which each company guarantees the 
debts of the others: 
  
Holding entity - Australian Strategic Materials Limited 
Group entity - Australian Strategic Materials (Holdings) Limited 
  
By entering into the deed, the wholly-owned entities have been relieved from the requirement to prepare financial statements and 
Directors' report under ASIC Corporations (Wholly-owned Companies) Instrument 2016/785 issued by the Australian Securities and 
Investments Commission. 
  
The above companies represent a 'Closed Group' for the purposes of the Instrument, and as there are no other parties to the deed 
of cross guarantee that are controlled by Australian Strategic Materials Limited, they also represent the 'Extended Closed Group'. 
  

116  |  ASM Annual Report 2024 
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
 
  
Note 32. Deed of cross guarantee (continued) 
  
  
Set out below is a consolidated statement of profit or loss and other comprehensive income and balance sheet of the 'Closed Group'. 
  
Consolidated statement of profit or loss and other comprehensive income of the ‘Closed 
Group’ 
 
2024 
 
2023 
 
$'000 
 
$'000 
 
 
 
 
Revenue 
 
1,532 
1,447 
Other income 
 
5,331 
1,673 
Professional fees and consulting services 
 
(1,704) 
(1,798) 
Employee remuneration 
 
(5,937) 
(5,188) 
Share-based payments 
 
(488) 
(1,529) 
Directors’ fees and salaries 
 
(1,260) 
(1,234) 
General and administration expenses 
 
(4,311) 
(4,633) 
Pastoral company expense 
 
(953) 
(1,209) 
Depreciation and amortisation expense 
 
(212) 
(165) 
Fair value movement in biological assets 
 
(899) 
(1,007) 
Net foreign exchange gain 
 
29 
390 
Loan forgiveness 
 
(29,747) 
- 
Intercompany impairment 
 
- 
(32,914) 
Loss before income tax  
 
(38,619) 
(46,167) 
 
 
 
 
Income tax benefit 
 
269 
2,686 
 
 
 
 
Loss after income tax 
 
(38,350) 
(43,481) 
 
 
 
 
Other comprehensive income for the year, net of tax 
 
- 
- 
 
 
 
 
Total comprehensive loss for the year 
 
(38,350) 
(43,481) 
 
 
 
 
Equity – accumulated losses 
 
 
 
 
 
 
 
Accumulated losses at the beginning of the financial year 
 
(70,270) 
(26,789) 
Loss after income tax expense/(benefit) 
 
(38,350) 
(43,481) 
 
 
 
 
Accumulated losses at the end of the financial year 
 
(108,620) 
(70,270) 
 
 

ASM Annual Report 2024 |  117
Australian Strategic Materials Limited 
Notes to the consolidated financial statements 
30 June 2024 
 
  
Note 32. Deed of cross guarantee (continued) 
  
  
 
 
2024 
 
2023 
Balance sheet 
 
$'000 
 
$'000 
 
 
 
 
Current assets 
 
 
 
Cash and cash equivalents 
 
46,534 
52,520 
Trade and other receivables 
 
828 
2,982 
Inventories 
 
184 
156 
Biological assets 
 
379 
962 
 
 
47,925 
56,620 
Non-current assets 
 
 
 
Property, plant and equipment 
 
34,384 
34,306 
Exploration and evaluation assets 
 
121,214 
109,340 
Biological assets 
 
925 
1,089 
Other assets 
 
13,304 
34,583 
 
 
169,827 
179,318 
 
 
 
 
Total assets 
 
217,752 
235,938 
 
 
 
 
Current liabilities 
 
 
 
Trade and other payables 
 
3,413 
2,125 
Provisions 
 
580 
452 
Unearned revenue 
 
5,720 
2,525 
 
 
9,713 
5,102 
Non-current liabilities 
 
 
 
Deferred tax 
 
18,075 
18,096 
Provisions 
 
80 
49 
 
 
18,155 
18,145 
 
 
 
 
Total liabilities 
 
27,868 
23,247 
 
 
 
 
Net assets 
 
189,884 
212,691 
 
 
 
 
Equity 
 
 
 
Issued capital 
 
281,462 
268,316 
Other equity 
 
1,922 
- 
Reserves 
 
15,120 
14,645 
Accumulated losses 
 
(108,620) 
(70,270) 
 
 
 
 
Total equity 
 
189,884 
212,691 
 

118  |  ASM Annual Report 2024 
Australian Strategic Materials Limited 
Consolidated entity disclosure statement 
As at 30 June 2024 
 
  
  
Consolidated entity disclosure statement 
 
Basis of preparation 
This Group disclosure statement (CEDS) has been prepared in accordance with the Corporations Act 2001 and includes information 
for each entity that was part of the consolidated entity as at the end of the financial year in accordance with AASB 10 Consolidated 
Financial Statements.  
 
