Ann: Corporate Presentation, page-62

Mate I think KOMIR are gone for now and ASM are on their own. Yes we have no real details on the KOMIR deal in regards to finance other than they were to partner with us in securing rare earth feedstock to support the Korean domestic rare earth industry only. Now that could mean a 50/50 split in the cost of oxides or as you say we pay up front for the oxides or anything in between.

The exclusion of any reference to KOMIR from the new CEO as a partner in securing feedstock for South Korean rare earth producers to me suggests they are no longer in the picture, at least for now. My assumption is if the partnership still existed then recent language would have been different and the feedstock issue would have been factored in at least for the supply of the Korean domestic market.

Maybe I am wrong, but it does seem to me that the Korean Government has gone slow with ASM over the past 12 months. I mean getting updates from Hyundai is like pulling teeth and now we are back with ANSTO, the MOU with the Korean Development Bank with a strike date of 31st December 2027 is absolutely ridiculous but has been paraded by ASM as the greatest achievement since sliced bread, and in hindsight the paltry 10T supply contract with New World.