Australian Strategic Materials Ltd · ASX:ASM

Australian Strategic Materials — Bell Potter Unearthed (February 2026)

16 slides from Australian Strategic Materials's conference presentation, Feb 12, 2026

  1. Slide 1: Bell Potter Unearthed

    Rare Earths. Bell Potter Critical Minerals. Unearthed High-tech Metals. Stephen Motteram, Chief Financial Officer 12 February 2026

  2. Slide 2: Disclaimer & Competent Person’s Statement

    Disclaimer & Competent Person’s Statement Disclaimer & Competent Person’s Statement This Presentation, and the information provided in it, does not constitute, and is not intended to constitute, financial product or investment advice (nor tax, accounting or legal advice). It has been prepared withou

  3. Slide 3: Disclaimer & Competent Person’s Statement (continued)

    Disclaimer & Competent Person’s Statement Forward looking statements (continued…) prove to be materially incorrect, as are statements about market and industry trends, which are based on interpretations of current Past performance and previously reported information market conditions. Pro forma info

  4. Slide 4: Corporate profile

    Corporate profile Board of Directors Ordinary Shares 268.1M Share Price A$1.71 Market Capitalisation ~A$460M 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-Execu

  5. Slide 5: 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 2026 | 5

  6. Slide 6: Korean Metals Plant: Expansion underway

    Korean Metals Plant Expansion underway Current Phase 2 ramp-up1 Potential Phase 32 4 1 18 2 30 3 Furnaces Strip Caster Furnaces Strip Casters Furnaces Strip Casters Installed capacity: 1,300tpa NdFeB Designed capacity: 3,600tpa NdFeB Designed capacity: ~5,600 tpa ~US$60M invested to date Capex inves

  7. Slide 7: Korean Metals Plant: Supply chain certainty

    Korean Metals Plant Supply chain certainty Strengthened Enhanced Increasing customer relationships capability production NdFeB Alloy & NdPr Metal Dispatched (tonnes) 40 35 30 25 20 15 10 5 0 CY24 CY24 CY25 CY25 CY25 CY25 Q3 Q4 Q1 Q2 Q3 Q4 NdPr Metal NdFeB Alloy © ASM 2026 | 7

  8. Slide 8: Energy Fuels transaction

    Energy Fuels transaction Delivering a near-term Western “mine to metal & alloy” rare earths champion © ASM 2026 | 8

  9. Slide 9: Transaction highlights

    Transaction highlights Near-term Western “mine to metal & alloy” supply chain delivering 1 heavy and light rare earths Direct access to Energy Fuels’ proven operating track record with strategy aligned to 2 government interests 3 Ownership in a larger group with significant funding capacity 4 Reduce

  10. Slide 10: Near-term Western “mine to metal & alloy” supply chain delivering light and heavy rare earths

    1. Near-term Western “mine to metal & alloy” supply chain delivering light and heavy rare earths The transaction will provide shareholders access to a large share of the rare earth element (REE) value chain and a significantly greater proportion of the non-China market. PRO-FORMA VALUE CHAIN COVERAG

  11. Slide 11: Direct access to Energy Fuels’ proven operating track record

    2. Direct access to Energy Fuels’ proven operating track record with strategy aligned to government interests Energy Fuels is uniquely positioned to unlock the inherent value of ASM’s assets with its unmatched capability in solvent extraction, world class REE portfolio assets and access to global ma

  12. Slide 12: Ownership in a larger group with significant funding capacity

    3. Ownership in a larger group with significant funding capacity The Pro-Forma group’s strong balance sheet, including significant cash position and superior access to capital markets, provides the ideal platform to accelerate and deliver on ASM’s development pipeline. FINANCIAL HIGHLIGHTS PRO-FORMA

  13. Slide 13: Reduced risk through asset and commodity diversification

    4. Reduced risk through asset and commodity diversification The combined group will have a reduced risk profile through asset, geographic and commodity diversification, producing uranium, rare earths, mineral sands and critical minerals across multiple tier-1 and Western jurisdictions which are all

  14. Slide 14: Significant and attractive premium for ASM shareholders

    5. Significant and attractive premium for ASM shareholders with ongoing exposure to strong growth pipeline The total implied value of A$1.60 per ASM Share represents an immediate and attractive premium as well as providing ASM shareholders with the ability to participate in significant future upside

  15. Slide 15: Mine to metals & alloys

    Mine to metals & alloys Delivering a Western rare earths champion Expansion of Korean Metals Plant capacity Develop metal and alloy customer opportunities Deliver Dubbo Project Heap Leach Option Pre-Feasibility Study Selection of American Metals Plant site and commitment to proceed Energy Fuels tran

  16. Slide 16: Thank you

    Rare Earths. Critical Minerals. Thank you High-tech Metals. asm-au.com © ASM 2026 | 16

Australian Strategic Materials — Bell Potter Unearthed (February 2026) on 6ix