Ann: First Customer Binding Offtake Signed for Great White, page-187

ALL IMO

That's the point the other Kaolin resources do not have halloysite of any given consistency or quality or volume. Sure, other can companies can replicate halloysite (i.e. manufacture it) at a far greater cost to their own disadvantage.

Moving from explorer to producer is extremely difficult and typically unsuccessful. ADN are starting with a very well established and stable ceramics market that will see ADN have an IRR of 174%

...and then this is a multi year play from here. ADN will expand into other opportunities as they present using its own cashflow. Some of those opportunities will be known before year's end. ...and some of these opportunities sell for $5000/t which is about 7 times the ceramics price. Lastly, this year we will know so much more about carbon capture which prices pure halloysite in the millions per ton. Who knows maybe some ADN Kaolin will be allocated to HPA. However, ADN are not too focussed on it because of the high capex to get it produced.

So IMO I think there is more than a little upside in ADN.

GLTAH