ASM said in a statement to the ASX on Wednesday that Energy Fuels Inc (NYSEMKT: UUUU) had agreed to acquire the company for an implied value of $1.60 per ASM shares.

ASM shares jumped 93.1% to be changing hands for $1.40 on Wednesday after closing Tuesday's session at 72.5 cents.

ASM said in its statement that its board was unanimously basking the deal, which would see ASM shareholders receive 0.053 Energy Fuels shares, at an implied value of $1.47 per share.

An unfranked special dividend of 13 cents would also be paid to ASM shareholders.

ASM's Non-Executive Chair, Ian Gandel, who owns 13.6% of the company, is also supporting the proposed deal.

Fast track for development

The company's Managing Director Rowena Smith said the tie-up made sense.

This proposed combination delivers a significant premium for ASM shareholders and ensures our shareholders retain the opportunity to participate in the substantial upside of a larger, better capitalised critical minerals business. We are pleased to recommend this transaction not only for the value it delivers but it accelerates the execution of our mine to metals strategy in a way that unlocks greater scale, de-risks delivery and positions us to capture the full potential of our rare-earths opportunity.

ASM's flagship project is its Dubbo project in New South Wales, which it says has a "globally significant resource of light and heavy rare earths across a unique ore body comprising bastnaesite mineralogy and zirconosilicates''.

The company's website says the project has an initial mine life of 20 years "and a further 50 years of resource".

ASM said on Wednesday the tie up with Energy Fuels made strategic sense.

The transaction is expected to materially accelerate ASM's mine to metals strategy by providing ASM shareholders with exposure to a secure, ex-China rare earths supply chain spanning mining, processing, separation, metallisation and alloying, underpinned by Energy Fuels' critical feedstock and processing assets.

Energy Fuels, ASM said, had 45 years' operational experience, "as well as … excellent capability in building, commissioning and operating upstream mining assets''.

Energy Fuels is listed on the New York Stock Exchange and the Toronto Stock Exchange and would establish a listing on the ASX following the deal to allow ASM shareholders to trace their new shares.

The deal will need to be approved by 75% of votes cast at a meeting to be held, with ASM saying it aimed to have the deal implemented by the end of June.

ASM was valued at $194.3 million at the close of trade on Tuesday.

The post Takeover bid for rare earths developer launched at a premium of more than 100% appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Australian Strategic Materials Ltd (ASX: ASM)

The Australian Strategic Materials share price is down 17% to $1.34. This morning, the integrated materials business revealed that it has received firm commitments for an institutional placement to raise approximately $55 million at a sizeable discount of $1.20 per new share. Managing director, Rowena Smith, said: "We are now fully funded to execute our Phase 2 ramp-up plan at the Korean Metals Plant (KMP). Completion of Phase 2 expansion activities will double our existing NdFeB alloy capacity to 3,600 tonnes per annum. This increased capacity will enable us to service the growing demand of our existing customers and the increasing number of enquiries we have received in recent months."

Bapcor Ltd (ASX: BAP)

The Bapcor share price is down 15% to $2.69. Investors have been selling this auto parts retailer's shares after it released its guidance for FY 2026. Management revealed that first half underlying profit is expected to be in the range of $14 million to $18 million. This is down sharply from $45.5 million in the prior corresponding period. On a statutory basis, things will be even worse, with a profit of $3 million to $7 million expected. And this doesn't include any potential impairments associated with the New Zealand segment. A stronger second half is expected, with management guiding to full year statutory profit in the range of $40 million to $50 million.

Brainchip Holdings Ltd (ASX: BRN)

The Brainchip share price is down 2.5% to 20.5 cents. This morning, this struggling semiconductor company appeared to change its business model out of the blue once again. After hyping up its potential to sell IP, Brainchip has now announced a shift back to trying to sell chips. This will see Brainchip tape out AKD1500 chip with its foundry partner. Though, the first units are not expected to be available until the third quarter of 2026. Brainchip CEO, Sean Hehir, said: "We are confident that this strategic step will position BrainChip for commercial success."

Deep Yellow Ltd (ASX: DYL)

The Deep Yellow share price is down 16% to $1.95. This has been driven by news that the uranium producer's CEO is stepping down after almost a decade at the company. Deep Yellow's chief financial officer (CFO), Craig Barnes, will lead the organisation as acting CEO until a permanent appointment is made. The company stated: "John leaves an incredible legacy at Deep Yellow having built one of the most experienced uranium mining leadership teams in the industry."

