With 19% gain in a day, is Australian Strategic Materials (ASX: ASM) finally out of its long downtrend?.

Mon 15 May 23, 04:30 PM | Team Kalkine

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Australian Strategic Materials Limited (ASX: ASM) shares rallied on Tuesday, 16 May 2023, after the company announced that it had forged a partnership with Noveon Magnetics Inc. (Noveon), a US-based rare earth magnet manufacturer, for the sale of neodymium iron boron (NdFeB) alloy from the Korean Metals Plant (KMP). The stock was up 18.62% to trade at AUD 1.21 per share as of 1:35 PM, AEST on 16 May 2023 following this announcement.

As per the agreement, ASM will supply 100 tonnes of NdFeB alloy from the KMP to Noveon till 31 March 2024, as per a pre-decided schedule. The price for the supply of NdFeB alloy has been fixed by both parties based on the high-quality specification of the alloy. Both ASM and Noveon intend to develop a strategic partnership relating to long-term offtake for rare earth materials supporting magnet production, and they have agreed to use all reasonable endeavours to enter into a long-term supply and purchasing agreement.

Earlier this month, on 1 May 2023, the company announced that it signed a binding agreement with Vietnam Rare Earth Company (VTRE) to purchase rare earth oxides from Vietnam to be used as feedstock at ASM's Korean Metals Plant (KMP). As per this agreement, VTRE will supply 100 tonnes of product for the remainder of 2023. The pricing for the feedstock (in USD) will be determined using a formula-based mechanism referencing published market prices for neodymium-praseodymium oxide.

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