I've always thought the strategic partnership with South Korea...

I've always thought the strategic partnership with South Korea was all about de-coupling from the reliance of China for supply of REE's. This is sound for industrial, strategic military and political reasons, particularly given China's penchant for weaponising trade to further their interests in other areas.

Korea is a huge industrial powerhouse. Motor vehicles, mobile phones, ship building - and as electrification (particularly of vehicles) increases, so to will the reliance on REE's.

To the immediate north of South Korea is the very unfriendly North Korea, who border, and are allies with China (in so far as North Korea are allies with anyone). The industrial application for REE's in military technology is well documented, and South Korea's very real and tense relationship with the entirely unpredictable neighbour to the North is something that has always been pressing, ad of real concern for the South Koreans.

ASM provide a safe, stable and reliable pipeline of REE's in a friendly and politically stable jurisdiction, and using the Ziron Tech processes, can produce those metals at a substantially reduced energy cost - all whilst observing the international trading rules.

All of these metrics make the REE's and the processing technology extremely attractive to multiple jurisdictions, think Europe with their increasing pressure for electrification of vehicles and emissions reduction, and the US with their giant military/industry complex.

This is a fantastic symbiotic relationship for the South Koreans and Australia that will immensely benefit both, de-risk the REE market for our close allies (who constitute a huge and growing market) and prove very profitable for the share holders long term.

All in my opinion.