The post Why Australian Strategic Materials, Bapcor, Brainchip, and Deep Yellow shares are dropping today appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

Australian Strategic Materials Ltd (ASX: ASM)

The Australian Strategic Materials share price is down 18% to $1.18. This morning, this integrated materials company announced that it has received firm commitments for an institutional placement to raise $15 million. Management advised that the placement saw strong interest from new and existing domestic and international institutional investors. So much so, that demand is significantly exceeding the shares available under the placement. The funds were raised at $1.16 per new share, which represents a 19.5% discount to its last close price.

Boral Ltd (ASX: BLD)

The Boral share price is down 4.5% to $5.72. This has been driven by the building materials company's shares going ex-dividend this morning for a 26 cents per share fully franked dividend. This dividend was declared earlier this month after the company finally accepted a takeover offer from Seven Group Holdings Ltd (ASX: SVW). Eligible shareholders can look forward to receiving this dividend payment next week on 26 April.

Dubber Corp Ltd (ASX: DUB)

The Dubber share price is down 72% to 6.2 cents. Investors have been hitting the sell button today after the call recording technology company's shares returned from a seven-week suspension. This suspension was caused by allegations that its CEO "likely misappropriated" $60 million that was put into a trust account for term deposits. A total of $26.6 million remains unaccounted for. Dubber was forced to raise funds by a heavily discounted capital raising to shore up its balance sheet. These funds were raised at a 77% discount of 5 cents per new share.

Macquarie Technology Group Ltd (ASX: MAQ)

The Macquarie Technology share price is down 2.5% to $75.19. This has been driven by the data centre operator completing an institutional placement today. Macquarie Technology has received firm commitments to raise $100 million by way of a fully underwritten two-tranche placement at A$72.50 per new share. This represents a modest 6.1% discount to its last close price. CEO and co-founder, David Tudehope, commented: "The placement and acquisition will strengthen our capital structure and enable us to invest and expand our data centre business. The cloud and AI megatrends are driving substantial growth in data centre capacity."

The post Why Australian Strategic Materials, Boral, Dubber, and Macquarie Technology are falling today appeared first on The Motley Fool Australia.

Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:

Australian Strategic Materials Ltd (ASX: ASM)

The Australian Strategic Materials share price is up 23% to $1.46. Investors have been buying the rare earths and critical metals company's shares after it received a non-binding and conditional letter of interest (LOI) from the Export-Import Bank of the United States (US EXIM). This is the official export credit agency of the United States federal government. The LOI is for the provision of a debt funding package of up to US$600 million (A$923 million) for the construction and execution phase of the Dubbo rare earths and critical minerals project.

Evolution Mining Ltd (ASX: EVN)

The Evolution Mining share price is up 6% to $3.51. Investors have been buying Evolution and other gold miners today after the price of the precious metal stormed higher overnight on rate cut optimism. In addition, this morning, Morgan Stanley upgraded the miner's shares to an overweight rating with a $3.95 price target. The broker believes that Evolution Mining has the greatest leverage to spot gold prices due to its very low hedging.

Sigma Healthcare Ltd (ASX: SIG)

The Sigma Healthcare share price is up 3% to $1.25. This has been driven by the release of the pharmacy chain operator and distributor's FY 2024 results. Sigma reported a 9.2% decline in net revenue to $3.3 billion but a 149% jump in net profit after tax to $4.5 million. The latter also includes merger transaction costs. Excluding these costs, its net profit after tax would have been $12.7 million. Sigma also spoke positively about its proposed merger with Chemist Warehouse and revealed that the ACCC commenced a public consultation process into the deal on 8 March.

Webjet Ltd (ASX: WEB)

The Webjet share price is up 8% to $8.58. This follows the release of the travel agent's WebBeds strategy day investor presentation. Management advised that the WebBeds business is on track to achieve total transaction value (TTV) of $4 billion in FY 2024 and then $5 billion in FY 2025. After which, it is targeting TTV of $10 billion in FY 2030 with a 50% EBITDA margin.

The post Why Australian Strategic Metals, Evolution, Sigma, and Webjet shares are storming higher appeared first on The Motley Fool Australia.

In morning trade, the ASX mining stock is up 39% to $1.65.

Why is this ASX mining stock rocketing?

Investors have been fighting to get hold of the company's shares this morning after it made a major announcement.

According to the release, the critical metals focused integrated materials business and emerging mine to manufacturer has received a non-binding and conditional letter of interest (LOI) from the Export-Import Bank of the United States (US EXIM).

The US EXIM is the official export credit agency of the United States federal government.

Australian Strategic Materials advised that the LOI is for the provision of a debt funding package of up to US$600 million (A$923 million) for the construction and execution phase of the Dubbo rare earths and critical minerals project.

