One question..., page-24

Perhaps ask about WA Kaolin. Recent article in Stock#$ad re WA Kaolin states that they are already producing and building their customer base etc and raising money via IPO for expansion.

The article also mention that WA Kaolin are selling their high quality Kaolin product for AUD300/t (I assume on an ex-works basis). I recall that ADN has based it’s figures on AUD700/t for their Kaolin product.

1. WA Kaolin have a head start. How quickly can ADN overtake WA Kaolin.
2. What is the quality difference between WA Kaolin and ADN.
3. Why can WA Kaolin only achieve AUD300/t when ADN’s PFS figures are based on AUD700/t for their Kaolin product.
4. WA Kaolin has 280Mt in resource and reserve, with potential to grow further. This appears to be more than ADN. Will ADN match or exceed WA Kaolin’s resource?

Cheers