ASM’s Rowena Smith on the ECAs’ Recognition of Dubbo as Crucial in the Global Critical Minerals Supply Chain

May 16, 2024 — In a recent interview with InvestorNews host Tracy Weslosky, Rowena Smith, Managing Director of Australian Strategic Materials Ltd. (ASX: ASM), provided insights into the company’s significant financial achievements and strategic advancements. ASM successfully completed an oversubscribed institutional placement, raising A$15M, with an additional A$5.2M anticipated from an entitlement offer. Smith expressed satisfaction with the strong financial support, stating, “We were very happy to see the support that we have had.” These funds are crucial for demonstrating co-commitments necessary to secure substantial government funding, furthering the development of ASM’s Dubbo Project. Smith highlighted substantial commitments from international export credit agencies (ECAs). Export Finance Australia provided a A$200M letter of support and facilitated connections with other global agencies. This effort included a USD$600M support letter from the US Export-Import Bank (US EXIM) and an additional USD$32M for Bechtel’s final engineering phase. Canada’s Export Development Agency also extended a letter of interest for A$400M. Smith emphasized the growing international cooperation, noting, “What we’ve seen increasingly in the last six months is really active cooperation between the ECAs.” These commitments underscore the Dubbo Project’s strategic importance in the global critical minerals supply chain.