Australian Strategic Materials (ASX:ASM) said it will not exercise its option as per its option agreement with Caspin Resources (ASX:CPN), according to a Friday ASX filing.
The agreement provided for Australian Strategic Materials with an option to earn up to 75% of the rare earth element rights in Caspin's Mount Squires project in Western Australia through staged earn-in rights.
The decision came after metallurgical testwork on samples from the project. The period to exercise the option will expire on May 31.
Its shares fell 3% on market close.
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