ASM's Response to ASX Query on US EXIM Funding Package

Australian Strategic Materials Limited (ASM) (ASX: $ASM) has responded to ASX's query regarding the receipt of a Letter of Interest, particularly the funding package, from the US EXIM. ASM confirmed that it first became aware of the information at approximately 1:45 am Australian Western Standard Time on 21 March 2024 and promptly announced the receipt of the Letter of Interest on the same day.

ASM's Position on Disclosure and Compliance

ASM believes that it was operating under the exception in ASX Listing Rule 3.1A until the point at which the Letter of Interest was received, as the information remained confidential and was the subject of an incomplete proposal or negotiation. The company also highlighted its ongoing discussions with export credit finance agencies, including the US EXIM, which were publicly disclosed in various ASX announcements. ASM emphasized its intention to update the market upon reaching a definitive agreement with US EXIM for funding support.

ASM's Compliance Confirmation and Future Plans

ASM confirmed its compliance with the Listing Rules and stated that its responses to ASX's questions were authorized and approved by the ASM Managing Director/CEO. The company reiterated its commitment to updating the market upon securing a definitive agreement with US EXIM for funding support. ASM emphasized the need for external funding to support the development of the Dubbo Project and provided context for the likely magnitude of the funding being sought. The company's specific circumstances and recent market practice support ASM's reasonable belief that a reasonable person would not expect ASM to have disclosed the application for and discussions leading to receipt of the Letter of Interest before the Announcement.