- Last 2026-09-02
- A$1.17
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
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- Upside
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- Mkt cap
- A$317.9M
- EV
- A$263.1M
- Cash
- A$57.6M
- Debt
- A$2.8M
3 newer ASX announcements not yet reflected in this valuation
- Application for quotation of securities - ASMPost Cash Checkpoint Security Event
- Results of Scheme Meetings - Schemes ApprovedMaterial Corporate Transaction
- Release of Chair script for Scheme Meetings and presentationLatest Operating Presentation
Investment view
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Sign in or enter a guest codeAnnouncements
Latest 12 of 15All sources ▸- Diggers & Dealers Mining Forum 2026 PresentationPresentation
- Quarterly Activities Report to 30 June 2026Operations
- Energy Fuels transaction announcementTransaction
- Quarterly Activities Report to 31 March 2026Operations
- FIRB approval received for Energy Fuels' acquisition of ASMTransaction
- Application for quotation of securities - ASMFinancing
- Update on Energy Fuels' acquisition of ASMTransaction
- Half Yearly Report and AccountsResults
- Quarterly Activities Report to 31 December 2025Operations
- Energy Fuels to acquire Australian Strategic MaterialsTransaction
- Investor Presentation - Energy Fuels to acquire ASMPresentation
- Investor Webcast Registration - Energy Fuels to acquire ASMOther
Portfolio detail
Assets
Core asset
Dubbo Project
Australia
Wholly owned polymetallic deposit near Dubbo, NSW. A rare-earth-focused heap-leach PFS is evaluating separated oxides and a lower-capex mixed rare earth hydroxide precipitate pathway.
Project location
Approximate location
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Post-tax NPV under blended Project Blue and Adamas pricing; Class 5 scoping estimate.
Post-tax NPV under Adamas pricing; Class 5 scoping estimate.
Resources & reserves3
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured | 42.8 Mt | 7,400 ppm TREO; 1.89% ZrO2; 0.45% Nb2O5; 0.04% HfO2 | Rare Earths · Others | 2017-12-31 |
| Mineral Resource | Inferred | 32.4 Mt | 7,400 ppm TREO; 1.90% ZrO2; 0.44% Nb2O5; 0.04% HfO2 | Rare Earths · Others | 2017-12-31 |
| Ore Reserve | Proven | 18.9 Mt | 2021 OFS product suite; not the current heap-leach route | Rare Earths · Others | 2021-10-01 |
Tenements3
Milestones2
- Complete both Heap Leach Option PFS product cases
Pending · High materiality
- Develop a reserve estimate for the heap-leach route
Pending · High materiality
Permits & approvals3
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| NSW Development Consent SSD-5251 as modified | New South Wales | Granted | — | Yes |
| Federal EPBC environmental approval | Australia | Granted | — | Yes |
| Further consent modification for Heap Leach Option | New South Wales | Required | — | Yes |
Economic studies2
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Dubbo Project Heap Leach Scoping Study | Scoping Study | Current | 2025-07-11 | Rare-earth-focused 1.0 Mtpa first phase over 42 years, based on Measured resources and Class 5 cost accuracy. |
| Dubbo Project Optimisation Feasibility Study | Updated Feasibility | Superseded | 2021-12-07 | Broader product-suite study with A$1.678 billion capital cost, superseded for current planning by heap-leach PFS work. |
Core asset
Korean Metals Plant
South Korea
Operating rare-earth metals and alloy plant ramping NdFeB and NdPr volumes while expanding nameplate NdFeB alloy capacity to approximately 3,600 tpa and developing Tb/Dy capability.
Project location
Approximate location
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Milestones2
- Receive operating permit for newly installed furnaces
Pending · High materiality
- Complete Phase 2 capacity ramp
Pending · High materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Operating permit for newly installed furnaces | South Korea | Pending | — | Yes |
Other
American Metals Plant
United States
Planned rare-earth metals and alloys plant of up to 4,000 tpa nameplate alloy capacity; site selection and permitting depend on transaction implementation, funding and approvals.
Milestones1
- Finalise US site selection and progress permitting
Pending · Medium materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Site-specific development and operating permits | United States | Required | — | Yes |
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
A$57.6 million cash and 7.3 reported quarters of funding cover near-term operations, but standalone development of Dubbo remains far beyond current liquidity.
Inventory composition2
The latest detailed balance-sheet inventory disclosure is 31 December 2025; A$5.364 million of Korean materials was recorded at net realisable value.
- Korean materials inventory on hand at carrying value
- A$8M carrying
- Toongi Pastoral Company supplies on hand
- A$328K carrying
Capital structure
Ownership and dilution
- Ordinary shares
- 271.7M
- Fully diluted
- 279.5M
The 19 March 2026 Appendix 2A reports 271,730,693 ordinary shares, 14,339,698 quoted options and 7,751,116 performance rights. Fully diluted shares include the rights but exclude the out-of-the-money options, which the concurrent option scheme would acquire for cash rather than convert.