The release notes that US EXIM's support is linked to the potential US content (equipment, goods and services) to be supplied in the construction phase of the Dubbo project and the key strategic role the project can play in the critical minerals supply chain.

The LOI is subject to completion of due diligence by US EXIM and Australian Strategic Materials obtaining all necessary approvals for the Dubbo Project.

The ASX mining stock's CEO, Ms Rowena Smith, was very pleased with the news. She said:

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.

We are delighted to receive this letter of interest from US EXIM following extensive collaboration with multiple government and industry stakeholders in the US and look forward to building on the relationships we have established in this jurisdiction.

The post Guess which ASX mining stock is rocketing 39% on $920m US govt funding news appeared first on The Motley Fool Australia.

Despite today's slide, the All Ordinaries Index (ASX: XAO) is up 4% since this time last month.

But this ASX All Ords mining share has gained a whopping 75% in that same time.

In fact, it really only began rocketing higher less than two weeks ago, on 27 July, with shares up 78% since then.

Any guesses?

If you said Australian Strategic Materials Ltd (ASX: ASM), go to the head of the virtual class.

The Australian Strategic Materials share price is on a tear again today, up 13.7% in early afternoon trade on Monday.

What's been sending this ASX All Ords share rocketing?

Investors really began to bid up the Australian Strategic Materials share price after the miner reported it had signed a non-binding Memorandum of Understanding (MOU) with Blackstone Minerals Ltd (ASX: BSX) and Vietnam Rare Earth Company.

The All Ords share closed up 18.6% on 27 July.

According to the miner, the three-way agreement will enable the companies to collaborate across a number of areas. Those include identifying, assessing and securing rare earths element (REE) mining opportunities in Vietnam, as well as securing long-term offtake of REE oxides.

"This MOU has the potential to drive a more collaborative approach within the rare earth elements and critical minerals sector and deliver positive outcomes for all parties involved," Australian Strategic Materials CEO Rowena Smith said.

Investors were presented with more promising news from the ASX All Ords share last week, on 3 August, when the miner reported on a five-year binding sales and tolling framework agreement with USA Rare Earth.

The agreement will see Australian Strategic Materials supply neodymium iron boron (NdFeB) alloy to support USA Rare Earth's production of rare earth magnets. Supplies are expected to commence in 2024.

Commenting on the agreement, Smith said:

As we continue to increase our metal production output from our Korean Metals Plant, this long-erm supply agreement demonstrates the growing demand and positive trajectory of the US rare earth magnet market.

Tom Schneberger, CEO of USA Rare Earth, added, "Having a supply agreement in place with ASM plays a critical role in delivering on our vision of achieving magnet production in 2024."

Australian Strategic Materials share price snapshot

The Australian Strategic Materials share price remains down 50% over 12 months.

But with the past weeks' big gains in the bag, the ASX All Ords mining share is now up 48% in 2023.

The post Guess which little ASX All Ords mining share is up 75% in a month appeared first on The Motley Fool Australia.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:

Australian Strategic Materials Ltd (ASX: ASM)

The Australian Strategic Materials share price is up 8% to $1.75. Investors have been buying this integrated materials company's shares after it announced a five-year binding sales and tolling framework agreement with USA Rare Earth. This is for the supply of neodymium iron boron alloy, which will be used to support USA Rare Earth's production ramp-up of high-performance rare earth magnets.

Calix Ltd (ASX: CXL)

The Calix share price is up 5% to $4.45. This morning, analysts at Bell Potter responded to the company's joint venture announcement with Pilbara Minerals Ltd (ASX: PLS) by reiterating its speculative buy rating with an $8.70 price target. This implies a potential upside of 95% from current levels.

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is up 1.5% to 15.3 cents. Investors have been buying this lithium miner's shares this week thanks to a positive announcement. That announcement reveals that the first shipment of approximately 20,500 tonnes of lithium spodumene concentrate has been sold into a "buoyant global spot market."

Tietto Minerals Ltd (ASX: TIE)

The Tietto Minerals share price is up 7% to 53.5 cents. This morning, this gold miner announced that it produced 11,643 ounces of gold at its Abujar operation in July. This implies a significant improvement in past production rates. For example, during the June quarter, Tietto produced 15,592 ounces. That's an average of approximately 5,200 ounces a month.

The post Why Australian Strategic Materials, Calix, Sayona Mining, and Tietto shares are rising appeared first on The Motley Fool Australia.

Arafura shares are on fire today. The rare earths producer is currently rocketing a stunning 11.82% to 62 cents per share — a new 52-week high for Arafura.

