Ann: Diggers & Dealers Mining Forum 2024, page-16

I wonder if ASM really had a good understanding of the difficulty in cracking the magnet supply chain - who would have guessed 18 months and counting for product validation! That being said, it's a high moat for any future competitors! Perhaps the timeframe is shorter for new magnet manufacturers but they in turn have the issue of convincing their buyers that they are a genuine long term contender. We talk about ASM being end to end but there are a lot more steps downstream from KMP producing the metals and they all have their needs/concerns if contemplating stepping outside the China supply chain and risking that wrath! I maybe naiive here but I think ASM are close to cracking this and being a player/first mover.