IPO - WA Kaolin Limited, page-7

Really liking this IPO - I have my allocation confirmed now.

There’s no doubt ADN is not an amazing prospect but WAK is very good in its own right. With offtakes in place WAK represents a low risk and further advanced opportunity for a fraction of the market cap.

As per the DFS, the biggest risk was funding, which this IPO solves for. Call it ~9 months for construction and this will be ramping up very quickly. The process is very low risk and the purity is high so the pathway to free cashflow and dividends is visible and more importantly realistic. On a forward view (I.e when this is in production) the PE multiple is very low single digits. This will be a yield play in a few years.

I think the following table sums it up nicely from the pre IPO marketing. The market cap is not fully diluted but options are at 25c so they’ve taken a day 1 market cap - obviously the competitor market caps have since changed too. ADN is much higher now, which is great for them and for WAK.