Announcement PDF Andromeda The Great White Mineral Company Investor Presentation June 2024 ASX:ADN andromet.com.au Level 10, 431 King William Street, Adelaide, South Australia 5000 +61 8 7089 9800 Authorised for release by the Board of Directors of Andromeda Metals Ltd Disclaimer and Qualifications This presentation contains summary information about Andromeda, and its activities current only at the date of this presentation. This presentation is for information purposes only. The information in the presentation is of a general nature only and does not purport to be complete. This presentation should be read in conjunction with Andromeda’s most recent financial report and other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX) which are available at www.asx.com.au and also available on Andromeda’s website at www.andromet.com.au. No investment or financial product advice The information contained in this presentation does not constitute investment advice or financial product advice (nor taxation or legal advice) and is not intended to be used as the basis for making an investment decision or as a recommendation to acquire securities in Andromeda. The information contained in this presentation should not be relied upon as a recommendation or forecast by Andromeda (including as to the performance of Andromeda or its share price). Readers should obtain their own professional advice and carry out their own independent investigations and assessment of the information in this presentation (including any assumptions) before acting. This presentation has been prepared without taking into account any particular person’s objectives, financial situation or needs; does not purport to identify the nature of specific market or other risks associated with any investment in the Company and does not constitute any legal, taxation, investment or accounting advice. An investment in Andromeda's securities is subject to investment and other known and unknown risks, some of which are beyond the control of Andromeda, including loss of income and principal invested. . The Company does not guarantee any particular rate of return or the performance of the Company nor does it guarantee any particular tax treatment. Any investment decision should be based only on a person's own due diligence, inquiry, assessment and professional advice. Forward-looking statements This presentation contains or may contain certain forward-looking statements and comments about future events, that are based on Andromeda's beliefs, assumptions and expectations and on information currently available to management as at the date of this presentation. Often, but not always, forward-looking statements can generally be identified by the use of forward-looking words such as "may", "will", "expect", "plan", "believes", "estimate", "anticipate", "outlook", and "guidance", or similar expressions, and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production and production potential, financial forecasts, product quality estimates of future Mineral Resources and Ore Reserves. Such statements are only expectations or beliefs and are subject to inherent risks and uncertainties which could cause actual values, results or performance achievements to differ materially from those expressed or implied in this presentation. Where Andromeda expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and on a reasonable basis. No representation or warranty, express or implied, is made by Andromeda that the matters stated in this presentation will in fact be achieved or prove to be correct. Except as required by law, Andromeda undertakes no obligation to provide any additional or updated information or update any forward-looking statements, whether on a result of new information, future events, results or otherwise. Readers are cautioned against placing undue reliance on forward-looking statements. These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of Andromeda, the directors, and management of Andromeda. These factors include, but are not limited to difficulties in forecasting expected production quantities, the potential that any of Andromeda’s projects may experience technical, geological, metallurgical and mechanical problems, changes in market prices and other risks not anticipated by Andromeda, changes in exchange rate assumptions, changes in product pricing assumptions, major changes in mine plans and/or resources, changes in equipment life or capability, emergence of previously underestimated technical challenges, increased costs, and demand for production inputs. Not an offer This presentation is for information purposes and is not, and does not purport to be, a prospectus, product disclosure statement or any other offering document under Australian law or the law of any other jurisdiction. The information does not and will not constitute or form part of an offer, invitation, solicitation or recommendation in relation to the subscription, purchase or sale of securities in any jurisdiction. The distribution of this presentation in jurisdictions outside Australia may be restricted by law and you should observe any