Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-85

KCM industrial already at 240 tpa annual capacity NdFeB and Setopia plan to double that after their acquisition, and are on record stating they want to supply KSM.
Supplied via VTRE, as Koreans all in on VTRE JV, cheaper and faster than Dubbo, though Vietnam has no FTA with USA so can be IRA issues.
Looks to be end game Setopia acquisition of KSM, not Dongguk, then at best a royalty on the tech process for ASM.
Koreans forcing IG's hand by hoping to control supply to KSM however they can.
IG personally holding strong to keep control of company and keep KSM for ASM.
Expect Setopia in the future to potentially float idea of constructing their own metals plant, even get Dongguk on board with the tech.
All the while remembering the cuckoo in the nest at KSM.
Very interesting times.