Security classes3
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Quoted fully paid ordinary shares | Ordinary Share | 271.7M | — | — |
| Quoted ASMO options exercisable at A$1.74 | Option | 14.3M | A$1.74 | 2027-10-31 |
| Unquoted performance rights, included in the fully diluted share basis | Performance Right | 7.8M | A$0 | — |
KPI history
Operating metrics · Korean Metals Plant
| Metric | Unit | Trend | September quarter 2025 | December quarter 2025 | March quarter 2026 | June quarter 2026 |
|---|---|---|---|---|---|---|
| Sales | tonnes NdFeB alloy dispatched | 13.9 | 24.3 | 42.0 | 36.0 |
Operating metric source table6
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Sales | Kmp | September quarter 2025 | Quarter | 13.9 tonnes NdFeB alloy dispatched | Reported |
| Sales | Kmp | December quarter 2025 | Quarter | 24.3 tonnes NdFeB alloy dispatched | Reported |
| Sales | Kmp | March quarter 2026 | Quarter | 42 tonnes NdFeB alloy dispatched | Reported |
| Sales | Kmp | June quarter 2026 | Quarter | 36 tonnes NdFeB alloy dispatched | Reported |
| Sales | Kmp | June quarter 2026 | Quarter | 9 tonnes NdPr and Nd metal dispatched | Reported |
| Revenue | Company | Half-year ended 31 December 2025 | Half Year | 5,965,000 AUD | Reported |
Company guidance2
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Ndfeb Alloy Nameplate Production Capacity | kmp | Phase 2 expansion | 3,600 | 3,600 tpa | Current |
| Heap Leach Option PFS Completion | dubbo | second half of 2026 | — | — milestone | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-03-19Ann. 2025-10-20 | Raising | A$55.2M | 46M | — | Completed | — |
Intrinsic value
Valuation
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Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
The selected valid ASM v6 bundle has no executive roster. An undated issuer page supplies six people, but the acquisition completed 28 August 2026: the acquirer calls Rowena Smith former CEO while ASM’s page still lists her as current; post-close roles for the other five are not confirmed. The team has relevant mining, finance, legal, risk, operations and commercial experience, and ASM’s Korean Metals Plant reached commercial output. The main delivery setback is Dubbo remaining in study/pre-construction. Two governance issues are material but distinct: a court-recorded incomplete early scheme explanation by Smith later remedied by the booklet, and a 2022 Walkabout related-party share issue involving Finnimore that Walkabout called an inadvertent administrative oversight, accepted responsibility for and remedied by transfers. The report does not infer personal intent or causation from role overlap.
Decision-relevant facts
Material summary
Rowena Smith
Managing Director & CEO (former; ended with acquisition implementation)
Korean Metals Plant commissioning and commercial ramp-up
ASM's July 2022 appointment release says Smith had led the Dubbo team and overseen construction and commissioning of ASM's first Korean high-purity metals plant. The FY2026 report says KMP had been in commercial production since 2022 and dispatched about 116 tonnes of NdFeB alloy and 33 tonnes of NdPr metal in the year to 30 June 2026; it also records first commercial sales of terbium and dysprosium metals. The company reported a 99% increase in gross profit, alongside an overall loss that increased 12%. Smith's operational role is documented, but the later shipments and group-level financial results are not individually attributed to her.
Role overlaps event; causation unproven · Smith's role in plant oversight is issuer-documented; production and profit outcomes are company-level disclosures and do not establish sole personal causation.
Dubbo remained pre-construction after several years of CEO tenure
ASM's 2024-2025 Annual Review states construction had not commenced on site. Its FY2026 report describes continued options assessment and heap-leach pre-feasibility work. Smith was ASM COO from July 2021 and CEO from July 2022. This is a material project-delivery gap against the company's mine-to-metals strategy; the public evidence reviewed does not identify her as the sole cause, and no inference of misconduct is made.
Role overlaps event; causation unproven · Smith's senior operating and CEO tenure overlapped with the delay. Project financing, engineering, market and permitting constraints are not resolved here, so personal causation is unestablished.
Court noted incomplete early descriptions of scheme conditions, later remedied by booklet disclosure
In the first court hearing for the Energy Fuels schemes, the Federal Court recorded that some Smith media answers in January and March 2026 identified conditions precedent but did not mention court approval. The Court accepted ASM's submission that the fuller scheme booklet remedied any resulting misapprehension, while leaving the question of whether extra-booklet communications compromised meeting integrity for the later approval hearing. The schemes were subsequently approved by the Court on 18 August 2026 and implemented on 28 August. The judgment does not find that Smith committed fraud or personal misconduct; the incomplete descriptions and their correction are retained as a limited governance/disclosure issue.
