Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-29

I agree this issue could be made a little clearer from the JV partners. Here's the link to a post highlighting JM's comments.

https://hotcopper.com.au/posts/54225866/single

In my view, the GW JV has a premium FEEDSTOCK for HPA and there are a number of HPA producers that this feedstock could be sold to for processing into HPA.

There are a number of companies that claim to have the technology to process HPA from kaolin feedstock, via their own patented processes. If the GW JV were to sell feedstock to any one of these producers for HPA processing, would they be asking for a piece of the HPA final product? Isn't this like asking for a piece of every cup and saucer produced from CRM?

It seems ADN aim to leverage off AEM's patented process by producing their own HPA, while allowing ADN to control the final product and its customers, while capturing the full value of the feedstock.

Again, I agree that this could be made clearer by the JV partners for their respective SH's.