ASM Launches AU$3 million Underwritten Share Purchase Plan to Fund Strategic Growth

Australian Strategic Materials Limited (ASX: ASM) is raising approximately AU$3.0 million through a fully underwritten Share Purchase Plan led by Canaccord Genuity. The new shares will be issued at a 20% discount to the 5-day VWAP, with the flexibility to accept oversubscriptions to support ongoing strategic and operational initiatives.

Proceeds will fund key initiatives, including the US metallisation facility, ramp-up and capability expansion at the Korean Metals Plant, and advancement of the Dubbo Rare Earths Project assessment. ASM Managing Director Rowena Smith highlighted the importance of capital in building diversified, geopolitically resilient rare earth supply chains. A top-up placement of up to approximately AU$2.0 million may follow the SPP at the same issue price, subject to shareholder approval, including possible participation from ASM Chairman Ian Gandel.

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