Ann: WAK - Dec 2022 Quarterly Activities Report and Appendix 5B, page-8

The Buy-Sell demand qt 11.45 today inclines me to think the SP is more likely to rise than fall – not that I base my sentiment to hold WAK on short-term SP wriggles.

Buyers --------------------------- Sellers ---------------------------
No. --- Volume ---- Price ----- Price --- Volume --- No.
10 ---- 817,758 --- 0.150 ----- 0.165 --- 145,314 --- 4
5 ---- 246,338 ---- 0.145 ---- 0.170 --- 122,788 ---- 4
6 ------- 55,737 --- 0.140 ----- 0.175 ---- 90,478 ---- 2
1 ---- 200,000 ---- 0.135 ---- 0.180 --- 219,250 ---- 3

While researching the rail-connection matter, I decided that in the absence of better information, I would ignore the rail connection as a catalyst for an SP fillip, and leave it in the background with the huge ore reserves as a an inestimable positive. I meant to write that before, but I forgot

Personally, I think that if WAK can produce 99% pure, and very white, kaolin cheaply, it may make more economic sense from a macro perspective to export K99 as a dry product, and leave the wet processing to be done at the import end, preferably on a JV basis using WAK's IP that is specific to K99 kaolin. That is, WAK should attempt to get a share of the value-add occasioned by wet processing. If the percentage of impurity (about 1%) were larger, the economic dynamic would be different. To put it into perspective, the lithium concentrate export product is only 6%, so 94% of crap is shipped.