Ann: High Purity Halloysite confirmed at Poochera, page-92

Yes, yes and yes

The Halloysite grades are off the charts even if it is -2 microns.. It is high

Yield wise in high purity Halloysite zone
@ -45 microns usually about 50% Kaolin (45 % conservative)
@ -2 micron 68 % particle distribution = 30%
@ 59% ave grade of -2 fraction = 17.7% (15% conservative)

So the yield in the High grade zone could be massive

200mt could yield about 35kt

IMHO ADN in the unique position of being able to PFS / DFS for optimised Kaolin Halloysite, whereby the gross margin could be 40-60 % at dry processing, wet processing perhaps even more

Then there is the blue sky of potentially HNT / HPH (Halloysite nanotube) from the high grade zones being de lineated for which I guess the next step would be a seperate SS

Thus potentially again another super high margin business at relatively low Capex

ADN may actually have a better business case for not going to HPA 4N or 5N because they have a business case with similar if not better margins at a fraction of the Capex

None of the HPA players has this option .. period

Can't wait to see a scoping study on the pure Halloysite