Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-26

An interesting part of a much more informative Quarterly , was this :

In other developments,ASM secured the alloy materials needed to produce customer-specific NdFeB
product samples and to support potential second-half production.
Commercial in-confidence sales discussions advanced with US and Korean magnet makers seeking to
purchase NdFeB alloy from the Korean Metals Plant. ASM advanced commercial-in-confidence
discussions to ensure the long-term supply of NdPr feedstock. These discussions have continued into the
December quarter.
and
In addition to the first sale of NdPr metal, ASM is also involved in advanced negotiations with a US
counterpart in relation to the supply of NdFeB strip alloy (for use in permanent magnets).
A wide range of negotiations are expected to continue through the December quarter, with material
progress expected on potential sales contracts and offtake agreements.

If you take an " optimistic view" ...and take the information provided to be as stated , then it seems FURTHER CONTRACT PURCHASE AGREEMENTS are quite close to being signed , with either or both other South Korean or US magnet makers ....otherwise , why purchase and pay for the raw materials in advance !!
The term , in the latter paragraph ...a US COUNTERPART ...also is quite intriguing . Does it indicate that a more formal Arrangement with a US Magnet maker is more advanced ? That question , also raises the possibility ( with the potential USA entity ) , that the particular entity may be applying/been granted , some of the Funding for Critical Metals promised and starting to be issued under the BIDEN BIL Critical Metals Bill .???

Quite possibly reading too much into what might be happening , as against what is happening ! But ..after many months of "lots of promises "and not much substance for investors to hang their hats on ( evidenced by the outrageous SHORT TRADING ACTIVITIES ) , at least this Quarterly seems to evidence that a lot of "core discussions" have been put under the microscope ... been re-evaluated ...and are realistically advancing with realistic time frames and a realistic chance of success !

AIMHO >