ADN CHART, page-2933

... plus investment risk is reduced.

I think the biggest potential change in upside will come with the DFS. That's due to all the drilling at Carey's Well and Condooringie Well.

For Condooringie Well - see this announcement from 18 May:

https://www.asx.com.au/asxpdf/20200518/pdf/44hwzth67261vz.pdf

(there is potential they could include Condooringie in the DFS, but seems more likely to be the subject of a separate Feasibility Study )

For Carey's Well - see this announcement from March - there is not enough time to get assays in for all those air core holes for the PFS - so that will most likely make it into DFS. I think this will mainly extend mine life at Carey's Well.

https://www.asx.com.au/asxpdf/20200316/pdf/44g2sl7vkr6xrl.pdf

The NPV at Poochera for Premium Refined Kaolin could potentially double with increased mine life plus improved economics.

They do have spare capacity for shipping beyond 227 kt pa ... they may also increase shipping to say the 300 kt pa mark whilst also extending mine life from 15 years to 25 years. This kind of scenario would mean an increase in earnings per share by about 30% to 50% on Scoping Study numbers ( allowing for improvements in economics plus annual tonnage ).

It will be interesting to see what mine life they come up with as an interim step in the PFS.