But it's also the highest the company's shares have traded at in not three, not five, not ten, but eleven-and-a-half years. Yes, the last time Arafura shares traded in the 60-cent range was in late 2011:

So what's behind the new 11-year high that Arafura investors are enjoying today?

Why is the Arafura share price at an 11-year high?

Well, most of the heavy lifting was done in 2022 – a year that saw Arafura shares rise by a whopping 121%.

As my Fool colleague Monica reported last month, this was due to a few factors, including rising demand for rare earths, positive developments at the company's Nolans Project, long-term supply deals with major companies like Hyundai, and love from ASX brokers.

But let's talk about what Arafura shares are doing today. It's not often that an ASX share rockets by more than 10%.

Well, unfortunately, it's not entirely clear what is driving Arafura shares so convincingly higher. There hasn't been any major news from the company itself today.

But what we do know is that Arafura's peers in the materials sector are also having a cracker of a day. Take the Lynas Rare Earths Ltd (ASX: LYC) share price. It's currently up by a robust 4.37% at $9.80 a share. Fellow minerals explorer Australian Strategic Materials Ltd (ASX: ASM) is doing even better than Arafura, currently up an eye-catching 12.53%.

Lithium shares were also on fire today, with Pilbara Minerals Ltd (ASX: PLS) gaining around 3% this monring, while Sayona Mining Ltd (ASX: SYA) was up close to 4%.

So it looks as though investors are flooding into these sorts of shares en masse today. Given there is no other news out from Arafura, perhaps we can conclude that the company is just benefitting from a flood of optimism and goodwill for ASX materials shares this Wednesday.

At the current Arafura Rare Earths share price, this ASX materials share has a market capitalisation of $1.31 billion.

The post Why is the Arafura share price surging 12% to an 11-year high? appeared first on The Motley Fool Australia.

Indeed, the share price of S&P/ASX 200 Index (ASX: XJO) miner Lynas Rare Earths Ltd (ASX: LYC) has soared nearly 400% over the last five years as demand for its products saw its profits surge.

But the ASX 200 giant isn't the only share involved in rare earths. Here are five others that haven't yet commanded such attention.

5 often-overlooked ASX shares involved in rare earths

Demand for rare earths could soar in the coming years amid the world's transition to renewable energy. The materials are a critical component of most technology ­­– including that needed to harness power from the elements and certain batteries.

With this in mind, it's likely no surprise that Lynas is far from the only ASX share working to produce the elements.

Iluka Resources Limited (ASX: ILU) is a $4 billion mineral sands miner and also works in the rare earths space. The company recently made a final investment decision on its Eneabba rare earths refinery.

Its shares are currently trading for $10.42.

Arafura Rare Earths Ltd (ASX: ARU) is also an ASX rare earths stock. The company is working to kick off construction at its Nolans Project – located 135 kilometres from Alice Springs – in 2023.

Right now, stock in the mining developer is swapping hands for 40.5 cents.

Another ASX rare earths company is Hastings Technology Metals Ltd (ASX: HAS). It's developing two resources in Western Australia. Its Yangibana project, in the Gascoyne region, covers around 650 square kilometres.

The company's share price is $3.70 at the time of writing.

The fourth ASX rare earths share market watchers might not have been across is Australian Strategic Materials Ltd (ASX: ASM). As the name suggests, the company is focused on Aussie assets. Its cornerstone project is located in Dubbo, New South Wales, and is ready for construction to begin.

An investor can snap up the stock for $1.60 apiece today.

Finally, ASX share Peak Rare Earths Ltd (ASX: PEK) is, of course, working in the rare earths space.

It's developing the Ngualla project in Tanzania – one of the world's largest, highest grade, and lowest cost, neodymium praseodymium deposits. It also has the potential to build a rare earths refinery in the United Kingdom.

The Peak share price is 47.5 cents right now.

The post 5 ASX shares involved with rare earths (aside from Lynas) appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:

Amcor PLC (ASX: AMC)

The Amcor share price is down 4% to $17.37. This morning this packaging company released its quarterly update and revealed a 9% increase in revenue to US$3,712 million and a 15% jump in net income to US$232 million. Investors still sold down Amcor's shares despite its revenue being US$200 million ahead of estimates and its earnings being in-line.

Australian Strategic Materials (Holdings) Ltd (ASX: ASM)

The Australian Strategic Materials share price is down 9% to $1.80. Investors have been selling this integrated materials company's shares after it announced firm commitments for a $30 million institutional placement. These funds are being raised at a 12.4% discount of $1.73 per new share. The proceeds will be used to accelerate development of its Korean Metals Plant and Dubbo Project.

