The ADN valuation is the one I have trouble getting my head around, especially relative to RNU (which seems to be in the process of correcting itself anyway). Kaolin is still a reasonably peripheral material, but obviously with massive potential application with HPA etc. If the REE/Kaolin opportunity presents itself though that would be a big positive, especially relative to something like ADN.
Graphite is a much more known and immediate requirement. The big guys are going to need this in significant quantity, so are going to be attracted to the bigger projects. Personally think we should be definitely drilling more now to define the bigger resource to attract the bigger counterparties - not to say there wouldn't be opportunities with current volumes as you suggest. Assuming you want to get into the graphene market, you are going to want to build a material processing plant and there would appear to be plenty of demand, so you have to present a big enough project to justify the investment. Given we are already going to be drilling in the area and it's not expensive drilling I would definitely be doing it now.
I think people still don't have their heads around how big an opportunity the battery material space is. If most transport moves to battery electric (which is increasingly looks like it will), along with a significant amount of batteries for energy storage, the market is just huge. Personally think it will be the biggest economic opportunity this century - so lets hope us ITM holders can be along for the ride.
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