DIRECT SHIPPING ORE OFFTAKES SECURED FOR HALLOYSITE-KAOLIN PRODUCT

New non-binding offtake Letters of Intent (LOI) received from potential customers for Direct Shipping Ore (DSO) halloysite-kaolin product totalling 405,000tpa.

Longyan Kaolin China, a world leader in specialty halloysite-kaolin minerals for the ceramics industry, has signed a LOI for 200,000tpa of DSO.

Beihai Kaolin, which has one of China's largest capacity kaolin processing facilities, has also signed a LOI for 200,000tpa of DSO.

Yamada Toskio Shoten in Japan has signed a LOI for 5,000tpa of DSO for their Japanese operation that supplies the domestic high-value ceramics market.

Just speculating but these LOIs are from August 2019 with 1 BOA achieved and we are very close to the DFS