Goodman Group (ASX: GMG)

The Goodman share price is down 3% to $17.11. This morning Goodman released its first quarter update and revealed that FY 2023 has started positively. And while the company has reaffirmed its earnings growth guidance of 11%, some investors may have been expecting an upgrade. Goodman famously under-promises and over-delivers.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is down 3.5% to $5.12. This is despite there being no news out of the lithium miner today. However, a number of the lithium shares are falling today. This may have been driven by profit taking after some strong gains recently.

The post Why Amcor, Australian Strategic Materials, Goodman, and Pilbara Minerals are dropping appeared first on The Motley Fool Australia.

Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:

Australian Strategic Matrls (Hldngs) Ltd (ASX: ASM)

The Australian Strategic Materials share price is up 16% to $2.41. This follows the release of the company's quarterly update this morning. That update reminded investors that commissioning for neodymium praseodymium (NdPr) metal and alloy products drew closer to completion this quarter, with positive results achieved. The company also successfully produced neodymium iron boron (NdFeB) strip metal alloy while commissioning the strip caster.

Bega Cheese Ltd (ASX: BGA)

The Bega Cheese share price is up 4.5% to $3.39. This is despite the diversified food company announcing the exit of its CEO Paul van Heerwaarden at its annual general meeting. He will step down in the coming months and be replaced by its COO, Pete Findlay. In addition, at the meeting, the company re-affirmed its FY 2023 guidance for EBITDA in the range of $160 million to $190 million.

Costa Group Holdings Ltd (ASX: CGC)

The Costa share price is up 11% to $2.48. Investors have been buying this horticulture company's shares after private equity firm Paine Schwartz Partners acquired a 13.78% stake. Paine, which used to own Costa, paid an average of approximately $2.51 per share, which is a 12.5% premium to the Costa share price at yesterday's close.

Elmo Software Ltd (ASX: ELO)

The Elmo share price has surged 40% higher to $4.63. This follows news that the HR and payroll platform provider is recommending a takeover offer from K1 Investment Management. The Los Angeles-based investment firm has tabled a $4.85 cash per share offer, which represents a 100% premium to the Elmo share price prior to the company first revealing takeover interest earlier this month.

The post Why Australian Strategic Materials, Bega Cheese, Costa, and Elmo shares are racing higher appeared first on The Motley Fool Australia.

The Australian Strategic Materials Ltd (ASX: ASM) share price jumped 2.9% to close Thursday's trading session at $3.19. In earlier trade, it climbed a hefty 7.82% before pulling back.

So, what did this ASX All Ords share report to the market today?

New agreement

Australian Strategic Materials provided an update on its Korean Metals plant. The company's subsidiary KSM Metals Co Ltd, has signed a binding agreement on the sale of neodymium praseodymium.

The deal sees metal produced at the plant sold to Korean company NS World Co Ltd, which plans to use the neodymium praseodymium to make bonded magnets.

Under the agreement, KSM Metals will sell and deliver up to 10 tonnes of the rare earths metal between September and December.

What did management say?

Commenting on the news, Australian Strategic Materials CEO Rowena Smith said:

Securing the first sale of neodymium praseodymium ingot from our Korean Metals Plant is an
important milestone for ASM. In just over a year, we have taken our Korean Metals Plant from start of construction to commercial production.

This is a remarkable feat of dedication from our team.

Looking ahead, Smith said commissioning and ramp-up at the plant would continue in the second half of this year. She added:

We look forward to securing further sales contracts in the coming months and will update the
market as contracts are finalised.

Smith also presented at the New World Metals Investment series today. In her presentation, she highlighted how the demand for rare earth oxides would soar by 2032.

She highlighted the company's Dubbo Project in NSW was construction ready with a processing plant on site. The company is exploring zirconium, niobium and hafnium in this project.

Share price snapshot

Despite today's gains, the Australian Strategic Materials share price is down 74% over the past year and 70% year to date.

In the past month, the company's share price has fallen 22%.

For perspective, the ASX All Ords Index has fallen 9% in the past year.

Australian Strategic Materials has a market capitalisation of about $456 million based on the current share price.

The post This ASX All Ords mining share is glowing greener today on 'important milestone' appeared first on The Motley Fool Australia.

Lithium (and arguably, nickel and cobalt) is typically considered the darling child(ren) of the battery metals segment. However, one often-overlooked segment has opened up a compelling value proposition.

Rare earths, which, coincidentally, aren't all that rare (in the ground anyway), have garnered attraction lately.

The group is comprised of 17 metals that are essential to technological functions in society.

Rare earths ASX mining shares open a compelling proposition

According to Dr Kingsley Jones, analyst at Jevons Global Investment Advisory, "[t]he EV market thematic is driving higher demand for rare earth metals".