Individual involvement documented · The judgment attributes the cited media answers to Smith and records the procedural response. It does not find that she intended to mislead or that a legal breach occurred; subsequent scheme approval and implementation resolved the transaction's status, not every possible interpretation of the interviews.
Energy Fuels scheme was approved and implemented
During Smith's tenure as MD & CEO, ASM shareholders approved the scheme on 12 August 2026, the Federal Court approved it on 18 August, and it was implemented on 28 August. ASM was removed from the ASX official list on 31 August and became a wholly owned subsidiary of Energy Fuels. The sources establish completion and her executive overlap, but do not establish that she alone caused the transaction or quantify the realized value for each shareholder.
Role overlaps event; causation unproven · The completed transaction overlapped with Smith's documented MD & CEO tenure; the evidence does not isolate her personal contribution to negotiation or execution.
Long mining, operations, commercial and ESG leadership background
Issuer biographies report almost or over 30 years across mining and minerals processing, with prior leadership in strategy, operations and commercial roles, South32 supply and sustainability responsibilities, BHP Nickel West and Rio Tinto aluminium. ASM stated that she led the Dubbo project team and oversaw construction and commissioning of the Korean Metals Plant while COO. This background is relevant to a mining-to-metals executive role; most chronology is issuer-reported and the profile does not establish independent performance attribution across prior employers.
Responsibility not applicable · The assessment concerns role relevance inferred from the documented roles; it does not assign causation for employer outcomes.
Evidence gaps · 4
- The selected v6 company.json has no executive_roster or roster date. The current ASM management webpage is undated and still labels Smith CEO after the acquisition; the acquirer’s 28 August release calls her former CEO. No post-close appointment or employer role was located.
- Prior-company role dates and her B.Com/AICD credentials were reported by ASM and were not independently verified in this review.
- The 18.7 MB scheme booklet could not be rendered by the web source reader. The review therefore uses the Federal Court judgment and dated approval/completion records; the court’s observations and the later correction are retained.
- The scoped public web searches are not exhaustive criminal, sanctions, litigation, regulator or credential checks.
Stephen Motteram
Chief Financial Officer (listed by ASM; post-acquisition continuity not confirmed)
Finance experience matches a project-finance and capital-raising remit
ASM reports more than 20 years in international banks and commodities trading firms, including Noble Group and National Australia Bank, with project development, capital raising, financial control, investment analysis, M&A and treasury experience. This is issuer-reported biography; exact prior role dates and third-party corroboration were not located.
Responsibility not applicable · Career summary is published by ASM; prior role dates are not supplied.
CPA, AICD, MBA and BSc (Hons) reported
ASM reports CPA membership, AICD graduation, an MBA from Melbourne Business School and BSc (Hons) from the University of Melbourne. No award dates or independent credential verification were located.
Responsibility not applicable · Credentials are reported by the issuer.
ASM completed an approximately A$16.6m placement and rights issue during his CFO tenure
ASM’s June 2024 quarterly report says the company completed a placement and rights issue raising approximately A$16.6m. Motteram’s CFO commencement was 22 January 2024 after ASM corrected the original 29 January date. The sources establish role overlap, not his individual contribution or the terms’ long-run value.
Role overlaps event; causation unproven · He was CFO during the capital raise; no specific individual role in execution or allocation is documented in the sources reviewed.
Evidence gaps · 4
- The issuer page is undated and still lists Motteram as CFO after the acquisition; no dated evidence confirming his role in Energy Fuels/ASM after 28 August 2026 was located.
- The names, dates and scope of his prior natural-resources directorships are not given on the issuer profile.
- No independent verification of prior employment or reported CPA, AICD, MBA or BSc credentials was completed.
- Open web searches are not exhaustive criminal, sanctions, litigation or regulator checks.
Annaliese Eames
Chief Legal & External Affairs Officer (listed by ASM; post-acquisition continuity not confirmed)
Legal, contracting and governance background aligns with project and corporate work
ASM reports more than 15 years of legal, commercial, strategic and governance experience, including large-project contracting, corporate, finance and IP law, and says she was Managing Counsel with BHP before joining. This is issuer-reported.
Responsibility not applicable · ASM describes her prior role; it does not quantify project outcomes attributable to her.
Law degree reported
ASM reports an LLB from the University of Notre Dame Australia; award date and independent verification were not located.
Responsibility not applicable · Education is reported by ASM.
