Rowena Smith presentation, page-37

Hi fup

Happy to discuss this in detail.... in fact I think it's a good idea to really bat things to and fro.

POSCO, LG and SK Innovation are all involved in battery manufacture. They are concerned with lithium and nickel supply.... rare earths probably not. Where are the major industrial chaebols you ask? I did a quick search and discovered that Hyundai (Hyundai motors, Hyundai Heavy Industries and the rest) is bigger than POSCO, LG and SK Innovation combined... so that settles that I think.

Running the ruler over Dubbo? Absolutely.... Dubbo has been an orphan project for at least 10 years. It is certain a lot of people know it quite well and they are fully aware of its size. There has always been 2 problems getting it off the ground... 1) China's monopoly and price control and 2) there has always been sufficient supply. Both of these problems are now disappearing but still slowing things down. 4 years ago Lynas had 50% spare capacity, there simply wasn't the market demand to support the financing and development of Dubbo.

The EPCD can not proceed until the revised plans are fully permitted. We are waiting for that to conclude with the NSW government. If those permits come through and there is no further progress... then... there is a problem... but no sign yet of any such thing.

ASM received money and logistics support from the South Korean government no less. How easy do you imagine it is to be granted land right in the guts of their industrial park? Prime location. Building permits fast tracked I will wager.

Marketing? ASM is involved in one of the most politically sensitive strategic materials. Rare earths are China's love and prized possession (used once as a political weapon and threatened to be used again when Trump first imposed tariffs). ASM has been a party to the highest level of discussions with the US on its strategic materials needs and that continues. DW went to the EU and Japan while he was the CEO... the business relationships ASM are forging go far beyond publicly hawking its wares looking for customers.

It is hard to overstate the significance of the World setting up an entirely alternative supply chain for rare earths. In the midst of that is ASM which has brought to the table a new way to process the oxides. In the context that this would not be welcomed by China and it is certain they would be doing everything in their power to thwart this.... (is it just a coincidence the SP of ASM is under constant attack? Maybe, maybe not)... there might be good reasons why news is slow to filter out.

In 2 years since listing the company has set up the metallisation plant and is producing finished product (which has passed through the qualification process of the first customer), produced an updated DFS, attracted the likes of Hyundai (which incidentally has plans to manufacture 7% of the EV market and has invested $B's to develop offshore wind turbines) and ASM has been involved at the highest level with various governments regarding critical minerals supply. Not bad for a standing start... imo.

The last points you raise are offtakes and equity stake. Given all of the above can there be any doubt, at all, that these will come and be of sufficient scale to bring Dubbo into production. Given the context I doubt money is going to be a problem.