Rowena Smith presentation, page-52

thanks for the detailed response. let me address some points for more discussion:

no doubt hyundai is a large player but we don't have anything substantial with them on paper. we pay them money to deliver a EPCD, until this develops into something more like an offtake or equity investment - the deep strategic relationships we should have in place by now - it isn't going to move the dial on the share price.

we don't know that the EPCD can't proceed until mod-1 is approved. this is the general assumption though and i think it's a reasonable one. but asm opens itself up to increased costs when they do push the button. hopefully there is minimal change in costs but let's wait and see. if there is no change to the contract amount i would take it as a good sign that there is a strong relationship with hyundai -> higher probability for something more.

asm received support from the provincial government. i think this is akin to receiving a grant from a state govt to build out your factory and "invest in local jobs and manufacturing". it's a good thing but it's not federal south korean government support. i assume there is still high level engagement at the trade/diplomatic level between aus/sk fed governments to push for investment in dubbo but no fruit yet and that engagement has been ongoing for a while.

marketing - sure lots of effort but also, no substantive result yet. hoping the next quarterly maps out what the plan is as the ndpr commissioning ramps up.

offtake/equity - the most important parts of getting dubbo delivered, can there be any doubt? yes. the share price reflects the doubt. a year with KCF and no definitive result reflects the doubt, the last capital raise at a premium just kicked the can down the road until 30 june 2023 (expect this to be extended to late 2023 given their investment is conditional on the outcome of the EPCD which hasn't kicked off yet). failure to mention offtake and equity at recent investor presentations adds fuel to the doubt fire. if there wasn't so much doubt we wouldn't be at this share price with absolutely no momentum at all.

i had high hopes last year that dubbo would be financed and under construction by now, the KSM plant would be outputting 2200tpa to offtakers and our share price >10$. the context around critical minerals hasn't changed, if anything it has moved even more to the forefront with the ukraine war and china's posturing over taiwan. asm is getting smashed by the high interest rate environment and missing goals on the financing and offtake front. until either of these things changes (and only the latter is in the control of asm) i can't see this breaking the share price downtrend.