The Dubbo Project. Source: ASM
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

Emerging critical minerals producer, Australian Strategic Materials (ASX:ASM), witnessed a surge in shares following the company’s reception of a preliminary and conditional Letter of Interest from the Export-Import Bank of the United States (US EXIM).

The letter proposes a debt funding package of up to US$600 million (A$923 million) for the development and execution phase of the Dubbo project located in New South Wales.

“The Dubbo project is a globally significant rare earths and critical minerals asset, well positioned to support the joint objective of Australia and the US to develop and expand reliable, responsible, and secure global access to critical minerals,” ASM Managing Director and CEO, Ms. Rowena Smith said.

The Dubbo project stands as the cornerstone of ASM’s vertically integrated business, having provided a long-term resource and focus on rare earths and critical minerals.

US EXIM’s expression of interest in financing, highlights the interest from North American governmental, investor, and industrial entities, and builds upon Export Finance Australia’s (EFA) prior support of A$200 million debt funding for the project.

The support from US EXIM is contingent upon the inclusion of US-sourced content, including equipment, goods, and services during the construction phase of the project.

This ongoing collaboration between Australia and the US through the Australia-US Taskforce on Critical Minerals reflects a shared commitment to secure sustainable critical mineral supply chains, benefiting both nations.

ASM shares are up around 20 per cent and last traded at $1.49, as of 9:45 am AEDT.

asm by the numbers
More From The Market Online

Listen: HotCopper Wire Podcast #047 – Maybe just send an email next time, Albo

In this week’s HotCopper Wire episode, Isaac McIntyre and Jonathon Davidson break down (poke holes in) Albo’s national address from 7PM Wednesday, talk
The Market Online Video

Introducing Prairie Lithium: Saskatchewan’s permitted lithium project ready to scale

We've spoken to Prairie Lithium founder Zach Maurer about the explorer's overall mission, right after Macquarie's…
The Market Online Video

US growth, injectable iron pipeline: How AFT Pharma is driving toward $300 million by FY27

AFT Pharmaceuticals (ASX:AFP) is in a red-hot position as we head straight into FY26’s fourth quarter in Australia, and
The Market Online graphic with ASX-branded charts and the text "HotCopper Highlights" centred in white.

HotCopper Highlights, Week 15: Santos, Karoon, Viva all riding the Iran-fuelled Energy rollercoaster

Hello, hello, and welcome to HotCopper Highlights for Week 15, CY26, I’m Isaac McIntyre.