such restrictions. No warranty While care has been taken in preparing the information in this presentation, no representation or warranty, express or implied, is made as to the currency, accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this presentation. The information in this presentation has been obtained from or based on sources believed by Andromeda to be reliable. This includes references to test results and reports completed by external parties. Information in this presentation which is attributed to, or derived from, a third-party source has not been independently checked or verified by Andromeda. No representation or warranty is made as to the accuracy, completeness or reliability of such information. To the maximum extent permitted by law, neither Andromeda nor its related corporations, Directors, officers, employees, advisers or agents, nor any other person, accepts any liability, including, without limitation, any liability arising from the use of this presentation or its contents or otherwise arising in connection with them, nor guarantees or makes any representations or warranties, express or implied, as to or takes responsibility for, the currency, accuracy, reliability, completeness or fairness of this presentation nor the information, opinions and conclusions contained in this presentation. Assumptions and Notes for Financial Information on 2023 DFS and Stage 1A+ in this presentation: Further details on the 2023 DFS and the assumptions and notes for the 2023 DFS (and risk factors applicable to the Company)can be found in the Company’s ASX Announcement ‘2023 Definitive Feasibility Study Results’ released on 24 August 2023. This should be read together with ASX Announcement dated 6 May 2024 “Andromeda expansion plans for The Great White Project” and “Clarification of expansion plans for The Great White Project” and the ore reserve estimate previously announced to ASX on 6 April 2022, "Great White Kaolin Project –Definitive Feasibility Study and Updated Ore Reserve". Andromeda confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates and financial information continue to apply and have not materially changed. Currency Unless otherwise stated, all cashflows in this presentation are in Australian dollars, are undiscounted and are in real terms (not subject to inflation/escalation factors). Mineral Resources and Ore Reserve Estimates Third party data from consultants and government agencies Information that relates to Ore Reserve Estimate has been previously announced to ASX on 6 April 2022, "Great White Kaolin Project –Definitive Feasibility Study and Updated Ore Reserve. Andromeda confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Andromeda has relied on information provided by specialist consultants and government agencies in preparing this presentation. Andromeda has reviewed all information to the best of its ability but does not take responsibility for its accuracy or completeness, or reliability of such information. Information that relates to the other kaolin deposit Mineral Resource Estimates in this presentation have been previously announced to ASX as follows: 1. ADN ASX dated 26 November 2020, Updated Mineral Resource for the Great White Kaolin JV Deposit 2. ADN ASX dated 16 November 2023, Chairlift Kaolin Deposit Mineral Resource Estimate. 3. ADN ASX dated 29 September 2020, New mineral resource estimate for Hammerhead Halloysite-Kaolin Deposit. 4. ADN ASX dated 23 March 2022, Maiden Tiger Kaolin Resource and Regional Rare Earth Element Potential. Halloysite reported with kaolinite. 5. ADN ASX dated 11 August 2020, New Mineral Resource for the Mount Hope Kaolin project. Andromeda confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Competent Person's Statements The data in this presentation that relates to Mineral Resource estimates for The Great White Deposit, the Chairlift Deposit, the Hammerhead Deposit, the Tiger Deposit and Mount Hope Deposit is based on information evaluated by Mr Eric Whittaker who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Whittaker is the Chief Geologist of Andromeda Metals Limited and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). Mr Whittaker has over 30 years of experience in the mining industry. Mr Whittaker consents to the information in the form and context in which it appears. Mr Whittaker is entitled to participate in Andromeda’s employee incentive plan. The data in this presentation that relates to Mineral Reserve estimates for The Great White Deposit is based on information evaluated by Mr John Millbank who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Millbank is the Director of Proactive Mining Solutions Pty Ltd, an independent mining consultancy, and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). Mr Millbank consents to the information contained in this presentation being used in the form and context in which it appears. Mr Millbank, or any of the entities he directly controls, has no financial interests in Andromeda Metals Ltd or any of its subsidiaries. Third party data on markets and pricing The 2023 DFS (and hence this presentation) uses