Signed the amended scheme implementation deed in company-secretary capacity
A 2026 SEC-filed amended and restated Scheme Implementation Deed has Eames’s signature for ASM as Company Secretary/Director. The schemes later received court approval and were implemented. The signature documents execution in her formal corporate capacity; it does not establish the extent of her legal advice or responsibility for the transaction’s broader outcome.
Individual involvement documented · The filing directly records her execution of the deed in her Company Secretary/Director capacity; it does not allocate substantive legal advice or transaction causation.
Evidence gaps · 5
- The current page is undated; it does not confirm Eames’s role after ASM’s acquisition on 28 August 2026.
- Only the degree name is published; no award date or independent credential verification was located.
- Specific BHP and other prior-employer titles and dates are not supplied.
- The public sources reviewed establish transaction-document execution but not the extent of her legal advice, transaction work or responsibility for the court-recorded communication issue.
- Open web searches are not exhaustive criminal, sanctions, litigation or regulator checks.
Wayne Dicinoski
Vice President Operations Australia (listed by ASM; post-acquisition continuity not confirmed)
Technical and operational project experience aligns with Australian project oversight
ASM reports over 30 years delivering mining, mineral-processing and critical-material projects and an ASM progression from Technical Manager in 2020 to GM Technical and VP Australian Operations. The 2025 release assigns the interim VP Australia role the Dubbo Project and Toongi Pastoral Company. Detailed project-specific outcomes and credentials were not independently checked.
Responsibility not applicable · The issuer establishes titles and general experience; it does not provide independent project attribution.
Dubbo remained in study/pre-construction work during his technical and interim operations tenure
ASM’s FY2026 Annual Report describes the Dubbo pathway through a Heap Leach Option assessment and ongoing pre-feasibility work; the signed 2024–25 annual review identifies pre-construction status. Dicinoski joined ASM in 2020 as Technical Manager and was appointed interim VP Operations Australia in November 2025. The sources do not establish his personal responsibility for delays or funding decisions.
Role overlaps event; causation unproven · Technical/operations roles overlapped with project studies, but decision-making authority or individual causation is not established.
Evidence gaps · 4
- The undated ASM webpage lists Dicinoski as current after the acquisition, but no dated record confirms his position in Energy Fuels/ASM after 28 August 2026.
- The company has not published his detailed previous-employer chronology or project-by-project outcomes.
- His 2020 ASM start is stated by the issuer without a precise day; the VP interim date is tied to the November 2025 management restructure.
- Open web searches are not exhaustive criminal, sanctions, litigation, regulator or credential checks.
Agata Carrabs
Vice President Risk & Corporate Services (listed by ASM; post-acquisition continuity not confirmed)
Risk-management and corporate-services background is relevant to ASM’s remit
ASM reports more than 20 years in enterprise-wide risk and corporate services, including more than four years as South32’s Global GM Risk & Compliance and earlier roles at BHP, Bankwest and in UK banking. This profile is issuer-reported and has an unresolved surname discrepancy in 2023 records for the same ASM title.
Responsibility not applicable · Career and appointment summary comes from the current ASM page; chronology is not independently corroborated.
ASM’s reported Sustainalytics risk rating improved from High to Medium
ASM reports a Sustainalytics score of 25.6 Medium Risk in 2025, compared with 27.7 Medium in 2024 and 32.6 High in 2023, and states that it ranked in the subindustry top 8%. Carrabs is quoted as VP Risk & Corporate Services on the broader ESG-management work. The page does not quantify her individual contribution or independently reproduce the rating methodology.
Role overlaps event; causation unproven · Carrabs held the risk role and commented on the rating, but ASM’s company score cannot be attributed to her individually.
Issuer records use different surnames for ASM’s VP Risk role
ASM’s 2023 Annual Report and July 2023 project committee report identify “Agata Krupa” as VP Risk & Corporate Services, while the 17 April 2024 presentation and current management page identify “Agata Carrabs.” No official record located in this review links the names or explains the change. Earlier actions are not assigned to Carrabs solely on role/title similarity.
Responsibility unresolved · Primary issuer records conflict on the surname for the same role; identity continuity is unresolved.
Evidence gaps · 5
- No issuer source found linking the 2023 “Agata Krupa” record to Agata Carrabs or explaining the surname change; earlier record events are not attributed to Carrabs.
- The current page is undated and post-acquisition continuity is unconfirmed.
- ASM’s current page gives no education or professional-membership details for Carrabs; independent credential checks were not performed.
- Exact dates/roles at BHP, Bankwest and earlier banking employment are not published in sources reviewed.
- Open web searches are not exhaustive criminal, sanctions, litigation or regulator checks.
