Ann: New Mineral Resource for Mount Hope Kaolin Project, page-118

Good points Wombat.

One potential issue that comes to mind with that approach might be the specific terms / covenants of the joint venture agreement between ADN and MEP.

Hence:

1. There may (and I do mean may, as this is pure speculation) be some anti-competition restrictions that apply to the joint venture partners.

2. By reason of (1) above, ADN may be in a position where it would need either to: (a) negotiate ancillary commercial arrangements with MEP to be able to supply feedstock from Mount Hope to an existing customer of the joint venture; or (b) pursue Mount Hope as a separate project for HPA feedstock from the outset, with Great White and Hammerhead to siloed to the joint venture arrangements.

Speculative food for thought only - I would certainly be interested to know the particulars of the ADN / MEP joint venture agreement.

Very best.