By way of clarification, the PFS states (at page...

By way of clarification, the PFS states (at page 26):

"ParlaWhite® (PW) is a trademark registered with IP Australia, named after the Parla Peak landmark in the Poochera locality, with PW90 and PW70 applying to Poochera Bright White Halloysite-Kaolin product that is respectively >90% and >70% passing 2µm [micron]"

So the PW50 product would only have 50% of material smaller than 2 microns. As I understand it, it is this product that JM thinks we could produce with our wet-processing plant and directly sell into the market, while the PW90 and PW70 product needs to be toll-refined overseas (from a wet-processed interim product) in order to further reduce the amount of material less than 2 microns (as well as impurities such as FeO2 and TiO2).

According to the PFS, the PW90 product has 20% halloysite and 80% kaolinite, which is what enables us to capture the higher sales prices in the ceramics markets (e.g. A$700/t). It is not clear what the halloysite-kaolinite blend % is for the PW70 or PW50 product - probably less halloysite due to the lower product price suggested.