CRUX and SAMSO interviews, page-18

You’re on the money @wombat777

Two other things not currently captured / appropriately valued in the current share price

- JM’s conservatism in the scoping study & PFS:
- 20% contingency in capex estimates
- lower end of pricing range (A$700/t) for high grade kaolin
- no PFS valuation for halloysite
- ‘Soft’ diversification away of China into global market:
. - PW70 has many alternative markets, including Aust & NZ.
. - Progress in product testing noted in Japan. US/Europe markets frequently mentioned
- This is not a ‘reliant on China’ story and the narrative is increasingly shifting to global marketing effort

I suspect there is material ‘dry powder’ he is keeping in the numbers and this will emerge at/before DFS

All IMO