Mate timelines are confusing as is most of the language in the...

Mate timelines are confusing as is most of the language in the 'Use of Proceeds', I will keep it short-

* secure KMP feedstock inventory to support metals production, and in turn assist with near term customer acquisition

Okay I will not mention KOMIR (oops), but 'secure' feedstock to support metals production. The only contract is with NS World Co. Korea. for 10T to December 2022. Only 1T delivered to date based on the September 2022 Quarterly. No other contracts yet but the Company has stated they will be here in coming months. ASM have yet to secure feedstock to support any metal production, as we are told in the September 2022 Quarterly ASM are in advanced commercial-in-confidence discussions to ensure the long term supply of NdPr feedstock. These things take time I guess as back in the March 2021 Quarterly ASM revealed that they were in discussions with several global suppliers in relation to the sourcing of key raw materials for its metal production strategy.

Assist with near term customer acquisition, again we have 9T NdPr committed to NS World Co. No other contracts signed as of the CR date. Perhaps what they mean by 'assist' is we can also afford to buy feedstock (once secured), to send out samples to potential offtake partners and then in the near term (Hard to quantify 'near term' - Investopedia define 'near term' as possibly ranging minutes to a few months) after we secure new contracts, secure more feedstock to support metal production.

The NdFeB situation IMO would be best described as 'near term + near term'.

Note: Hope the long term supply of feedstock comes with a priority shipping service and no committment at least for the 'near term' in relation to quantities. Cost $AUD1M - $200M

* accelerate offtake marketing and strategic partner discussions in relation to funding the Dubbo Project;

ASM appointed Peter Finnimore to assist with the marketing strategy in the June 2022 Quarterly after they read compelling Megatrend Data. There is some ANSTO sample analysis work happening as well. Assuming no offtakes yet in the 4-5 months Peter Finnimore has been on the task, the only significant cost here would be further samples needed for verification or customer verification and any face to face discussions, but no junkets okay just offtakes. Cost <$AUD1M

* commence early works on road, bridge and rail infrastructure that are important for site access;

Early works on key infrastructure sounds progressive and gives us that shot of confidence from Management that we need to buy into the CR. Early works is not quantified tho. It can mean anything from design to site clearing, maybe the surveying and infrastructure work and maybe some compacted gravel. However this only relates to site access. Access to the site administration building is complete, at least you would assume on the basis that the Occupation Certificate has been issued on the Site Administration Building, so can we assume site access for the CR relates to the processing plant just past the the proposed Toongi - Dubbo line that is to be upgraded a little further down the Road. Crews can access the processing site now so some reasoning as to the need to undertake this work now before offtakes, finance and BID might be warranted. I would say the reasoning is to improve the aesthetics of the site beyond the administration building for VIPs. Cost is an unknown at this point but as it is early work then estimated $AUD2-4M.

* manage corporate costs, general working capital and costs associated with the capital raising

Assume $AUD10M per Quarter. Does not include inventory costs for KMP.

Item 1 is largely unknown and drawdown on funds would be higher but then that would indicate revenue from sales.
Item 2 you would assume is within reason.
Item 3 you would assume is within reason.
Item 4 you would assume is within reason.

Lets see, we will be able to calculate from future quarterlies and other announcements costs incurred for item 1. $AUD5M for items 2 and 3 and the rest is for corporate costs, general working capital and costs associated with the capital raising.

The pressure is on in relation to securing feedstock and getting new contracts for the KMP over the term of these funds. There is significant reason to believe that this CR was done largely for working capital due to a looming global recession that could easily be sparked from the US midterm election results in a few days. Nothing about the general market outlook mentioned by the Company so we assume improving the bottom line as a prudent course of action for an increasing risk of a global recession was not a consideration. Just a coincidence in timing before the US midterms.

Couple of other notes
1. Bell Potter did very well from this CR.
2. The situation in Korea with the KMP is far from encouraging. There is enough happening there for us shareholders to receive frequent announcements between now and Christmas. Constant, clear announcements.

Please do your own research and do not make any investment decision with regard to ASM securities based on the above.