IPO - WA Kaolin Limited, page-21

Uhuh - what you said.

Note that there's no discussion by the Burghlar of the debt, that this was a co which tried public and didn't do too well so ran away instead.. and again - is trying to ride the coattails of ADN, without being the same beast.

The basics for me are this - its not a bad company. It will probably give a decent enough return, down the track, once they've done their expansions. But they're not looking to give me my money back any time soon - they're looking to take it and put it into making the plant what they think it should be. And fair enough. Good dividends in a few years, I'd think, and again, I may buy it for that.

But, its been reviewed (in depth) and didn't make the Wombat Index! So, its should be a bit of a grinner and I like it for down the track - but its not a WInner. (Wombat Index Nominee). (ps: @wombat777 - sorry, I've taken your name in vain a couple of times here!).

Again, I think this is a good enough company, and will provide reasonable returns to shareholders in a while. It's a solid expansion plan they've mapped out, and one they've wanted to do for a while, as I read through their histories. The tide has turned in their favour, re interest and knowledge in kaolin on the ASX (thanks there wombat!) - but its not halloysite. Which is where the money is.

A little history lesson on the difference, below:

Halloysite is a rare derivative of kaolin where the mineral occurs as nanotubes. It was named after Belgian geologist Juan Baptiste Julien d'Omalius d'Halloy in 1826. Halloysite tubes are formd by weathering of the plate-like kaolin particles that cause them to roll up while also leaching out impurities that result in high purity nanotubes. The size of the halloysite particles varies within 1-15 microns in length and 10-150 nm of inner diameter.

https://www.andromet.com.au/resources/what-is-halloysite#:~:text=Halloysite%20is%20a%20rare%20derivative,the%20mineral%20occurs%20as%20nanotubes.&text=Halloysite%20tubes%20are%20formd%20by,result%20in%20high%20purity%20nanotubes.