Determination of tax residency 
Section 295 (3A)(vi) of the Corporation Act 2001 defines tax residency as having the meaning in the Income Tax Assessment Act 1997. 
The determination of tax residency involves judgement as there are different interpretations that could be adopted, and which could 
give rise to a different conclusion on residency.  
 
In determining tax residency, the Group has applied the following interpretations:  
● 
Australian tax residency  
The consolidated entity has applied current legislation and judicial precedent, including having regard to the Tax Commissioner's 
public guidance in Tax Ruling TR 2018/5. 
● 
Foreign tax residency  
Where necessary, the Group has used independent tax advisers in foreign jurisdictions to assist in its determination of tax residency 
to ensure applicable foreign tax legislation has been complied with (see section 295(3A)(vii) of the Corporations Act 2001). 
 
 
 
Entity type 
 
Place formed / 
Country of 
incorporation 
 Ownership 
interest 
% 
 
Tax residency 
Entity name 
 
 
 
 
 
 
 
 
 
 
Australian Strategic Materials Limited 
Body corporate  
Australia 
n/a 
Australia 
Australian Strategic Materials (Holdings) Ltd 
Body corporate  
Australia 
100% 
Australia 
Toongi Pastoral Company Pty Ltd 
Body corporate  
Australia 
100% 
Australia 
ASM Metals Corporation Pty Ltd 
Body corporate  
Australia 
100% 
Australia 
ASM Technology Corporation Pty Ltd 
Body corporate  
Australia 
100% 
Australia 
ASM Korea Co. Ltd 
Body corporate  
South Korea 
100% 
South Korea 
KSM Technology Co. Ltd  
Body corporate  
South Korea 
95% 
South Korea 
Korea Strategic Metal Co. Ltd 
Body corporate  
South Korea 
100% 
South Korea 
 

ASM Annual Report 2024 |  119
Australian Strategic Materials Limited 
Directors' declaration 
30 June 2024 
 
  
  
In the Directors' opinion: 
  
(a) 
the financial statements and notes set out on pages 77 to 117 are in accordance with the Corporations Act 2001, including:  
(i) complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting 
requirements, and 
(ii) giving a true and fair view of the Group's financial position as at 30 June 2024 and of its performance for the financial 
year ended on that date, and 
(b) 
there are reasonable grounds to believe that the Company and Group will be able to pay its debts as and when they 
become due and payable, and  
(c) 
the information disclosed in the attached consolidated entity disclosure statement is true and correct, and 
(d) 
at the date of this declaration, there are reasonable grounds to believe that the members of the Extended Closed Group 
identified in note 32 will be able to meet any liabilities to which they are, or may become, subject by virtue of the deed of 
cross guarantee described in note 32. 
 
The financial statements also comply with International Financial Reporting Standards as issued by the International Accounting 
Standards Board.  
  
The directors have been given the declarations by the chief executive officer and chief financial officer required by section 295A of 
the Corporations Act 2001.  
  
This declaration is made in accordance with a resolution of the directors. 
  
  
  
  
___________________________ 
Rowena Smith 
Managing Director 
  
30 September 2024 
Perth 
 

120  |  ASM Annual Report 2024 
 
PricewaterhouseCoopers, ABN 52 780 433 757 
Brookfield Place, Level 15, 125 St Georges Terrace, PERTH  WA  6000, GPO Box D198, PERTH  WA  6840 
T: +61 8 9238 3000, F: +61 8 9238 3999 
Liability limited by a scheme approved under Professional Standards Legislation. 
Independent auditor’s report 
To the members of Australian Strategic Materials Limited 
Report on the audit of the financial report 
Our opinion 
In our opinion: 
The accompanying financial report of Australian Strategic Materials Limited (the Company) and its 
controlled entities (together the Group) is in accordance with the Corporations Act 2001, including: 
(a) 
giving a true and fair view of the Group's financial position as at 30 June 2024 and of its 
financial performance for the year then ended  
(b) 
complying with Australian Accounting Standards and the Corporations Regulations 2001. 
What we have audited 
The financial report comprises: 
• 
the consolidated balance sheet as at 30 June 2024 
• 
the consolidated statement of changes in equity for the year then ended 
• 
the consolidated statement of cash flows for the year then ended 
• 
the consolidated statement of profit or loss and other comprehensive income for the year then 
ended 
• 
the notes to the consolidated financial statements, including material accounting policy 
information and other explanatory information  
• 
the consolidated entity disclosure statement as at 30 June 2024 
• 
the directors’ declaration. 
Basis for opinion 
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under 
those standards are further described in the Auditor’s responsibilities for the audit of the financial 
report section of our report. 
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis 
for our opinion. 
Independence 
We are independent of the Group in accordance with the auditor independence requirements of the 
Corporations Act 2001 and the ethical requirements of the Accounting Professional & Ethical 
Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence 
Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also 
fulfilled our other ethical responsibilities in accordance with the Code. 

