Ann: WAK - Three Year Offtake Agreement Signed, page-32

I do not disagree. My point is that things are looking so positive for WAK that substantially all the options with a 23/11/2023 expiry date, are going to be exercised, so WAK is better off getting any part of that 25 cents early, rather than later. There will always be a few option holders who for a variety of reasons would subscribe and sell those options to make a few cents.

The recent Investor Summary makes it clear that key customers are desperate to secure supply, and WAK is trying to keep them loyal as best it can. The current shipping crisis has exaggerated WAK's advantage stemming from global shortage of quality kaolin due to resource depletion and burgeoning demand as a fibreglass filler.