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

Agreed.

Going back over the November AGM this update is completely in line with that.

Not much elaboration on the marketing aspect but it is an ongoing, complex process I guess and it is no doubt under wraps. They said at the AGM that there was very strong interest from the US and Japan and we can only take their word for that. Hopefully something comes of it. I suspect that the marketing bit is the easy bit, it is the logistics and pricing that is taking up all the time. I also suspect that US customers, particularly, would be very keen on the end-to-end aspect of ASM, not just the REE product itself. Time will tell.

Significant item: The commissioning of the stripcasters. This is not a fluff announcement, this is an important progression of the KMP. We need to remember that they plan to replicate the KMP to future customer locations. They need to be able to market the KMP just as much as the core product. It is all intertwined. I'm no expert on any of this but according to the rundown these things are required to add alloy to REE. This also allows further proof of product to prospective customers.

Signfiicant reminder: They said in the November AGM that they hope to provide the market with info on strategic investor and offtake progress - secured if not finalised - by mid 2023. By my calculation they still have a few months to go so I'm not going to tee off on the board just yet.

Personally I don't feel that the board have misrepresented anything material to shareholders but I have only been a holder for less than 12 months and respect that many other shareholders may beg to differ. They admitted that they were behind schedule wrt funding of Dubbo and they are focusing on it. No smoke and mirrors, just reality. In the mean time lets hope the SP doesn't drop much further!

GLTAH