information from third parties pertaining to the kaolin industry, forecast pricing, market segments and end-markets in which Andromeda intends to operate (Market Data). This information has been substantially derived from market research prepared by third parties. The Market Data includes assumptions, estimates and generalisations that the Company believes to be reliable, but no representation or warranty is made as to the accuracy, completeness or reliability of such information. Due to the forward looking nature of the Market Data, it may not necessarily reflect actual market conditions and there is no guarantee that any forward looking statements in the Market Data will prove to be correct or will be achieved. Andromeda has not independently verified the Market Data and the Company cannot give any assurances to the accuracy or completeness of this information or the underlying assumptions used in generating this information. Industry assumptions, forecasts and estimates involve risks and uncertainties and are subject to change based on various factors, including those discussed in the risk factors set out in this presentation. Additional authorisations/certification Additional authorisations or certification is required for certain activities described in this presentation, including: • the current Program for Environment Protection and Rehabilitation (PEPR) covers a 13 year mine life, with processing of 300,000 tonnes per annum of kaolin ore, so any increase or change to this will require a new PEPR; • the sale of sand products as extractive minerals, which is not currently authorised under Mining Lease 6532 (and will require a change in operations) or under the PEPR (which would need to be updated and approved by the regulators accordingly) • the sale of Great White HRM outside of Australia, which may require certification for use in concrete applications. Andromeda has no reason to believe that such additional authorisations and certifications will not be forthcoming, but no guarantee can be given on this, including as to timing. Other permits and authorisations may also be applied for in the ordinary course of development and operations and will be applied for as and when required. Photographs, images, diagrams, charts and maps Photographs, images, diagrams, charts and maps used in this presentation are illustrative only and may not be drawn to scale. Unless otherwise stated, all data contained in the charts, graphs and tables is based on information available at the date of this presentation. Section A: Executive Summary 4 Andromeda Metals Australia’s next leading industrial minerals products company Who is Andromeda? • Andromeda Metals (Andromeda, the Company) is an ASX-listed (ADN) pre-development industrial minerals company. • We are developing The Great White Project (TGPW, the Project) on the Eyre Peninsula in South Australia. • TGWP is a high-grade kaolin project with a 28 year mine-life. What is the Opportunity? • The Company is at an inflection point in its development. • The Project has been de-risked and is ready to develop – fully permitted, feasibility studies completed and offtakes nearing finalisation for the first phase of production. • We are now focused on delivering the Project to a final investment decision (FID) being made, followed by development and production. Who are we? • Andromeda is led by a highly experienced board and management team who have funded, built and delivered successful projects. • TGWP will be delivered under an owner direct managed strategy by our dedicated project team, who have led all phases of pre-development studies. • Luke Anderson will be joining as new CEO to lead the Company into its development phase. Luke is a highly experienced industrial minerals & logistics executive, with the background required to successfully deliver TGWP to operations: ✓ CEO of One Rail Australia ✓ CFO of OZ Minerals ✓ CEO of Unimin Corporation, one of the largest industrial minerals company in North America 5 Investment Thesis De-risked, high-grade asset Tier 1 Project Significant Kaolin Market Opportunity De-risked Development • The Great White Project (TGWP): high-grade kaolin asset delivering premium products over a 28-year mine life • Strong economics: $763m post-tax NPV8; 43% IRR; $140m average annual EBITDA • Favourable capex: low $194M capex hurdle achievable over 3 stages1 • Low-complexity operations: simple, free-dig mining with low strip ratio, mechanical separation processing • Future upside: through additional expansion and new, high-value added products • Large, Diversified Addressable Market: US$4.4Bn market in 2023 (with CAGR of 4.7%)2 • Challenged Supply: growing structural supply deficit for high-quality kaolin, exacerbated by geopolitical factors further reducing supply • Attractive long-term trend: 30 years of low historical volatility, above CPI price growth3 • Clear Development Strategy: 3 stage development in line with expected offtake volume growth1 • Clear, Validated Product Strategy: targeting kaolin for premium ceramics. Our products have been validated by ceramics industry experts and customers • Offtakes nearing finalisation: for project’s first 100ktpa stage • Approvals: All key approvals received to commence development4 1. ASX announcement 6 May 2024 “Andromeda expansion plans for The Great White Project”. 