Ann: Exceptional kaolin brightness results for Tampu Project, page-20

HPA is an industrial mineral. Not well understood by the market. Prices are not traded openly and are point to point offtake deals are completed due to the fact that the buyer has to tune their processes to the composition of the product. (iron content etc)

That said, the key re-rating will only come when an offtake partner is firmly in focus and they are negotiating a deal. This is when you know the product is fit for purpose and the quality etc. I have lived through the graphite boom, mineral sands etc which all have the same hurdles.

As a holder expecting to be here in 12-24 months, the important thing for me right now, is that the product is better than its peers. So far, the drilling assays have shown us the quality of the product is very good with very low impurities, the brightness testing came next which also, in my opinion, showed us a superior product, next come the size of the resource. With assays, samples and brightness tests, they can already start discussions with offtake partners and they can test the product in their own labs. The question they will have is how much product can you supply,

Then comes the question of what it costs to concentrate the product and get it to a port (logistics). BUT if an offtake is already in the wind with some ideas of price range based on the quality of the mineral and a MRE, then the market can really put a value on this project.

I think we will have a big part of these missing pieces within the next 6 months but lets see.

Do your own research, Not investment advice. My opinion only.