Page 1

ASX Release Release Date : 27 October 2021 ASM Australian Strategic Materials Ltd Quarterly Activities Report to 30 September 2021 HIGHLIGHTS . . . Signing a $ US250m framework agreement with South Korean consortium for 20 % interest in Dubbo Project and offtake from Korean Metals Plant ( ASX Release 21 July 2021 : Framework Agreement for 20 % stake in Dubbo Project and Offtake ) Construction of the Korean Metals Plant continuing , commissioning planned to commence before calendar year end The Dubbo Project optimisation study is being finalised , with results to be released on completion of final reporting Inclusion in the S & P ASX / 300 Index effective 30 September 2021 ( S & P DJI Index Announcement 3 September 2021 : S & P DJI Announces September 2021 Quarterly Rebalance ) Appointing ANZ as financial advisor for the debt financing of the Dubbo Project ( ASX Release 6 October 2021 : Dubbo Project Finance Update ) For personal use only Message from Managing Director ASM's Managing Director , David Woodall , said : " As the global energy transition continues , so does the global need for an alternative , reliable supply of critical metals and during the quarter we took a significant step towards meeting that demand by signing a Framework Agreement with a consortium of Korean businesses that creates a pathway towards financing the Dubbo Project . Progress has been made to support the completion of the due diligence on the Dubbo Project under the Framework Agreement , and for preparations to commence commissioning the Korean Metals Plant before the end of the year . While the impact of the delta variant of COVID - 19 has slowed completion of our planned activities , I am proud of our Korean and Dubbo Project teams on what they have achieved in trying times . We are close to finalising the outcomes of the Dubbo Project optimisation study and look forward to updating the market with these outcomes . We continue to progress opportunities with Australian and Korean engineering and construction companies , including to provide key infrastructure and equipment planned for the Dubbo Project . I have just spent 4 months in Korea to continue the progression of our development of delivering our " mine to metal " business . Looking ahead , ASM will continue to work with our Korean partners to T : +61 8 9200 1681 info@asm-au.com Level 4 , 66 Kings Park Road , West Perth WA 6005 asm-au.com PO Box 768 , West Perth WA 6872 ABN : 90 168 368 401