Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-38

Good to see that my logic aligns in some respect with Managements, in particular pumping the ESG component. Something that Rowena is well across.

The ESG component of ASM now more than ever should be our priority

IMO now what Management should work towards is another modification of the Dubbo EIS to include an Australian Metals Plant. Whether we proceed or not with this is irrelevant. The fact is that an approved Metals Plant in Australia t the very least can be leveraged (carefully and with diplomacy) to beef up future contracts at the Korean metals Plant. If the Korean Government is in fact stifling contracts, then imports to Australia of raw ingredients can occur, with the raw ingredients then imported directly to Korea. Zero implications on suppliers in fear of upsetting the Korean Government.