Ann: New Mineral Resource for Mount Hope Kaolin Project, page-125

Timely for a recap.

The  key to the value of ADN's Mt Hope deposit is the volume of Ultra-bright Kaolin and Halloysite in their resource. I think this is why JM focused in on securing Mt Hope - the Ultra-bright Kaolin and the Halloysite at Mt Hope ( the material with the optionality for the greatest margins ).



However, as you can see from the diagram and the resource table, the combined Ultra-Bright + Halloysite zone is about 30% of the material in their resource at Mt Hope, however on my analysis this is about 50% by value of the material they have.



Pricing assumptions in the below are from information in ADN announcements. As it is an inferred resource I then applied a 95% discount factor.





From the below Figure you can see ADN significantly expanded on the historic resource, however this was mostly in the lower value material.

It's the yellow and the red zones that are key to the value of what ADN identified at their Mt Hope deposit. This material will be the most important for achieving a high-margin operation.



Also important to note at this point, that Mt Hope is only about 13% of the resource (by value) underpinning ADN's market cap and per-share value ADN's share of the in-situ resource ( 75% of Great White / Hammerhead, 100% of Mt Hope ).



My valuations of the deposits at the Great White project below ( 75% ADN, 25% MEP ).