I think the critical difference is that we are not talking about...

I think the critical difference is that we are not talking about ANO in isolation here with growth. The market size itself is growing rapidly due to various positive factors, including the increase in SPF products for daily wear use, positive regulatory changes (approval of Zinc Oxide in Europe after years of lobbying from chemical companies to prevent it - ala the war on nanoparticles), reef safety concerns of chemical products being outright banned in holiday areas such as Hawaii and QLD, and what is happening right now with FDA only deeming zinc oxide and titanium dioxide as GRASE (potentially leading to a ban on chemicals come November) as well a strong consumer shift to natural cosmetics and skincare regardless of the law/regulation. There is so much positive shift to zinc oxide, everyone in the space is growing, not just ANO.

We were told the story at the EGM of a competitor who contacted ANO asking them if they could buy ZinClear from them to supply their own customers due to they themselves not being able to produce enough product. This company is turning over ~$650m AUD per year in zinc oxide production. They are looking to us for help. The board said they turned them away and will instead work to poach their customers. This same business is the one they are referring to that has invested over $8m USD to grow capacity by a similar amount as ANO has recently (it's also taking them 48 months as they building a facility from scratch while we are moving faster). Both our business generally and our manufacturing processes are much more efficient - but the board made an interesting point that it shows how much this company values that increase in capacity if they are willing to spend $8m USD on it.

Regarding the speed for EU customers to shift to using ZinClear, the process has been happening in anticipation of the exclusive arrangement with competitor being dissolved. The capacity increases are generally in line with discussions with the distributors about the required demand, they aren't just making it up as they go.

As a brand owner, who uses ZinClear in our product, I have seen first hand the growth in consumer demand for natural skincare and sunscreen. We have been quite literally swept off our feet both domestically and internationally, from consumers directly themselves and some very impressive large global retailers. We are working very hard to keep up our own supply to fill demand for our brand. In many ways, it feels like we are mirroring the experience of the ANO board. It is a very nice problem to have.