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The vulnerability of global rare earth supply chains has just moved from theoretical to tangible with China's new export restrictions. This couldn't make Australian Strategic Materials' strategy more relevant – or more urgent.

When Rowena Smith, CEO and Managing Director of ASM, explains their mine-to-metal capability, what stands out is how few companies globally can do what they do. As the only ASX-listed company with established metallisation capability outside China, ASM offers something increasingly precious: supply chain security for critical minerals essential to clean energy, defence, and emerging technologies.

The company's Korean metals plant is already shipping products to customers, with validation processes completed for multiple magnet producers across several jurisdictions. What's particularly exciting is their breakthrough in heavy rare earth metallisation – they're on the verge of commercial dysprosium production, with terbium to follow. Smith notes that only two other companies outside China have similar capabilities, positioning ASM at the forefront of this critical technology.

ASM's two-pronged strategy combines the shovel-ready Dubbo project in NSW with global metals plants. Their expansion plans include replicating their Korean facility in the US, with strong interest from the Department of Defense seeking domestic manufacturing capability through allied nations. The company is also exploring a phased approach to the Dubbo project, potentially targeting the rare earths portion first to reduce initial capital requirements below $1 billion.