In a recent note, Jones covers the market for rare earths. In it he builds a core basket of portfolio companies to gain exposure to the space.

He said that demand has accelerated for the basket of rare earths within ASX mining shares. This is due to their use in high-performance magnets used in electric motors and generators.

In particular, the "rapid uptake of EVs and the very large generators used in wind turbines to provide renewable energy" has underpinned the demand.

Aside from that, China refines and produces more than 60% of the world's unprocessed rare earth oxides.

Not to mention, rare earths are notoriously hard to extract anyways. The reason? "Host minerals are difficult to process and the rare earths are hard to separate," Jones says.

With that, the analyst and his employer suggest five companies for investors to hone in on for exposure to rare earths from mine to metal, all the way downstream.

These include Arafura Resources Limited (ASX: ARU), Hastings Technology Metals Ltd (ASX: HAS) and Australian Strategic Materials Ltd (ASX: ASM). I've covered the other two here.

This basket of stocks provides a diversified offering of names with exposure to rare earths at different points along the value chain, Jones says.

Take a look at the returns for each of these shares for the past 12 months on the chart below.

The post 3 ASX mining shares primed for an 'exponential' energy transition: expert appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:

Appen Ltd (ASX: APX)

The Appen share price is down over 2% to $5.87. This morning the team at Citi warned that demand from Appen's largest customers could be softening. The broker also believes that the company could be losing market share to Telus Corp's Lionbridge business. Citi remains neutral with a $6.60 price target on Appen's shares.

Arizona Lithium Ltd (ASX: AZL)

The Arizona Lithium share price is down 6.5% to 7.95 cents. This appears to have been driven by the completion of the the lithium explorer's $12 million placement at a discount of 7 cents per share this morning. The proceeds will be applied to the land purchase for the lithium processing plant, expansion and operation of the lithium research centre, and securing IP protection over its lithium processing technology.

Australian Strategic Materials Ltd (ASX: ASM)

The Australian Strategic Materials share price is down 3% to $3.17. Investors have been selling this integrated materials company's shares after it announced the exit of its managing director and chief executive officer, David Woodall, with immediate effect. Mr Woodall gave no explanation for his departure.

Nuix Ltd (ASX: NXL)

The Nuix share price is down 11% to 65 cents following the release of a trading update. The investigative analytics and intelligence software provider revealed that it expects its revenue to be in the range of $151 million to $154 million in FY 2022. The midpoint of this range implies a 13.4% decline year on year. Things were much worse for its statutory EBITDA, which is expected to come in at $10 million to $12 million. This will be a ~64% decline year on year.

The post Why Appen, Arizona Lithium, Australian Stategic Materials, and Nuix shares are dropping appeared first on The Motley Fool Australia.

During mid-morning trade, the emerging critical metals producer's shares are down 10.12% to $2.93.

Australian Strategic Materials shares hit 52-week low

Investors are offloading Australian Strategic Materials shares after the surprise announcement that its managing director and CEO, David Woodall will leave the company.

According to the release, Woodall's resignation will take immediate effect.

Consequently, the hasty departure has sparked concern among shareholders which is dragging the Australian Strategic Materials share price to a 52-week low.

The board noted Woodall's contribution in progressing the Dubbo project as well as overseeing the partnership agreement with Hyundai Engineering.

Australian Strategic Materials chief operating officer, Rowena Smith will take over the CEO role.

Smith is a highly experienced global mining executive with more than 30 years' experience under her belt.

Having served as chief operating officer since July 2021, Smith led the Dubbo project team to deliver an optimisation study.

Furthermore, she also headed up the construction and commissioning of the Korean Metals Plant.

Prior to joining the company, Smith was the chief sustainability officer and vice president of supply for South32 Ltd (ASX: S32).

She managed teams across a number of countries such as Australia, South Africa, Mozambique, Colombia and the United States.

Chair of Australian Strategic Materials, Ian Gandel said:

We are delighted that Rowena is leading the company through the next phase of its development. Rowena has demonstrated that she is a highly capable leader, underpinned by her extensive experience and track record in the mining sector.

With this appointment, the board has confidence there will be a seamless leadership transition, enabling ASM to continue to focus on delivering its mine-to-metals strategy.

Gandel went on to add:

The board thanks David, who led the company through its early stages following the demerger from Alkane, through to the delivery of a successful optimisation study and the construction of our Korean Metals Plant. We wish him all the success in the future.

About the Australian Strategic Materials share price

Over the past 12 months, the Australian Strategic Materials share price has lost around 60%.

Year-to-date has fared worse, down 72% so far.

Based on today's price, the company has a market capitalisation of roughly $457.10 million.

