December this year looking like when NSW approvals come through... so no further progress on the EPCD until then.
Ramp up of the KMP will be slow... so far only 10t's of product sold against a 600t capacity. This means the plant is currently losing significant sums of money if 600t is the breakeven point. The mention of potentially material off-takes being in advanced negotiations should take the pressure off when they are signed... but the 1/4ly seems to be emphasizing the 600t as the first achievable milestone so the size of those off-takes doesn't sound very large.
Lots of high level meetings (both finance and potential customers)... excellent... but also an indication things are at the groundwork stage still. Again, no formal agreements regards financing (and Dubbo off-takes) can be signed until the EPCD numbers hit the table. So perhaps 1st 1/4 next year for the big announcements on this.
One point I would make is the corporate culture of ASM is very similar to ALK in regards to informing the market. Both companies have the habit of infrequent announcements but when they come they are thorough. There is plenty of news in the 1/4ly which many companies would have released as rolling announcements and if ASM had done so the market sentiment for the stock would have been healthier (imo). However, that is not the culture of ASM. Something to accept and get used to... but it would be nice if ASM management became more active in raising the public profile of ASM. It has a good story and it should be telling it.
ASM Price at posting:
$2.33 Sentiment: Buy Disclosure: Held
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