Ann: Executive Management Changes, page-169

If this was a gold company or any other precious metals company we would be trading at a discount to NPV, likely 50% to 60% discount (for this stage of the project). That would be a market cap of $400-500m.... Let that sink in. The market still does not understand industrial minerals and given the lack of SPOT pricing for Kaolin, the differing qualities of Kaolin, and their different uses, the market simply can't work out how to value it. Our past failings haven't helped with sentiment either....

We need this last BOA from Traxys so finance can be formalised, then we should see a return to a more normalised SP.

At a more macro level world Kaolin prices over the last 30 years have grown year on year at a rate of 2-4% above CPI. It's very solid and very predicative. When this project has been built, and it starts spitting out it's boring profits (based on the higher margin Kaolin), the market will value it closer a precious metals project. Until then we are stuck in this frustrating position.