Ann: Institutional Placement raises $30m and SPP commences, page-206

It's always been this way & agreed a blessing & a curse at times

Tricky navigating & negotiating with SK or any other entities with existing supply of REE - many interests up & down the chains to be considered & compensated

SK entities are probably bitter ASM & ALK snapped up ZironTech

Gandel is happy to onboard outsiders into DZP mining & finance but much more protective of KMP & ZironTech

At some point by 2030 I think the negotiations with foreign entities will see DZP fully funded & ZironTech spun out into seperate entity - not sure how exactly this plays out but for now Gandel will hold out on further encroachment on ZironTech KMP ownership unless it includes significant & binding offtakes or guaranteed funding of DZP which sees mining commence

The SK & KCF groups have likely already calculated & come to terms with this & so the chess manoeuvring & poker playing negotiations continue, pockets of support with strings attached at every turn as all parties can see the massive demand, advantages but also costs & risks of developing DZP & then expanding ZironTech globally

Yes progress has been interrupted & SP ran prematurely but there's still a strong case for DZP & KMP to succeed & be critical to each other in the next few years as ASM secure offtakes, DZP funding & genuine long term investors focused on seeing multiple metallization plants operating profitably

Undervalued to upside potential?

Overvalued to downside risks?

Wait & see?

Frustrating for many patient long term holders, however surely ASM is on the cusp of binding offtakes & DZP funding which will lead to profits & expansion