On long term, I am too old to even have a long term, but if I...

On long term, I am too old to even have a long term, but if I were a young lad of seventy, and the All Knowing told me I would live as long as I have already lived, I would hold for another dozen years. I am happy with the progress WAK has made. I am actually astounded how close things have transpired to be relative to what was stated in the 2020 float-related Announcement, and I have commented on this in recent months. There have been delays, but in 2020 Covid was an unknown, and resultant delays are reasonable.

On my gut-feel estimate, I am now a little confused by today's 2-part Announcement. The first part seems to be the news in the sense of being new, and that is followed by what seems to be a historical attachment, and it states, "The Company anticipates reaching its first full production rate in late September 2022, at which time production is still targeted to commence at 25 tonnes per hour nameplate capacity and steadily increase to ~ 200,000 tonnes per annum rate by the end of CY22. You recall that I shifted that output to the end of CY23. This morning I only read the first part of the Announcement.

The above confusion is a convenient excuse for me to contact Amdrew Sorenson for clarification, which the Announcement invites one to do - see the words, "For further information, please contact: Andrew Sorensen CEO [email protected] or Victoria Humphries Investor Relations +61 (0) 431 151 676 [email protected]." I'll come back with his reply.

The quality and quantity of the Wickepin resource is outstanding. The quantity allows WAK to produce a high-quality saleable product very cheaply via its K99 dry process that competitors can only match with a great deal more processing. I believe that the setting is too good to remain with the WAK that we know, which is a perfect breeding ground for Golden Swans (a metaphor for a JV with X, or an acqusition by X, where X is an entity of the stature of Imrys). At https://www.wakaolin.com.au/the-kaolin-market#:~:text=Imerys, Quarzwerke (Sibelco) and,(both US). one can read, "Imerys, Quarzwerke (Sibelco) and BASF accounted for over 26% of global production in 2017 and dominated the global market. Imerys alone accounted for 16.3% of the market; other producers include KaMin and Thiele Kaolin Co. (both US). Asian producers account for significant volumes but for the lower end of the quality spectrum."