https://hotcopper.com.au/posts/40944594/singleNovacI think you...

https://hotcopper.com.au/posts/40944594/single
Novac

I think you have to re-assess your cost base for Halloysite.
As far as I can tell you need to mine, ship and process ~10t of DSO to extract 1 tonne of pure Halloysite.
With selective mining and tight controls on quality, profit may approach $ 500/tonne halloysite sold.
If 5kt of product (~50kt of ore) can be mined, shipped, processed and sold for $5000/ tonne ADN Will have achieved $25m revenue and ( hopefully) 2.5 million profit.
Although this seems insignificant to your $90m it is approaching enough cashflow to self finance ( with debt and options) a processing plant at site. This is our licence to print money.

A word of caution :- my $500/tonne net for Halloysite is a guess based on transport costs from the SS
Nobody has yet claimed that there is an immediate market for 5000tonnes of Pure Halloysite.

This DSO to pure Halloysite project would have to be managed in conjunction with the SS plans for DSO of the 80% Kaolin/ 20% Halloysite product for which there is apparently established demand. Although the SS is not specific on the margins to be made from this phase, my estimate which includes the extra shipping for 50 % sand in the ore is ~ $50/ tonne.

Hope this isn’t to much of a downer for you but the real numbers will be a close call as to weather a DSO operation will stack up at all. If they approach or improve on what I have surmised above the future of ADN looks very bright.
If not, all is not lost, as the capital cost for onsite processing is not excessive but will require more capital ie. dilution