The Short Report, page-154

Hi,

To be precise, reasons for the share placements:

• secure KMP feedstock inventory to support metals production, and in turn assist with near term customer acquisition; question: what happened to the inventory they have already paid at least 16 million USD - did it disappear?
• accelerate offtake marketing and strategic partner discussions in relation to funding the Dubbo Project; remark: for this you do not need millions!
• commence early works on road, bridge and rail infrastructure that are important for site access; why did they not start earlier with the capital raising at higher share price - this must have been known for long time
• manage corporate costs, general working capital and costs associated with the Capital Raising

In German we would say, they throw "Nebelkerzen" which means, they give a lot of information (which is not wrong information!), but this completely misleads the people (think about the number of posts/topics discussed during the last month - more or less all speculation - still we have no clue what is happening!) and are still hiding about the main points: Dubbo is still far away and there are problems with the KMP. We have a new process, but there must be some reason why it does not fly. Is it technical feasibility, is it economic feasibility?
For the economic feasibility: have we ever seen anything like a production cost estimate vs. prices on the market - I know that at 5200 t/a we get a remarkable profit. But at 10 t per months, I think it is a disaster.

Just a further remark: About the main point "KMP" we do not really know more compared to one month ago - even they have given information - it is a holy grail :-(.

Therefore again, obviously shorters know more than us.

Unfortunately, I am trapped in my position of ASM shares and I don't have the time to wait another 10 years?!?

DYOR

CB