Scoping Study / JORC Mineral Resource / Feasibility Studies / Permits, page-56

That is a good question there wombat777...............can they move a decent amount of HPH or not............?

I do subscribe to the idea that they will probably end up foregoing the dry processing altogether in favor of installing a wet processing plant in the 2nd year here.

This is surely the quickest road to in-house higher margin production metrics for the 'ceramics product' and provides direct potential for the High Purity Halloysite (HPH) ramp up in my book. JM sounds very keen on the HPH subject (lets also not forget either that HPA production requires the ore to be wet processed also).

Larger revenues might result a tad faster than your 5-6 year predictions perhaps, without the need for a second plant even (all depends upon adoption of wet processing and consequently successful HPH production of course).

Why would they be looking at proving up a "high purity halloysite" resource or why bother doing the purification test work and so on. They must be confident on being able to produce and sell a quality product at viable volumes into the HPH market.

If they can move 5000tpa at "above $4000 margins" that's some serious coin to add to the bottom line (JM quotes this figure in the interview). I do think they could move beyond $100mill per yr (if HPH is successful)...........lots of if's and buts attached to this though, but that's why we're here discussing this stuff).

As it stands JM is playing the HPH cards very close to the chest at the moment and fair enough I would think on this score............until they have proven production and upgrading is fully viable then there's no need to be broadcasting or over promising on this front just yet.

Just go about their business and when they know we'll know type of thing...............somewhat frustrating of course, but most good things are worth waiting for, as they say.