Ann: Letter of Support Received from Export Finance Australia, page-9

Does anyone really think Tesla can build an EV without REE magnets?

How's that Tesla autopilot going?

How about the Elon robot presentations using human actors instead of anything remotely robotic...

How many other industries require REE ?

The interesting thing about HAS is the involvement of Twiggy
(personally not a fan but he gets things done), offtakes with German manufacturers, Northern Infrastructure Funding Support & now EFA supportI think HAS & ILU & LYC will continue to be supported in Australia & are important to our international trade partners & the recent push by USA, Europe & Asia (ex China) to reduce use & reliance on Chinese & DRC critical minerals

China has enough domestic demand for it's REE so it doesn't matter if foreign governments paint this as a sore point for trade or a crafty strategic move, the rest of the world needs LYC & increasing REE supplies

I hold ASM & recent developments & progress have been disappointing however ASM does have a processing facility in South Korea that is supported by KOMIR & hopefully is close to securing offtakes once samples have been delivered & upscale proven

There could be opportunities for ASM to source inputs from Australia outside of Dubbo, which seems stalled until offtakes are secured which ties into finance & government funding

LYC still very much leading REE production outside China & backed by USA & WA now to assist with ongoing drama & political games in Malaysia, but there will be room for HAS, ILU, ASM & ARU

The timelines & expectations of economic development & investment have been severely impacted by COVID & the fallout from tightening monetary policies, particularly rising costs & rising interest rates, but after recession comes a return to growth & then another recession

ILU was very "fortunate" to score significant commitment from outgoing LNP Federal government but it could be a while before any other Australian based miners receive such generous support