Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-18

We all know that if concrete makes its way into calculations before DFS with a defined resource and offtake or partnership then all bets are off and that is what most would be anticipating / hoping for

Kaolin can underpin the major game which is surely concrete after which the next major game will be HPA

The Capex for becoming a concrete additive producer is probably negligible in the sense that it would be 'bolt on' to Kaolin operations so if they can pull it off this would be massive going forward

HPA and I dare say NNT / HPH /carbon nano tech are a bit further down the track but once the commercial implications for either are defined, investors start to price in the future..

2022 to be a company defining year for ADN no doubt