I think the reason it went so high was because it made the MCSI index and a fund was buying all the way up.
When things were slowed down by Covid and travel and getting supplies was almost impossible they couldn't achieve what was promoted with the metal plant in Korea.
There was also a consortium that were going to make magnets that came in and agreed to buy 20% of Dubbo for USD 240 million but that never happened during the same time period.
Now they have the metal plant operating but potential customers were slowed down as well so even though they have offtake agreements the customers aren't ready to take supply. ASM have said they will build up production according to customer demands but it is taking time for the customers to be ready for that to happen.
Dubbo offtakes still haven't happened, but we have been told they are close. We were told one would happen by Christmas and at the AGM we were told it was a US. car maker but the deal was delayed because of a major strike. We are all hoping this is signed early in the new year. Finance should follow an offtake agreement if/when they are signed.
A bit to prove but at least we should know in the next period.
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