Australian Strategic Materials Ltd · ASX:ASM
Australian Strategic Materials — Investor Presentation (October 2025)
37 slides from Australian Strategic Materials's investor presentation, Oct 20, 2025
Slide 1: Investor Presentation
Rare Earths. Critical Minerals. Investor Presentation High-tech Metals. 20 October 2025 Not for release to US wire services or distribution in the United States
Slide 2: Disclaimer & Competent Person’s Statement
Disclaimer & Competent Person’s Statement Investor Presentation This investor presentation (Presentation) has been prepared by Australian Strategic Materials Limited ABN 90 168 368 401 (ASM or the Company) in connection with ASM’s proposed placement of new fully paid ordinary shares in the Company (
Slide 3: Disclaimer & Competent Person’s Statement
Disclaimer & Competent Person’s Statement Forward Looking Statements Competent Person This Presentation contains certain statements which constitute “forward looking statements”. Often, but not always, forward looking The information in this Presentation that relates to ASM’s Mineral Resources or Or
Slide 4: Overview of Equity Raising
Overview of Equity Raising • The Company has raised approximately A$50.8 million (before costs) through the issue of approximately 42.3 million new fully paid ordinary shares in the Company (“New Shares”) at an issue price of A$1.20 per New Share (“Placement” or the “Offer”) • The Placement will be
Slide 5: Australian Strategic Materials is building a global rare earths and critical minerals business
Australian Strategic Materials (ASM) is building a global rare earths and critical minerals business to provide the high-tech metals needed to solve the challenges of today and the future. © ASM 2025 | 5
Slide 6: Corporate profile
Corporate profile Board of Directors Ordinary Shares 225.7M Share Price A$1.61 Market Capitalisation A$363.4M 52 week low/high A$0.32 – A$2.06 Ian Gandel Rowena Smith Gavin Smith Kerry Gleeson Dominic Heaton Non-Executive Chair Managing Director Non-Executive Director Non-Executive Director Non-Exec
Slide 7: Mine to metals strategy
Mine to metals strategy The strategy includes aspirational statements which are not intended to be forecasts, as ASM does not yet have reasonable grounds to expect that they will be achieved. © ASM 2025 | 7
Slide 8: Korean Metals Plant
Korean Metals Plant Providing an alternative integrated supply chain for high-tech metals. © ASM 2025 | 8
Slide 9: Growth through sales and partnerships
Growth through sales and partnerships Exploring 15t delivery across H2 2025 – part of 100t 1 strategic agreement – deliveries commenced 07/25 2 partnerships to strengthen position along 7.2t multi-specification order – 1 the rare earth deliveries commenced 07/25 supply chain 5-year binding sales & t
Slide 10: KMP ramp-up and product expansion
KMP ramp-up Current Phase 2 ramp-up Product expansion 4 1 18 2 Tb Dy Furnaces Strip Caster Furnaces Strip Casters Terbium Dysprosium Installed capacity: 1,300tpa NdFeB Designed capacity: 3,600tpa NdFeB Heavy rare earth metals ~US$60M invested to date Capex investment ~US$8M1 Product expansion of Pro
Slide 11: KMP targeted financials
KMP targeted financials Based on estimated Phase 2 maximum production 3,600tpa USD ~$204M USD ~$26M NdFeB alloy 1 annual revenue annual EBITDA 2025 2026 2027 Targeted Continue qualification Implement Phase 2, 3,600tpa NdFeB alloy Timeline processes and ramp-up subject to Western capacity achieved sa
Slide 12: US Strategic Expansion
US Strategic Expansion Leveraging existing capability and relationships to target the emerging US market © ASM 2025 | 12
Slide 13: Incentives for US expansion
Incentives for US expansion Supporting America’s Mineral Future - Executive Order Increasing US Mineral Production - MP Materials & DoD Public-Private partnership1 Critical Minerals Funding Request - DoD whitepaper submitted seeking capex funding2 Supportive business environment - 45X tax credit, st
Slide 14: American Metals Plant (AMP) project hurdles
American Metals Plant (AMP) project hurdles 1 In the determination on proceeding with the AMP, ASM will consider whether the following project hurdles can be achieved. Capacity of 2,000 tpa of alloy Up to 150 skilled jobs Initial production capacity, ability to expand AMP Created at full capacity, s
Slide 15: Dubbo Project
Dubbo Project NdPr Neodymium/ A unique ore body positioned to Praseodymium meet growing global demand. Tb Dy Terbium Dysprosium Zr Nb Hf Hafnium Zirconium Niobium © ASM 2025 | 15
Slide 16: Prioritising rare earth production
Prioritising rare earth production Dubbo Project Rare Earth Options Assessment Heap Leach Option2 Unique, long life ore body 1. Simplified Flowsheet Tier 1 jurisdiction Lower cost pathway 2. Reduced Up-front Capital to rare earth Major approvals in place production Advanced process 3. Low Operating
Slide 17: Heap Leach Option - a transformational approach
Heap Leach Option - a transformational approach 1 NdPr Tb Dy oxide oxide oxide These production targets leverage proven heap leach 1. Simplified Flowsheet technology and extensive in-house purification, 1,157tpa 13 tpa 72 tpa separation and refining work2 Capital forecast cost reduced by ~56% from A
Slide 18: Support for our pathway to production
Support for our pathway to production Conditional debt funding support for construction of the Dubbo Project conditional Export 1000 900 923 1 >A$1.5B Credit Agency support 2 800 700 Millions AUD US EXIM Engineering 600 500 400 400 ~A$49M Multiplier Program 3 300 200 200 100 0 Simplified offtake dis
Slide 19: What’s to come
What’s to come 1 Expansion of KMP customer base H2 2025 Dubbo Project flowsheet optimisation H2 2025 US DoD funding decision for US Metals Plant H2 2025 Site selection for US Metals Plant Q1 2026 Deliver Dubbo Project Heap Leach PFS H1 2026 1 These are aspirational statements and are not intended to
