I guess it's the lack of that strategic medium/long term plan...

I guess it's the lack of that strategic medium/long term plan and its socialising with investors that is my main concern. Of course, there are pressing short term priorities but these should sit within a grand plan or vision. The multiple global metals plant (US, Europe, et al) was a strategy at one time but has seemingly been abandoned in recent presentations. I understand the immediate focus on KMP and Dubbo but where is ASM trying to position itself beyond that? What is its vision?

As I see it ASM has two major assets, Dubbo as a long life mine full of critical mineral and the LK Process IP for converting those minerals to metals in the most cost effective and ESG compliant manner. There is only one Dubbo (albeit it has >70 years of life) but there is no limit to leveraging the IP. Or is the IP not as transformative/game changing as we were lead to believe?

Below, I have mapped the current Australia critical minerals list against the suitability of the LK process to transform those minerals to metals, either at the KMP or another metals plant. Many of these are Dubbo products but not all. Should ASM not be actively working with other AU miners/global oxide producers across the full 'LK suitable' mineral suite and either jointly build a metals plant or at least licence the IP to them as another source or revenue?

Don't get me wrong. I am super positive on ASM and it's my second largest holding but the recent narrowed focus and lack of communication/transparency as to how it is going and where it wants to go concerns me somewhat.