Ann: Wickepin Kaolin Project Ore Reserve More then Doubles, page-6

JORC reporting reports the ore in an area, and comments on it in terms of yield and whiteness. However, access roads, berms, slopes and processing loss must be factored in, and that is about 15%. In effect, WAK can extract 85% of the JORC- reported ore. If half of the ore is kaolin, then a tonne of ore yields 42.5% of kaolin. I have tended to use 40% as a rule of thumb.

I have given this answer off the top of my head, but I plan to analyse the report later, and if necessary, I'll comment further.

The reserve is so large, that in effect it should have little impact on the SP, because financial projections using NPV (net present value) calculations tend not to extend beyond 20 years. What is from my perspective interesting is the tonnage expected until WAK hits its target of circa 1 million tonnes a year. The market likes news, so the SP is likely to react, especially as it now lingers below what insiders have been prepared to pay 15c to exercise options, and grant themselves options expiring from 20 November 2025. Stanco being WAK's largest customer can be viewed as a quasi-insider. and it is taking up shares on a monthly basis at 17c at $1m a month until February.

Anyhow, I want to do something outside before it gets to hot today, and I'll delve into the matter tonight.