Preheat your oven to 400°F and line a small baking sheet with parchment paper.
Pat the prime rib steak completely dry with a paper towel to ensure a proper sear.
In a small bowl, combine the garlic powder, smoked paprika, dried thyme, sea salt, and black pepper.
Rub the spice mixture evenly over both sides of the steak, pressing it into the meat.
Heat the olive oil in a cast-iron skillet over medium-high heat until shimmering.
Place the steak in the hot skillet and sear for 3-4 minutes per side for medium-rare, or until your desired doneness is reached.
While the steak cooks, toss the asparagus with the lemon juice and a pinch of salt on the baking sheet.
Roast the asparagus in the oven for 10-12 minutes until the tips are slightly charred and tender.
Remove the steak from the skillet and let it rest on a cutting board for 5 minutes before slicing against the grain.
Serve the sliced steak alongside the roasted asparagus while hot.