Peter Finnimore
Vice President Sales & Marketing / Vice President Operations Metals (listed by ASM; post-acquisition continuity not confirmed)
Commercial and metals-marketing experience matches sales and operations oversight
ASM and Walkabout report more than 30 years of mining/metals experience, South32 CCO/CMO work and senior roles at BHP, with marketing roles at Rio Tinto and Rusal. The 2025 restructure assigned him interim oversight of the Korean Metals Plant, R&D and US metals-plant expansion while he retained Sales & Marketing. Biographical details are issuer-reported.
Responsibility not applicable · Prior role chronology and performance are not independently verified.
A$400,000 of Walkabout shortfall shares were issued to him without shareholder approval
Walkabout disclosed that 3,636,364 shares at A$0.11, worth A$400,000, were inadvertently issued to Finnimore while he was a director, without the approval required by ASX Listing Rule 10.11. The company said an administrative oversight in applying the shortfall policy caused the breach and took full responsibility. On 30 November, Walkabout said all shares had been transferred to unrelated parties at the issue price, ASX accepted that remedy, and the company reviewed its controls/training. The releases do not state Finnimore knew of, directed or intentionally caused the breach, and no personal sanction is reported.
Role overlaps event; causation unproven · Walkabout directly names Finnimore as the director/recipient; it expressly accepts company responsibility for the administrative failure and does not assign personal intent or control failure to him.
Walkabout entered voluntary administration after his last located director confirmation
Walkabout’s 30 September 2024 annual report lists Finnimore as a director through the report date and reports an FY2024 net loss of A$8.53m, up from A$4.47m. ASX Settlement records administrators appointed on 13 November 2024. No dated resignation before the appointment or direct role in the insolvency was located, so overlap on 13 November and personal responsibility remain unresolved.
Responsibility unresolved · The company entered administration; Finnimore was a director at least through 30 September, but his exact status on 13 November and involvement in the distress are unverified.
Korean Metals Plant operating and shipment growth overlapped his interim metals remit
The 2025 restructure placed KMP under Finnimore’s interim Operations Metals remit. ASM’s FY2026 report and acquirer close release describe commercial metal/alloy output and KMP capacity. These are company results; sources do not identify Finnimore’s individual decisions or contribution.
Role overlaps event; causation unproven · His interim remit overlapped the plant results, but operational causation is not documented.
Evidence gaps · 5
- The ASM page still lists Finnimore in two roles after acquisition, but no dated evidence confirming his role in Energy Fuels/ASM after 28 August 2026 was located.
- Walkabout’s last dated evidence locating him as director is its 30 September 2024 report; whether he remained a director when administrators were appointed on 13 November 2024 is unresolved.
- The Walkabout releases do not say he knew of or caused the share allocation breach; company responsibility and the accepted transfer remedy are explicit.
- Exact dates and titles for his historical BHP, Rio Tinto, Rusal and South32 roles are not fully documented in sources reviewed.
- No direct credential verification or exhaustive criminal, sanctions, litigation, regulator or safety checks were performed.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2025-09-23
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 8.95% | 19,996,918 | |
| 2 | 7.69% | 17,186,937 | |
| 3 | 5.09% | 11,374,784 | |
| 4 | 3.14% | 7,011,685 | |
| 5 | 2.08% | 4,639,150 | |
| 6 | 2.08% | 4,639,150 | |
| 7 | 2.08% | 4,639,150 | |
| 8 | 1.80% | 4,024,020 | |
| 9 | 1.49% | 3,330,000 | |
| 10 | 1.18% | 2,628,072 | |
| 11 | 1.13% | 2,529,422 | |
| 12 | 1.10% | 2,463,784 | |
| 13 | 0.80% | 1,780,905 | |
| 14 | 0.66% | 1,474,995 | |
| 15 | 0.62% | 1,383,750 | |
| 16 | 0.52% | 1,155,882 | |
| 17 | 0.52% | 1,155,881 | |
| 18 | 0.52% | 1,155,881 | |
| 19 | 0.52% | 1,155,881 | |
| 20 | 0.50% | 1,107,427 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- The register is a dated list of registered accounts, not a complete beneficial-ownership register. Nominee and custody accounts may represent multiple underlying investors.
- Substantial-holder notices after the cited annual-report snapshot were not individually reconciled for this candidate; holdings may have changed by the review cutoff.
Sources
- Annual Report to shareholders
ASX / Australian Strategic Materials Limited · Published 2025-09-23 · Accessed 2026-10-09
Dated registered ordinary-shareholder top-20 table and quantities/percentages.
