Ann: CUMMINS RANGE RARE EARTHS PROJECT EXPLORATION UPDATE, page-11

Can't really compare with ASM right now. A major factor with ASM is their partnership with the South Korean firm that's developed new tech for extracting rare earths - they believe more cheaply and safely (environmentally). Tests have indicated this to be true so there's a tech element that's currently driving that story imo. Where it is important to monitor them is they have suggested they could licence the tech to others eg us which would be a valuable potential option for REE in 2nd phase of future development where they might want to move beyond just producing HMC.