ASM Annual Report 2024 |  121
 
 
Material uncertainty related to going concern 
We draw attention to Note 1 in the financial report, which indicates that the Group’s ability to continue 
as a going concern is dependent on raising additional equity funding and refinancing existing 
borrowings. These conditions, along with other matters set forth in Note 1, indicate that a material 
uncertainty exists that may cast significant doubt about the Group's ability to continue as a going 
concern. Our opinion is not modified in respect of this matter. 
Our audit approach 
An audit is designed to provide reasonable assurance about whether the financial report is free from 
material misstatement. Misstatements may arise due to fraud or error. They are considered material if 
individually or in aggregate, they could reasonably be expected to influence the economic decisions of 
users taken on the basis of the financial report. 
We tailored the scope of our audit to ensure that we performed enough work to be able to give an 
opinion on the financial report as a whole, taking into account the geographic and management 
structure of the Group, its accounting processes and controls and the industry in which it operates. 
Audit scope 
Key audit matters 
• 
Our audit focused on where the Group made 
subjective judgements; for example, significant 
accounting estimates involving assumptions and 
inherently uncertain future events. 
• 
We tailored the scope of our audit to ensure that 
we performed enough work to be able to give an 
opinion on the financial report as a whole, taking 
into account the geographic and management 
structure of the Group, its accounting processes 
and controls and the industry in which it operates. 
• 
Amongst other relevant topics, we communicated 
the following key audit matters to the Audit and 
Risk Committee: 
- 
Carrying value of property, plant and 
equipment 
• 
These are further described in the Key audit 
matters section of our report, except for the matter 
which is described in the material uncertainty 
related to going concern section.  
Key audit matters 
Key audit matters are those matters that, in our professional judgement, were of most significance in 
our audit of the financial report for the current period. The key audit matters were addressed in the 
context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do 
not provide a separate opinion on these matters. Further, any commentary on the outcomes of a 
particular audit procedure is made in that context.  
In addition to the matter described in the Material uncertainty related to going concern section, we 
have determined the matter described below to be the key audit matters to be communicated in our 
report. 
 
 

122  |  ASM Annual Report 2024 
 
 
Key audit matter 
How our audit addressed the key audit matter 
Carrying value of property, plant and equipment (refer 
to note 11) 
As at 30 June 2024, the Group recognised $68.2 
million of Property, Plant and Equipment. The Group’s 
market capitalisation was less than its net assets at 
reporting date and this was considered an indicator of 
impairment.  
As required by Australian Accounting Standards, the 
Group has performed an assessment to determine the 
recoverable amount of property, plant and equipment 
based on an estimate of their fair value less cost of 
disposal. No impairment was recognised as a result of 
this assessment.  
The assessment of impairment was a key audit matter 
because of the significant judgement involved in 
estimating the recoverable amount of the assets and 
the material impact on the financial report.  
We performed the following procedures, amongst 
others: 
• 
Evaluated whether the Group’s determination 
of CGUs was consistent with our 
understanding of the nature of the Group’s 
operations. 
• 
Inspected management’s impairment 
memorandum to consider the completeness 
and accuracy of management’s impairment 
assessments. 
• 
Assessed, together with PwC valuation 
experts, the reasonableness of the valuation 
methodology and key assumptions used 
against the requirements of Australian 
Accounting Standards. 
• 
Examined the independent valuation reports 
obtained by the Group to assist their 
estimation of the recoverable value of certain 
property, plant and equipment assets. 
• 
Assessed the competency, qualification, 
experience and objectivity of the Group’s 
experts. 
• 
Considered the adequacy of the disclosure 
made in note 11 of the Consolidated Financial 
Statements in light of the requirements of 
Australian Accounting Standards. 
Other information 
The directors are responsible for the other information. The other information comprises the 
information included in the annual report for the year ended 30 June 2024, but does not include the 
financial report and our auditor’s report thereon. 
Our opinion on the financial report does not cover the other information and accordingly we do not 
express any form of assurance conclusion thereon through our opinion on the financial report. We 
have issued a separate opinion on the remuneration report. 

