Ann: WAK Investor Presentation, page-28

WAK seems to have hit teething problems scaling up from the tonnes that the pilot plant could produce to what the 200,000 tonnes per year that the Stage 1 plant could produce. Covid was part of the problem, producing a fine-grade for Dak Tai trading may have added to the problem. The problem is not lack of customer demand.

Andrew is abroad (in Asia, I think), so I'll attempt to speak to him later this month. WAK would not be opening a sales office later this year if it knew it cannot produce product. That said, WAK may have had a problem with the K99F product, which is a finer particle size, and they had to resolve it because they had agreement to supply the off-take agreement. Producing K99C is easier, because it is a coarse-grain product, and perhaps the reason why WAK is actively seeking market for K99c, and not K99F. This is just a postulation, I do not know the facts. War in Ukraine has created a shortage of K99C-style kaolin in Asia.

On selling more in a quarter that what WAK produced, WAK stated in the recent CR that it needed funds to build up stock levels. nyhow, let us see what the current quarter delivers on the basis of working 24-hours a day.