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The ASX-listed Alkane offshoot is now spending $1.5 million on detailed engineering for the Korea Metals Plant.
KMP is promoted as utilising an "innovative, low energy metalisation process" that's been shown capable of producing high-purity titanium and titanium metal powder, neodymium metal, praseodymium metal, an NdPr alloy, dysprosium,
"The scoping study demonstrates the potential for the KMP to deliver a profitable standalone downstream business for ASM while the company progresses the Dubbo project," ASM said.
ASM started the current quarter with A$12.4 million cash.
Shares in ASM were up 1.7% to $5.41 in morning trade, capitalsing the company at $644 million.