ASM Annual Report 2024 |  123
 
 
In connection with our audit of the financial report, our responsibility is to read the other information 
and, in doing so, consider whether the other information is materially inconsistent with the financial 
report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. 
If, based on the work we have performed on the other information that we obtained prior to the date of 
this auditor’s report, we conclude that there is a material misstatement of this other information, we are 
required to report that fact. We have nothing to report in this regard. 
Responsibilities of the directors for the financial report 
The directors of the Company are responsible for the preparation of the financial report in accordance 
with Australian Accounting Standards and the Corporations Act 2001, including giving a true and fair 
view, and for such internal control as the directors determine is necessary to enable the preparation of 
the financial report that is free from material misstatement, whether due to fraud or error. 
In preparing the financial report, the directors are responsible for assessing the ability of the Group to 
continue as a going concern, disclosing, as applicable, matters related to going concern and using the 
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease 
operations, or have no realistic alternative but to do so. 
Auditor’s responsibilities for the audit of the financial report 
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is 
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that 
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that 
an audit conducted in accordance with the Australian Auditing Standards will always detect a material 
misstatement when it exists. Misstatements can arise from fraud or error and are considered material 
if, individually or in the aggregate, they could reasonably be expected to influence the economic 
decisions of users taken on the basis of the financial report. 
A further description of our responsibilities for the audit of the financial report is located at the Auditing 
and Assurance Standards Board website at: 
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf. This description forms part of our 
auditor's report. 
Report on the remuneration report 
Our opinion on the remuneration report 
We have audited the remuneration report included in the directors’ report for the year ended 30 June 
2024. 
In our opinion, the remuneration report of Australian Strategic Materials Limited for the year ended 30 
June 2024 complies with section 300A of the Corporations Act 2001. 

124  |  ASM Annual Report 2024 
 
 
Responsibilities 
The directors of the Company are responsible for the preparation and presentation of the 
remuneration report in accordance with section 300A of the Corporations Act 2001. Our responsibility 
is to express an opinion on the remuneration report, based on our audit conducted in accordance with 
Australian Auditing Standards.  
 
 PricewaterhouseCoopers 
 
 
Ian Campbell 
Perth
Partner 
30 September 2024

ASM Annual Report 2024 |  125
Additional information required by Australian Securities Exchange Ltd and not shown elsewhere in this report is as 
follows. All information is current as at 20 September 2024.
Distribution of Equity Securities
Analysis of the number of equity security holders by size of holding and the total percentage of securities in that class 
held by the holders in each category:
Ordinary Shares
Shares
Options
Holding Ranges
No. of holders
Total units
% Issued share 
capital
No. of holders
Total units
% Issued share 
capital
1 - 1,000
4,932
2,161,235
1.19%
488
81,059
0.57%
1,001 - 5,000
3,562
8,840,567
4.88%
40
88,077
0.61%
5,000 - 10,000
1,189
8,904,557
4.91%
18
132,483
0.92%
10,001 - 100,000
1,526
42,533,893
23.46%
52
1,795,532
12.52%
100,001 and over
162
118,879,384
65.56%
22
12,244,472
85.38%
11,371
181,319,636
100.00%
620
14,341,623
100.00%
As at 20 September 2024, there were 4,443 holders of less than a marketable parcel of ordinary shares.
Twenty Largest Shareholders: ASM – Fully Paid Ordinary Shares
Listed ordinary shares
Number of shares
% of shares on issue
1
ABBOTSLEIGH PTY LTD
28,339,228
15.63%
2
CITICORP NOMINEES PTY LIMITED
12,947,386
7.14%
3
HSBC CUSTODY
11,870,945
6.55%
4
LILYCREEK PTY LTD 
4,639,150
2.56%
4
AUBURNVALLEY PTY LTD 
4,639,150
2.56%
4
MAGNABAY PTY LTD 
4,639,150
2.56%
5
MR JUNSHI WANG
3,330,000
1.84%
6
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
3,083,360
1.70%
7
BNP PARIBAS
2,552,094
1.41%
8
BNP PARIBAS NOMINEES PTY LTD 
2,173,995
1.20%
9
ABBOTSLEIGH PTY LTD 
1,780,905
0.98%
10
MILFORD PARK SUPERANNUATION PTY LTD 
1,280,000
0.71%
11
MRS TANIA MARIE MOODY
1,254,000
0.69%
12
ILG ESTATE CO 2 PTY LTD
1,155,882
0.64%
13
ILG ESTATE CO 1 PTY LTD
1,155,881
0.64%
13
ILG ESTATE CO 4 PTY LTD
1,155,881
0.64%
13
ILG ESTATE CO 3 PTY LTD
1,155,881
0.64%
14
LEEFAB PTY LTD
955,000
0.53%
15
FINCLEAR SERVICES PTY LTD 
741,211
0.41%
16
MS SENG BEE TEOH & MR SIN MONG WONG
694,668
0.38%
17
LNL TRUST CO LTD
658,956
0.36%
18
GW TRUST CO LTD
647,460
0.36%
19
MR TOBY GEORGE HARROP
610,000
0.34%
20
MR DAVID HANBURY EDMONDS 
574,000
0.32%
 
