The owner of the Dubbo Project has bought vital technology and signed an agreement to construct a "commercial test plant" in Korea.
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Australian Strategic Materials (ASM) is also renewing its focus on securing offtake agreements and financing for the project.
A Toongi resource of rare earths, zirconium, niobium and hafnium underpins ASM's bid to be a producer of critical materials for advanced and clean technologies.
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The Dubbo Project is solely owned by ASM after its demerger from Alkane Resources in July.
Alkane Resources made the Dubbo Project shovel-ready with all necessary approvals, "pending financing".
ASM board chairman Ian Gandel has told of its prospects in the company's annual report.
"We believe the incorporation of critical metals production into ASM's business model will help attract one or more strategic partners to join Export Finance Australia, which has confirmed it would be pleased to be part of the financing consortium," he said.
This week ASM confirmed it had acquired 95 per cent of joint venture partner Ziron Tech and now owned its patented low emission, high purity metal-refining technology, and pilot plant in Korea.
ASM also announced a joint development agreement with Dongkuk Refractory and Steel to build a commercial test plant incorporating the newly-acquired technology.
"This production facility will prove Ziron Tech's patented metal-refining technology at scale, paving the way for a 3000 to 5000 tonne per year metal plant in Korea," ASM managing director David Woodall said.
