Ann: March 2023 Quarterly Activities Report and Appendix 5B, page-19

I am aware of Active Minerals Int. I have often looked at its webpage, because AMI being into dry-blow kaolin, its website has more relevant-to-WAK information in it than many other websites.

The fact is that WAK has been selling its K99F product into the East Asian fibreglass market via Dak Tai Trading since before WAK floated. Dak Tai Trading's parent company, Stanton International provided circa $200,000 to WAK as a loan before the ASX listing, and I assume that was a reflection of its interest in K99F. Stanton International is WAK's fourth largest share holder. Dak Tai Trading placed its largest ever order about a month ago. Andrew mentioned April-May to commence delivery. I also understand that WAK is trying to, or has by now, got a second shift up and running to effect delivery.

Stanton International is a prominant force as a supplier of feedstock to the glass sector of East Asia, which includes the E-glass subsector, so it is not surprising that Dak Tai Trading is WAK 's largest customer.

I am either wrong, or right. If I am right, then it does not matter if Active Minerals Int has a thriving business, or not, it is what WAK can sell that counts. I'll admit that there are other important issues. Has WAK commited to a viable price? Can WAK get product onto ship in volume? Does WAK have good management skills? I have no issues with the suitability of its K99F product, and less now that WAK can produce 99.9% purity. I do not know if WAK has a K999F. At that level of purity, the "F" suffix may be irrelevant.

On suitability of product for textile fibreglass, WAK's K999 seems to fit the bill, given that it has low carbonaceous material contaminant and low iron oxide contaminant. I do not know enough about the fine grit as a contaminant, but as it is silicate, I intuitively think it is not a problem.

In summary, my case rests on the fact that Stanco and its subsidiary, Dak Tai Trading, have shown enourmous interest in securing product from WAK for a long time, and hurled money at WAK via loans and equity investment capital to goad WAK into p[roducing product. They would not have that sort of money if they were stupid, which I why I see their interest as a proxy for superb product.