Total
92,034,183
50.76%
 
181,319,636
100.00%
Additional Information 

126  |  ASM Annual Report 2024 
Unquoted Equity Securities
As at 20 September 2024, there are 2,469,499 performance rights issued under the ASM Executive Incentive Plan to 
take up ordinary shares, issued to 10 holders. 
Twenty Largest Shareholders: ASMO – Listed Options
Listed options
Number of options
% of shares on issue
1
CITICORP NOMINEES PTY LIMITED
4,300,594
29.99%
2
MORGAN STANLEY AUSTRALIA SECURITIES (NOMINEE) PTY LIMITED 
1,465,517
10.22%
3
UBS NOMINEES PTY LTD
1,336,207
9.32%
4
HSBC CUSTODY
1,280,106
8.93%
5
MR DARIUSH BORJIAN
1,202,500
8.38%
6
ABBOTSLEIGH PTY LTD
691,201
4.82%
7
MERRILL LYNCH (AUSTRALIA) NOMINEES PTY LIMITED
344,828
2.40%
8
CEST LA VIE INVESTMENT PTY LTD 
200,000
1.39%
9
ABN AMRO CLEARING SYDNEY NOMINEES PTY LTD 
173,797
1.21%
10
MR KURT SCHMIDTKE
150,000
1.05%
11
BLJ TECHNOLOGIES PTY LTD
142,413
0.99%
12
CERTANE CT PTY LTD 
129,310
0.90%
13
MR PETER RONALD CREEK
120,000
0.84%
14
LILYCREEK PTY LTD 
113,150
0.79%
14
AUBURNVALLEY PTY LTD 
113,150
0.79%
14
MAGNABAY PTY LTD 
113,150
0.79%
15
MR DARRYL LLOYD PILGRIM
110,000
0.77%
16
MR MATTHEW QI
107,161
0.75%
17
MR ANTHONY JAMES DAVIES
105,000
0.73%
18
MRS KARIN CHRISTINE LEWIS MOTTERAM
102,500
0.71%
19
QUIGLEY NOMINEES INTERNATIONAL PTY LTD 
100,000
0.70%
19
MR KEVIN EDWARD DEEVES & MRS PAULINE MARY DEEVES
100,000
0.70%
19
MR GEOFFREY ALLAN DOWLING
100,000
0.70%
19
ZICORP PTY LTD
100,000
0.70%
20
RRX MACQUARIE PTY LTD 
86,206
0.60%
 
Total
12,786,790
89.16%
 
Total issued capital 
14,341,623
100.00%
Substantial Shareholders
The names of substantial shareholders who have notified the Company in accordance with section 671B of the 
Corporations Act 2001, are:
Security Class: ASM - Fully Paid Ordinary Shares	
Holder Name
Holding Balance
% IC
ABBOTSLEIGH PTY LTD
19,943,793
11.00%
CITICORP NOMINEES PTY LIMITED
12,947,386
7.14%
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
11,473,083
6.33%

ASM Annual Report 2024 |  127
Security Class: ASMO - Listed Options	
	
Holder Name
Holding Balance
% IC
CITICORP NOMINEES PTY LIMITED
4,300,594
29.99%
MORGAN STANLEY AUSTRALIA SECURITIES (NOMINEE) PTY LIMITED 
1,465,517
10.22%
UBS NOMINEES PTY LTD
1,336,207
9.32%
MR DARIUSH BORJIAN
1,202,500
8.38%
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED-GSCO ECA
865,368
6.03%
Voting Rights
The voting rights attaching to each class of equity securities are set out below:
a.	 All ASM ordinary shares (whether fully paid or not) carry one vote per share without restriction.
b.	 All ASMO options have no voting rights.
Schedule of Mining Tenements
as at 30 June 2024
Tenement location
Tenement
Interest
Nature of interest
Dubbo, NSW
EL 5548
100%
Equity
Dubbo, NSW
EL 7631
100%
Equity
Dubbo, NSW
ML 1724
100%
Equity

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ASM Annual Report 2024 |  129

130  |  ASM Annual Report 2024 
Australian Strategic Materials Ltd  |  ACN 168 368 401