Kaolin's annual demand was 31MT in 2017, projected to increase to 43MT by 2025. Plenty of room for everyone. In 2020, Imerys made 430M Euro EBITA from kaolin, with a revenue of 2.2B Euro from kaolin alone (https://www.imerys.com/sites/imerys.com/files/2021/02/18/Imerys-Presentation-FY2020-EN.pdf). So ADN's ambitions aren't monster sized.
It takes time to obtain offtakes. That's completely normal for any explorer.
Lastly, Kaolin is a heterogenous product that commands different market prices depending upon quality. Whilst this might be unusual for resources, its not an alien concept. Consider the price of Wagyu beef compared to chuck steak. You wouldn't value a wagyu herd on heffa prices.
Kaolin's annual demand was 31MT in 2017, projected to increase...
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