Australian Strategic Materials (ASX:ASM) said that its near-term focus is firmly on growing the customers and sales pipeline for the Korean Metals Plant, according to a Friday filing with the Australian bourse.

The company has started and is progressing with product and capacity expansion at the plant, the filing said.

It also plans to start detailed planning of the integration of the Dubbo project in New South Wales within the broader Energy Fuels group, the filing added.

Earlier this month, the company said that it entered into a binding scheme implementation deed with Energy Fuels under which the New York Stock Exchange-listed firm will potentially acquire the company via a court-approved scheme of arrangement.

Shares of the company fell 5% in recent Friday trade.