The post Why is the Australian Strategic Materials share price sinking 10% today? appeared first on The Motley Fool Australia.

At the time of writing, the Australian Strategic Materials share price is $5.06. That's 12% lower than its previous close and 3.78% lower than it was at the end of Friday's session.

For context, the broader market is in the green today. Right now, the All Ordinaries Index (ASX: XAO) is recording a 0.17% increase.

Let's take a look at what's going on with the critical metals producer this week.

Australian Strategic Materials share price tumbles

Australian Strategic Materials' shares are plunging back into the red on Tuesday.

It surged 9% yesterday after it exited a trading halt with news Korea's KCF Energy is investing US$15 million ($21.44 million at today's exchange rate) to buy new shares in the company for $8.90 apiece.

The Seoul-based company also agreed to revise the pair's framework agreement and negotiate a five-year offtake agreement for the supply of 2,800 dry metric tonnes of NdFEB alloy from the Korean Metals Plant.

The framework negotiations will see the companies discussing more investments in the ASX-listed critical metals producer.  

Thus, today's drop could be a simple market correction after yesterday's buying frenzy.

This week's movements included, shares in Australian Strategic Materials are trading 55% lower year to date. Though, they have gained 19% since this time last year.

The post Australian Strategic Materials share price sinks 12% following rally appeared first on The Motley Fool Australia.

Shares in the ASX rare earths and critical metals miner closed on Thursday at $5.26 per share. The company entered a trading halt on Friday at its own request pending today's equity funding announcement.

In morning trade, the Australian Strategic Materials share price stands at $6.87, up 30.7%.

What's piquing ASX investor interest today?

Investors are bidding up Australian Strategic Materials shares following a US$15 million (AU$10.4 million) funding announcement.

According to the release, Korean company KCF Energy will invest US$15 million of equity funding via a share purchase at an issue price of AU$8.90 per share.

Notably, that's 69% higher than what the Australian Strategic Materials share price closed for on its last day of trading

The parties are also revising their July 2021 Framework Agreement, reporting that negotiations are ongoing for a five-year offtake agreement for 2,800 dry metric tonnes of NdFeB alloy from the Korean Metals Plant.

One of the core negotiations in the Revised Framework Agreement is for KCM to facilitate the acquisition of 10% of Australian Strategic Materials (Holdings) shares for US$125 million by a "strategic investor".

The parties are also negotiating another US$105 million equity investment by KCM, which would be subject to Australian Strategic Materials shareholder approval.

Commenting on new investment, Australian Strategic Materials managing director, David Woodall said:

We welcome this investment in ASM from our Korean partners as we continue discussions and agree on terms to progress our Dubbo Project and importantly ASM's mine-to-metals strategy…

We are pleased to maintain our close relationship with Korea and our partners, who are highly supportive of ASM's mine-to-metals strategy. These partners wish to secure their supplies of the metals needed to drive Korea's manufacturing industry.

Separately, the critical metals miner released its investor presentation today.

Australian Strategic Materials share price snapshot

Today's big boost in the Australian Strategic Materials share price comes after a difficult few months for the critical metals miner.

To give you some idea, shares are up 59% over the past 12 months but are down 40% in 2022.

By comparison, the All Ordinaries Index (ASX: XAO) is up 2% over the 12 months and down 7% year-to-date.

The post Here's why the Australian Strategic Materials share price is surging 31% today appeared first on The Motley Fool Australia.

This comes as the company requested its shares be placed in a trading halt today.

At such, the emerging critical metals producer's shares are frozen at $5.26 cents apiece.

What's happening with Australian Strategic Materials?

Prior to the market opening, management requested the Australian Strategic Materials share price be halted while it prepares an announcement.

According to the release, the company is planning to make an announcement in relation to an equity funding agreement and revisions to a framework agreement.

It's worth noting that Australian Strategic Materials shares have lost considerable value in the past month. Its shares are now down more than 26% after touching an 11-month low of $5.20 yesterday.

The company has requested the trading halt remains in place until Tuesday 17 May or following the release of the announcement, whichever comes first.

Project ready for construction

Headquartered in Western Australia, the company is focused on supplying high-purity metals, alloys and powders to global manufactures.

These advanced materials are used in the clean energies, electric vehicles, aerospace, electronics, and communications space.

Australian Strategic Materials wholly owns the Dubbo Project which holds rare earths, zirconium, niobium, hafnium, tantalum, and yttrium.

With all major approvals and licences in place, the project is ready for construction, subject to financing.

The company intends to develop the site to meet the high demand of a range of existing and future technologies.

