Unless I am mistaken :
One of the many matters that deserves some "clarity"in the upcoming Quarterly ( if not before ) , is the current status of the DZP Design Work Contract awarded to Hyundai Engineering on the 9th June last .
Three of the items in the basics of the Contract are clearly still in limbo:
#• The Contract Price for the EPCD is AUD $46.7m and is fixed for three months
#• Conditions precedent to the commencement of the work are all necessary approvals
from both parties are received, and ASMH has issued HEC with a Notice to Proceed
(NTP)
#.• If after three months ASMH has not issued a NTP, the Contract Price may be varied bymutual agreement based on reasonable and demonstrated costs.This is yet another still "uncertain"matter announced under previous MD's watch , that continues to leave the market in an uncertain state , and allow the share price to drift . There are quite enough matters of economic uncertainty that the market is confronted with at present , without adding the lack of clarity on price and time to this Contract !
Unless the Chairman verbally commented with some further clarity at the recent Orange Presentation , there is nothing in the Slide that helps .
Korean and or other Government Funding is almost certainly not going to be awarded , without a path of certainty ..as regards this , as well as Korean Plant being fully commissioned and ramping up , and further Offtake Contracts being announced .
No doubt the Ian Gandel/ Rowena Smith combination have a lot of work to do , rectifying the status of ASM 's undoubted potential ! With such a real need for the metals to come out of the South Korean Plant , and a need for the FEEDSTOCK raw materials to eventually come out ot TOONGI , to at least have more than the "shovel ready "status of several years standing .
Long overdue for a rerate ...perhaps the patient accumulators will get the benefit of finally UNDERPROMISING and OVERDELIVERING ...rather than the reverse which has been the case for the most part of 2022.
(20min delay)