How are ADN misleading the market?
HPA is a clear part of ADN's strategy, except they will only tackle the active development of it (formal feasibility stages) once they have achieved strong revenue and cashflow from the Halloysite/Kaolin operation.
They have already done multiple rounds of test work to evaluate the resource from the perspective of HPA.
They have stated they are looking at a collaborative approach.
From the annual report
( 1 November 2019, https://www.asx.com.au/asxpdf/20191101/pdf/44b5pjmnznb7bl.pdf )
From the latest investor presentation
(9 October 2019, https://www.asx.com.au/asxpdf/20191009/pdf/449bcwl4mzfpck.pdf )
ADN unquestionably have the highest grade and lowest impurity Kaolin/Halloysite resource in the country when compared with peers based on JORC Resources. They have a good opportunity to evaluate the development of HPA with a simplified flowsheet. They have already done the test work that shows this:
https://www.asx.com.au/asxpdf/20180829/pdf/43xt3jlll05cfb.pdf
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