Ann: Bell Potter Unearthed Conference, page-3

Thanks Bedger - again.....you're right - there's nothing new here. If the purpose of the presentation is to entice investment from Bell Potter's clients - this is not going to do it.

The standout omission in this presentation for me (as well as the last 2 updates) is the lack of genuine strategic milestones. A lot of wheels are spinning, but they're not working together to move the machine forward.

"Progress funding and offtakes" "rare earth assessment" are motherhood statements. They resonate up to a point, but you have to deliver.

Noting there's a graphic illustrating the conditional funding for Dubbo, for example, it would be useful to call out the progress turning this from conditional to actual and what the trigger is for earth to be cut at Dubbo. How far away is ASM from being a producer and genuinely vertically integrated? FEED complete, dirt cut, and ore shipped. 12 months or 12 years?

We seem to be in a perpetual holding pattern. Other planes are landing, where we continue to burn fuel.

The market needs a reason to prefer ASM for capital allocation. Give it to them!