ADN vs WAK, page-2

I have both, but much more ADN. They address different markets, as WAK has a monster low grade resource, and ADN has a large resource of varied and higher value grades.

WAK will be mining within 3 months, ADN up to a year away. Management is solid by both.

There is no ADN vs WAK. If there is any overlap it 'may' be some Ceramics by WAK, and talk of HPA at WAK. I would say both companies respect each other, would work together I'm sure should the need arise. Andrew from WAK has spoken positively about ADN publicly.

WAK and ADN are likely to give you some solid bags, but ADN still has some speculative blue skies and fruit of any would see suitcases, not bags.

My only concern with WAK, is freight. Their kaolin retails at a much lower price, and freight from the latest presentation has the ability of eating substantially into margins. With ADN, and higher margins, the incase of freight will hurt less.

That said, you know the impact of freight from the DFS compared to the PFS. So freight will hurt both. WIll this be temporary - probably. Pezz can probably answer that.

Solid day today for ADN. Good volume and has come back from red on a down day