Australian Mines Limited ('Australian Mines' or 'the Company') wishes to inform investors of recent global developments in the scandium market and the potential opportunity these create for the Company's high-grade Flemington Scandium-NickelCobalt Project in New South Wales.
Highlights
In response to recent U.S. tariff increases on Chinese goods - from 34% to 54% on 2 April 2025, and further to 145% as of 10 April 2025 - the Chinese Government has implemented export restrictions on rare earth elements, including scandium. China currently accounts for approximately 67%1 of global primary scandium feed stocks and refines approximately 90%2 scandium supply. These new restrictions are anticipated to constrain international availability, and highlight China's dominance within the space Australian Mines' Flemington Project is among the highest-grade scandium projects globally, with a JORC 2012-compliant Scandium Mineral Resource Estimate of 6.3 million tonnes @ 446 ppm3 scandium. This resource has thepotential to increase to 28 million tonnes @ 2174 ppm scandium using a 100 ppm cut-off grade. The Company has elected to expand the scope of its current Scoping Study to incorporate updated metallurgical, processing, and environmental studies aimed at enhancing the confidence level of the overall assessment. This expanded work program is expected to be completed by the end of Q3 2025 and will underpin an updated Scoping Study. Results from third-party review of Australian Mines' proprietary scandiummagnesium metal hydride technology (MH-May24) for high-capacity hydrogen storage5-part of the Company's broader strategy to stimulate additional revenue from its scandium resources - are expected to be released to the market once received.
AUZ's CEO, Andrew Nesbitt commented 'With China potentially tightening scandium exports, there is a clear opportunity for Australian supply to play a greater role in the global market. The high-grade, near-surface nature of the Flemington resource gives us a solid foundation to build from, and the upcoming work to update the Scoping Study will further strengthen our understanding of the project's potential'
Contact:
Tel: +61 8 9481 5811
Email: investorrelations@australianmines.com.au
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