Slide 20: ASM – mine to metals
ASM – mine to metals Building an alternative global supply chain In production of high-tech metals & alloys – ready to scale globally Strong government strategic support Dubbo Project construction ready ~A$1.5 billion conditional non-binding debt funding support Pursuing expansion & partnership oppo
Slide 21: Thank you
Rare Earths. Thank you Critical Minerals. asm-au.com High-tech Metals. © ASM 2025 | 21
Slide 22: KMP targeted financials assumptions and risks
Appendix A – KMP targeted financials assumptions and risks Parameter Assumption Raw material sources NdPr oxides: Offtake from non-Chinese suppliers (currently in advanced negotiations), augmented by moving to Dubbo in long term Other rare earth oxides: Acquired on market initially, moving to Dubbo
Slide 23: KMP targeted financials assumptions and risks
Appendix A – KMP targeted financials assumptions and risks Risk Description Commercialisation The KMP is currently undergoing production ramp up and technical product validation with its initial customers. Commercialisation of the KMP may be affected by supply chain constraints impacts and supply su
Slide 24: KMP targeted financials assumptions and risks
Appendix A – KMP targeted financials assumptions and risks Risk Description Commodity prices The financial performance of the KMP will be influenced by the prices obtained for the rare earth and critical mineral products consumed and produced by the KMP. Prices for rare earth and critical mineral pr
Slide 25: Dubbo Project JORC Statement
Appendix B: Dubbo Project JORC Statement Resource Tonnes ZrO2 HfO2 Nb2O5 Ta2O5 Y2O3 TREO* Mineral Category (Mt) (%) (%) (%) (%) (%) (%) Resources 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 a
Slide 26: Key Risks - Overview
Appendix C: Key Risks - Overview Overview This section provides an overview of some of the risks relating to subscribing for Shares and key risks associated with any investment in ASM which may affect the future operating and financial performance of ASM and the value of ASM Shares. The risks set ou
Slide 27: Key Risks - Company Specific Risks
Appendix D: Key Risks – Company Specific Risks Share price The market price of the Company’s ordinary shares is subject to varied and unpredictable influences on the market for equities in general. Market conditions (see the risk titled “Market conditions”) and lack of liquidity (see the risk titled
Slide 28: Key Risks - Company Specific Risks
Appendix D: Key Risks – Company Specific Risks Counterparty risk ASM’s ability to successfully develop and commercialise the Dubbo Project, commercialise the KMP, develop and commercialise the USAMP and enter into strategic partnerships with third parties, is subject to counterparty risk. Dubbo Proj
Slide 29: Key Risks - Company Specific Risks
Appendix D: Key Risks – Company Specific Risks Metallurgical process risk Rare earth and critical mineral recoveries are dependent on the metallurgical process that is required to liberate economic minerals and produce a saleable product and by nature contain elements of significant risk such as: •
Slide 30: Key Risks - Company Specific Risks
Appendix D: Key Risks – Company Specific Risks ASM’s funding matrix The Placement will not fund ASM’s business objectives (such as those set out in this Presentation). ASM will be required to raise additional funds (whether by way of debt and/or equity), to fund (among other things) business develop
Slide 31: Key Risks - Company Specific Risks
Appendix D: Key Risks – Company Specific Risks Accessing government funding From time to time, ASM has made (and may continue to make) strategic financing decisions based on availability of government funding in jurisdictions relevant to its operations and products. No forecast is made of the extent
Slide 32: Key Risks - Company Specific Risks
Appendix D: Key Risks – Company Specific Risks Environment The Dubbo Project and KMP and a future USAMP are subject to the environmental laws and regulations of Australia, South Korea and the USA (including statutory rehabilitation obligations that ASM will need to comply with in the future and whic
Slide 33: Key Risks - Company Specific Risks
Appendix D: Key Risks – Company Specific Risks Title and Tenure Interests in mining tenements in Australia are governed by state legislation and are evidenced by the granting of leases or licences. Currently, ASM wholly owns all mining tenements required to operate and develop the Dubbo Project. Ren
Slide 34: Key Risks - Company Specific Risks
Appendix D: Key Risks – Company Specific Risks Market conditions As with all investments in securities, there are risks associated with an investment in Shares. Share prices, and in particular securities of mining and exploration companies, have experienced extreme price and volume fluctuations that
Slide 35: Key Risks - General Risks
Appendix E: Key Risks – General Risks Occupational health and safety Climate change Exploration, construction and production activities may expose ASM’s staff and contractors to potentially The impacts of climate change may affect ASM’s operations and the markets in which ASM may sell its products d
Slide 36: International Offer Restrictions
Appendix F: International Offer Restrictions This Presentation does not constitute an offer of Shares of the Company in any jurisdiction in which it would be unlawful. In particular, this Presentation may not be distributed to any person, and the Shares may not be offered or sold, in any country out
Slide 37: International Offer Restrictions
Appendix F: International Offer Restrictions New Zealand This Presentation has not been registered, filed with or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013 (the “FMC Act”). The Shares are not being offered or sold in New Zealand (or allotted with a
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