2025/2025-09-23_Annual Report to shareholders.pdf, PDF page 129; shareholder register section
Disclosed activity
Insider transactions
Trading activity4 buys · 0 sells shownNet cash last 12 months no tradesShow chartHide chart
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-03-19 | Ian Jeffrey GandelAbbotsleigh Pty Ltd
Details & evidence for Ian Jeffrey Gandel on 2026-03-19As disclosed: 833,334 ordinary shares acquired at A$1.20
director · Start not disclosed Abbotsleigh Pty Ltd · controlled/associated company and registered holder in director and substantial-holder notices ILG Estate Co 1 Pty Ltd · controlled/associated company and registered holder in director and substantial-holder notices ILG Estate Co 2 Pty Ltd · controlled/associated company and registered holder in director and substantial-holder notices ILG Estate Co 3 Pty Ltd · controlled/associated company and registered holder in director and substantial-holder notices ILG Estate Co 4 Pty Ltd · controlled/associated company and registered holder in director and substantial-holder notices Change of Director's Interest Notice ↗ | Subscriptionordinary shares | 833,334 | — | AUD 1.2Disclosed price | — |
| 2025-09-23 | Ian Jeffrey GandelAbbotsleigh Pty Ltd
Details & evidence for Ian Jeffrey Gandel on 2025-09-23As disclosed: Placement shares issued at A$0.5647
director · Start not disclosed Abbotsleigh Pty Ltd · controlled/associated company and registered holder in director and substantial-holder notices ILG Estate Co 1 Pty Ltd · controlled/associated company and registered holder in director and substantial-holder notices ILG Estate Co 2 Pty Ltd · controlled/associated company and registered holder in director and substantial-holder notices ILG Estate Co 3 Pty Ltd · controlled/associated company and registered holder in director and substantial-holder notices ILG Estate Co 4 Pty Ltd · controlled/associated company and registered holder in director and substantial-holder notices Change in substantial holding ↗ Change of Director's Interest Notice ↗ | Subscriptionordinary shares | 1,770,852 | — | AUD 0.5647Disclosed price | — |
| 2025-07-24 | Ian Jeffrey GandelAbbotsleigh Pty Ltd
Details & evidence for Ian Jeffrey Gandel on 2025-07-24Same 53,125-share subscription disclosed in Gandel’s director notice. As disclosed: 53,125 shares acquired under Share Purchase Plan for A$30,000.
director · Start not disclosed Abbotsleigh Pty Ltd · controlled/associated company and registered holder in director and substantial-holder notices ILG Estate Co 1 Pty Ltd · controlled/associated company and registered holder in director and substantial-holder notices ILG Estate Co 2 Pty Ltd · controlled/associated company and registered holder in director and substantial-holder notices ILG Estate Co 3 Pty Ltd · controlled/associated company and registered holder in director and substantial-holder notices ILG Estate Co 4 Pty Ltd · controlled/associated company and registered holder in director and substantial-holder notices Change in substantial holding ↗ Change of Director's Interest Notice ↗ | Subscriptionordinary shares | 53,125 | AUD 30,000.00 | AUD 0.5647Disclosed price | — |
| 2024-05-31 | Ian Jeffrey Gandel
Details & evidence for Ian Jeffrey Gandel on 2024-05-31As disclosed: 847,410 ordinary shares acquired in one-for-forty rights issue
director · Start not disclosed Abbotsleigh Pty Ltd · controlled/associated company and registered holder in director and substantial-holder notices ILG Estate Co 1 Pty Ltd · controlled/associated company and registered holder in director and substantial-holder notices ILG Estate Co 2 Pty Ltd · controlled/associated company and registered holder in director and substantial-holder notices ILG Estate Co 3 Pty Ltd · controlled/associated company and registered holder in director and substantial-holder notices ILG Estate Co 4 Pty Ltd · controlled/associated company and registered holder in director and substantial-holder notices Change in substantial holding ↗ Change of Director's Interest Notice ↗ | Subscriptionordinary shares | 847,410 | AUD 983,220.00 | AUD 1.16Disclosed price | — |
Disclosed holding observations4 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2025-10-27 | Ian Gandel substantial-holder group
Details & evidence for Ian Gandel substantial-holder group on 2025-10-27
Ian Jeffrey Gandel · relevant interest through related entities Change in substantial holding ↗ | Positionordinary shares | 36,567,635 | 13.64%Issued Shares |
| 2025-08-01 | Ian Gandel substantial-holder group
Details & evidence for Ian Gandel substantial-holder group on 2025-08-01Share count unchanged; percentage reduced through issuer capital change.
Ian Jeffrey Gandel · relevant interest through related entities Change in substantial holding ↗ | Positionordinary shares | 34,796,783 | 15.57%Issued Shares |
| 2025-07-24 | Ian Gandel substantial-holder group
Details & evidence for Ian Gandel substantial-holder group on 2025-07-24
Ian Jeffrey Gandel · relevant interest through related entities Change in substantial holding ↗ | Positionordinary shares | 34,796,783 | 17.20%Issued Shares |
| 2024-04-24 | Ian Gandel substantial-holder group
Details & evidence for Ian Gandel substantial-holder group on 2024-04-24Aggregate relevant interest across related entities.
