A little-known ASX All Ords share has been setting the bar high over the past weeks.
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.
Image source: Getty Images
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.
