The thing with PLS though, was that the underlying commodity completely fell off the cliff for a couple of years due to oversupply before real demand has taken off. Really affecting a new producer with their margins.
ADN selling into a stable industry with steady growth shouldn't see the same extreme fluctuations due to the product they will be selling into a consistent market. I guess ADN's issue is the opaqueness of the Kaolin Halloysite industry. There's always something!
But the similarities between the two are profound regarding SP movements/shorting. I think you need to compare ADN with PLS around 2015-2018... prior to commissioning.
General comments/chat, page-25290
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