Ian Jeffrey Gandel · relevant interest through related entities Change in substantial holding ↗ | Positionordinary shares | 33,896,248 | 18.86%Issued Shares |
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Narrative and provenance
Research & Sources
The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.
Sign in or enter a guest codeChronological evidenceSource-document inventory22 documents
ASX:ASM closing price on 7 August 2026Market Data · HighExtracted
S&P Global Market Intelligence-sourced delayed ASX price history showing ASM closed at A$1.11 on 7 August 2026.
- Document ID
- asm-market-20260807
- Published UTC
- 2026-08-07T06:10:00Z
- Projects
- —
- Commodities
- —
NYSE American:UUUU closing price on 7 August 2026Market Data · HighExtracted
S&P Global Market Intelligence-sourced UUUU price history showing Energy Fuels closed at US$14.14 on 7 August 2026.
- Document ID
- uuuu-market-20260807
- Published UTC
- 2026-08-07T20:00:00Z
- Projects
- —
- Commodities
- —
USD to AUD exchange rate on 7 August 2026Market Data · HighExtracted
Historical exchange-rate table showing one US dollar equalled A$1.4152 on 7 August 2026.
- Document ID
- usdaud-market-20260807
- Published UTC
- 2026-08-07T17:00:00Z
- Projects
- —
- Commodities
- —
Diggers & Dealers Mining Forum 2026 PresentationPresentation · HighExtracted
Latest operating and transaction presentation, reaffirming KMP capacity plans, Dubbo pathways and the revised scheme timetable.
- Document ID
- asm-20260804-dd-presentation
- Published UTC
- 2026-08-03T22:19:18Z
- Projects
- dubbo · kmp · amp
- Commodities
- rare_earths · others
Quarterly Activities Report to 30 June 2026Operations · HighExtracted
Latest quarterly report covering KMP dispatches and expansion, Dubbo PFS pathways, transaction timetable and liquidity.
- Document ID
- asm-20260730-june-quarter
- Published UTC
- 2026-07-30T04:45:55Z
- Projects
- dubbo · kmp · amp
- Commodities
- rare_earths · others
Energy Fuels transaction announcementTransaction · HighExtracted
Transaction update describing Energy Fuels' VAC acquisition and financing, the postponed scheme meetings and unchanged ASM Board recommendation.
- Document ID
- asm-20260624-transaction-update
- Published UTC
- 2026-06-23T22:27:47Z
- Projects
- —
- Commodities
- —
Quarterly Activities Report to 31 March 2026Operations · HighExtracted
March 2026 quarterly report with 42 tonnes of NdFeB alloy dispatched, KMP expansion and Dubbo MREP concept work.
- Document ID
- asm-20260430-march-quarter
- Published UTC
- 2026-04-29T22:23:45Z
- Projects
- dubbo · kmp · amp
- Commodities
- rare_earths
FIRB approval received for Energy Fuels' acquisition of ASMTransaction · HighExtracted
FIRB no-objection confirmation satisfying one transaction condition precedent.
- Document ID
- asm-20260423-firb
- Published UTC
- 2026-04-23T03:55:49Z
- Projects
- —
- Commodities
- —
Application for quotation of securities - ASMFinancing · HighExtracted
Final Appendix 2A for the October 2025 placement, providing the post-quotation capital structure.
- Document ID
- asm-20260319-quotation
- Published UTC
- 2026-03-19T07:41:54Z
- Projects
- —
- Commodities
- —
Application for quotation of securities - ASMFinancing · MediumExtracted
Appendix 2A for 2,841,667 placement shares issued at A$1.20.
- Document ID
- asm-20260313-quotation
- Published UTC
- 2026-03-13T05:07:00Z
- Projects
- —
- Commodities
- —
Update on Energy Fuels' acquisition of ASMTransaction · HighExtracted
Amendment replacing the permitted special dividend with A$0.13 cash consideration from Energy Fuels while retaining the 0.053 scrip ratio.
- Document ID
- asm-20260313-offer-amendment
- Published UTC
- 2026-03-12T22:24:32Z
- Projects
- dubbo · kmp · amp
- Commodities
- rare_earths
Half Yearly Report and AccountsResults · HighExtracted
Reviewed half-year accounts to 31 December 2025, with financial position, KMP revenue and inventory disclosures.
- Document ID
- asm-20260311-half-year
- Published UTC
- 2026-03-10T22:41:04Z
- Projects
- dubbo · kmp · amp
- Commodities
- rare_earths · others
Application for quotation of securities - ASMFinancing · LowExtracted
Appendix 2A recording exercise of 33 ASMO options and issue of 33 ordinary shares.
