Ann: Framework Agmt for 20% stake in Dubbo Project and Offtake, page-148

Correct, you only have to compare the MC of LYC to ASM. I think ASM is still significantly under valued.

ASM has far better potential. We have a mine, metals tech, and a potential for multiple metal plants across the globe.

LYC only digs the stuff up and does a bit of processing overseas. I also believe they made a loss in one of their recent Annuals?

Factor in the:

• $340m from the Koreans;
• $200m from the Aus Gov;
• The offer for the solar power for the mine;
• The scoping study to refine the CAPEX downwards;
• Access to cheap loans for the delta $$ for the mine construction.

On the above (very simplistic comparsion), I would be gutted if, as minimum, ASM did not get to the same MC as LYC.