Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-3

Project offtake and fundingAs the social and political significance of rare earth elements and critical minerals continues to increase on a global scale, ASM has progressed discussions with potential offtake and strategic partners in a broad range of industries and jurisdictions, in support of the Dubbo Project.Active discussions are underway in relation to all products across ASM’s diverse portfolio. During the Quarter, the Company held face-to-face meetings with potential offtake customers and equity partners across North America, Europe, Japan and Korea.Significant government policy pronouncements were made during the Quarter, including the Australian government’s Critical Minerals Strategy, the Australia-United States Climate, Critical Minerals and Clean Energy Transformation Compact, as well as state investment funds announced by the French and German governments, worth up to EUR2 billion each.

As a result, ASM has seen continued interest and increased enquiries from Tier 1 manufacturers and businesses from across the electric vehicle supply chain in these jurisdictions.In addition to these opportunities, during the Quarter ASM participated in the Australian government trade delegation to Japan and the German trade delegation to Australia.

The Company continues to focus on delivering offtake agreements and executing strategic investment opportunities to support the development of the Dubbo Project. The Company is targeting to have key offtake agreements in place by the end of the second half of this year and the market will be updated when binding agreements are concluded.