Notably, once established, the project will be one of the few supply options outside China, according to the company.

About the Australian Strategic Materials share price

Over the past 12 months, Australian Strategic Materials shares have risen by 24% following strong investor hype in mid-2021.

Although, when looking since the start of the current year, its shares have receded to post a decline of 50%.

Based on valuation grounds, Australian Strategic Materials has a market capitalisation of roughly $775.65 million.

The post Why is the Australian Strategic Materials share price frozen today? appeared first on The Motley Fool Australia.

The S&P/ASX 300 Metal & Mining Index (ASX: XMM) gained 14.7% between December 31 and March 31. The S&P/ASX 200 Materials Index (ASX: XMJ) also rose by 11.9% during the period. In contrast, the broader S&P/ASX 200 Index (ASX: XJO) edged just 0.74% higher.

While some names flourished and kept the sector easily afloat, it wasn't bonanza shareholder returns for everyone involved.

Here are the laggards of the mining sector for the three months of trade to 31 March 2022.

Underperforming ASX mining shares last quarter

We'll talk in terms of percentage change for the quarter, as the list differs when talking in terms of points and dollars.

Taking out the top spot for ASX mining laggards is Australian Strategic Materials (ASX: ASM), which slid 28.8% for the three months. This was followed closely by Chalice Mining Ltd (ASX: CHN) with a 26.3% loss.

Perenti Global Ltd claimed third spot, falling 19.35%.

Perhaps surprisingly, nickel player Nickel Mines Ltd (ASX: NIC) saw an 11.9% down-step too. Even as nickel prices surged to record heights in the quarter, the company's relationship with a large nickel supplier and trader had the market nervous about the stock.

Not all the laggards were in the red, however. Further down the list are shares such as Alumina Limited (ASX: AWC) with a 7.5% gain. That's not bad, but not great compared to the other winners.

One of the larger ASX mining shares, Pilbara Minerals Ltd (ASX: PLS), finished flat for the quarter.

Below are the top 10 underperforming ASX mining shares for the March quarter in table form.

The post All that glitters isn't gold: Here are the worst performing ASX mining shares of the quarter appeared first on The Motley Fool Australia.

This followed an announcement today that the critical metals producer is teaming up with a leading South Korean company, Hyundai Engineering Corporation Co Ltd (KRX: 000720).

The companies will work together on the Australian Strategic Materials' Dubbo Project in NSW.

Australian Strategic Materials enters contract negotiations

ASX investors were bidding up the Australian Strategic Materials share price after digesting the company's news today.

In its statement, the company advised that it has signed a Heads of Agreement (HoA) with Hyundai Engineering Corporation (HEC).

This will enable exclusive negotiations to take place for the delivery of a Front-End Engineering and Design (FEED) for the project.

Should all go as planned, this could also progress to HEC winning the Engineering Procurement and Construction (EPC) contract.

Australian Strategic Materials previously requested a proposal process for the FEED, where HEC was identified as a preferred candidate. This was based on Hyundai's experience and capability in developing such projects.

Under the deal, both companies will have an exclusivity period for the award of FEED by 31 March 2022. If the delivery of FEED is successful, the award of EPC will be valid until 25 February 2023.

Australian Strategic Materials wants the FEED contract awarded in Q1 2022 and delivered in Q4 2022.

The terms of the FEED and EPC price, scope, and schedule are yet to be agreed upon.

Australian Strategic Materials managing director, David Woodall said:

The team at HEC are impressive being at the forefront of providing innovative and sustainable engineering solutions that will enable the successful delivery of our Dubbo Project, a key to our "mine to metal" strategy.

The desire of both HEC and ASM to work in partnership to deliver the Dubbo Project with significant benefits to both Korea and Australia put us in a great position as we continue discussions with Korean financial institutions to fund the development of Dubbo.

What is the Dubbo Project?

According to the Australian Strategic Materials website, the Dubbo Project is a wholly-owned "large in-ground polymetallic resource of rare earths, zirconium, niobium, hafnium, tantalum and yttrium".

Australian Strategic Materials "intends to develop the Dubbo Project to supply globally significant quantities of zirconium and rare earth materials, as well as contribute to the niobium and emerging hafnium industries.

"These materials are in high demand for a range of existing and future technologies – in particular clean energy and transportation."

About the Australian Strategic Materials share price

Over the past 12 months, the Australian Strategic Materials share price has rocketed by 50% in value. However, when looking at the year to date, its shares are down 30%.

Australian Strategic Materials commands a market capitalisation of roughly $1 billion.

The post Australian Strategic Materials (ASX:ASM) share price surges 9% on Hyundai deal appeared first on The Motley Fool Australia.