- Document ID
- asm-20260210-quotation
- Published UTC
- 2026-02-10T01:32:00Z
- Projects
- —
- Commodities
- —
Quarterly Activities Report to 31 December 2025Operations · MediumExtracted
December 2025 quarterly report covering KMP ramp-up, Dubbo PFS work, AMP planning and liquidity.
- Document ID
- asm-20260130-december-quarter
- Published UTC
- 2026-01-29T21:33:14Z
- Projects
- dubbo · kmp · amp
- Commodities
- rare_earths
Energy Fuels to acquire Australian Strategic MaterialsTransaction · HighExtracted
Binding scheme implementation deed for Energy Fuels to acquire ASM, including scrip consideration and a concurrent option scheme.
- Document ID
- asm-20260121-energy-fuels-offer
- Published UTC
- 2026-01-20T21:58:27Z
- Projects
- dubbo · kmp · amp
- Commodities
- rare_earths
Investor Presentation - Energy Fuels to acquire ASMPresentation · HighExtracted
Transaction presentation describing the strategic rationale and mine-to-magnet combination.
- Document ID
- asm-20260121-offer-presentation
- Published UTC
- 2026-01-20T21:58:42Z
- Projects
- dubbo · kmp · amp
- Commodities
- rare_earths
Investor Webcast Registration - Energy Fuels to acquire ASMOther · LowExtracted
Registration notice for the transaction investor webcast.
- Document ID
- asm-20260121-webcast
- Published UTC
- 2026-01-20T22:06:47Z
- Projects
- —
- Commodities
- —
MD & CEO Annual General Meeting 2025 PresentationPresentation · MediumExtracted
AGM strategy presentation covering mine-to-metals positioning and growth initiatives.
- Document ID
- asm-20251126-agm-presentation
- Published UTC
- 2025-11-25T19:01:16Z
- Projects
- dubbo · kmp · amp
- Commodities
- rare_earths
Quarterly Activities Report to 30 September 2025Operations · MediumExtracted
September 2025 quarterly report recording KMP production, first commercial Tb/Dy sale and capital raises.
- Document ID
- asm-20251027-september-quarter
- Published UTC
- 2025-10-26T21:27:18Z
- Projects
- dubbo · kmp
- Commodities
- rare_earths
Annual Report to shareholdersResults · HighExtracted
FY2025 annual report providing audited financial, project, plant, tenure, risk and governance information.
- Document ID
- asm-20250923-annual-report
- Published UTC
- 2025-09-22T23:26:43Z
- Projects
- dubbo · kmp · amp
- Commodities
- rare_earths · others
Quarterly Activities Report to 30 June 2025Operations · MediumExtracted
June 2025 quarterly report covering KMP orders, heavy-rare-earth capability, Dubbo heap-leach progress and A$19.0 million quarter-end cash.
- Document ID
- asm-20250723-june-quarter
- Published UTC
- 2025-07-23T00:55:33Z
- Projects
- dubbo · kmp
- Commodities
- rare_earths
Heap Leach Option delivers major cost reductions for Dubbo ProjectStudy · HighExtracted
Heap-leach scoping study for a rare-earth-focused first phase at Dubbo, with Class 5 cost accuracy and explicit funding and commodity-price caveats.
- Document ID
- asm-20250711-heap-leach-study
- Published UTC
- 2025-07-11T01:55:50Z
- Projects
- dubbo
- Commodities
- rare_earths · others
Evidence facts39
42.81 Mt
2017-12-3132.37 Mt
2017-12-317400 ppm TREO
2017-12-3142 years
2025-07-11740000000 AUD
2025-07-11570000000 AUD
2025-07-11921000000 AUD
2025-07-11130 USD/kg
2025-04-30410 USD/kg
2025-04-301410 USD/kg
2025-04-308 %
2025-07-110.053 EFR share or CDI per ASM share
2026-01-210.5 AUD/option
2026-01-21268054684 shares
2026-01-217751116 performance rights
2026-01-2114340706 options
2026-01-215965000 AUD
2025-12-315854000 AUD
2025-12-318034000 AUD
2025-12-3169671000 AUD
2025-12-310.13 AUD/share
2026-03-13271730693 shares
2026-03-1914339698 options
2026-03-197751116 performance rights
2026-03-1945 tonnes
2026-06-3036 tonnes
2026-06-309 tonnes
2026-06-303600 tpa
2026-06-30200000000 AUD
2026-06-3057602000 AUD
2026-06-302821000 AUD
2026-06-307.3 quarters
2026-06-302026-08-12 None
2026-07-282026-08-28 None
2026-07-3060000000 USD approximately
2026-08-041.11 AUD/share
2026-08-07238051 shares
2026-08-0714.14 USD/share
2026-08-071.4152 AUD per USD
2026-08-07