2. Fortune Business Insights, "Global Kaolin Market Analysis, Insights and Forecast, 2024 2032" (2024). 3. Demonstrated by the US historical Kaolin and Ball Clay PPI published by the US Federal Reserve of St Louis. 4. Mining Lease 6532 and Miscellaneous Purpose Lease 164 granted for a period of 35 years on 17 December 2021, by the South Australian Minister for Energy and Mining. Program for Environment Protection and Rehabilitation (PEPR) was approved on 01 March 2023, by South Australia’s Department for Energy and Mining. 6 Section B: Opportunity Overview 7 Corporate overview Experienced Board & executive team to execute Andromeda’s strategy Andromeda Metals Limited (ASX:ADN) Board of Directors $0.05 $0.04 $0.03 $0.02 Mick Wilkes Independent NonExecutive Chair $0.01 $0.00 Bob Katsiouleris CEO & Managing Director Austen Perrin Non-Executive Director Sue-Ann Higgins Non-Executive Director Executive Management Capital Structure Shares on Issue Share Price1 3,110M A$0.018 Market capitalisation1 Cash-on-Hand2 A$49.8m $7.9m Joe Ranford Chief Operating Officer Key Shareholders3 John Connolly/Buratu Pty Ltd4 5.04% Board & Management 0.80% Sarah Clarke General Counsel & Company Secretary Pascal Alexander-Bossy Chief Financial Officer M = million 1. As at 27 June 2024 2. As at 31 March 2024 3. Includes substantial shareholdings, and shareholding held by Board and Management. 4. Includes entities associated with John Connolly Luke Anderson Consultant and CEO-elect 8 The Great White Project Staged Delivery of a High-Value Project Characteristics 3-Stage Development with Robust Economics (NPV 8, real post-tax)1 ✓ Simple mining with low strip ratio ✓ All key approvals to commence operations ✓ Definitive feasibility study complete ✓ Low capex hurdle ✓ Staged development into market demand Cumulative LOM NPV/IRR >>> ✓ High-grade 15.1Mt reserve supporting 28-year mine life $763m 43% p.a. From Stage 2, Project will generate $140m annual EBITDA for 22 years Stage 2  120,000 wmt pa Capex $53m NPV(8)* $235m IRR 56% p.a. Stage 1B  110,000 wmt pa $569m 39% p.a. Capex $57m NPV(8)* $387m IRR 65% p.a. Stage 1A+  100,000 wmt pa $211m 26% p.a. Capex $84m NPV(8)* $211m IRR* 26% p.a. * Stage returns represent standalone investment decisions at each Stage FID Cumulative capex $ 84m $141m $194m Cumulative capacity 100,000 wmt pa 210,000 wmt pa 330,000 wmt pa First production (from Stage 1A+ FID) 12 mths Stage 1A (55ktpa) 15 mths Stage 1A+ (100ktpa) 24 mths 42 mths 1. Refer ADN ASX dated 6 May 2024 titled Andromeda expansion plans for The Great White Project. Figures differ marginally due to changed timing to first production – increase from 10 to 12mths for Stage 1A+ 55ktpa due to extra expected pre-FID design work, compensated by a shortened time to ramp-up. 9 Offtake profile Agreements for Andromeda’s premium ceramic kaolins • Contracted volumes5 plus non-binding Heads of Agreement, including Traxys6 which is at an advanced stage for conversion to a binding contract • Andromeda products pricing within the high-quality price range7 Ongoing contract volumes>> 100,000 Stage 1A+ fully ramped 90,000 production4 HOA 70,000 60,000 50,000 Contracted Wet metric tonnes per annum 80,000 40,000 30,000 20,000 10,000 0 Year 1 Plantan Yamada (contracted) (1) 1. 2. 3. 4. 5. 6. 7. Year 2 Foshan Gaoming (contracted) (2) Year 3 IberoClays (contracted) (3) Refer ADN ASX dated 8 June 2023 titled Binding Offtake Agreement signed for Japanese market. Refer ADN ASX dated 18 October 2023 titled Binding Offtake Agreement signed for Chinese market. Refer ADN ASX dated 19 January 2024 titled Binding Sales and Distribution Agreement Signed with IberoClays. Refer ADN ASX dated 6 May 2024 Andromeda expansion plans for The Great White Project and Clarification of expansion plans for The Great White Project Volumes exclude contracted volumes for Great White HRMTM and assumes maximum volume options for other products in binding offtake contracts Refer ADN ASX dated 21 November 2023 titled Non-binding Heads of Agreement signed with Traxys Refer to slide 17 Heads of Agreement 10 Targeting Premium Markets Offtakes geared towards high-quality/price kaolin import markets Target markets Europe Key markets – Spain & Italy Asia Pacific Key markets – India & Japan China Target segments Key metrics High-end ceramics: tiles and countertops • Spain #1 importer of kaolin1; #5 ceramic tile producer2; #2 exporter of ceramic tiles3 • Italy #4 importer of kaolin1; #7 ceramic tile producer2; #4 exporter ceramics tiles3 • Countertops4: US$160bn global market opening to porcelain slabs due to silicosis risk • Stage 1A+ path to market: binding offtakes with IberoClays, HOA with Traxys High-end ceramics – tiles, tableware & countertops • India #9 importer of kaolin1; #2 ceramic tile producer (14% CAGR)2; #3 exporter of ceramic tiles3 • Japan #3 importer of kaolin1; leading high-end porcelain tableware producer6 • Countertops4: as above – US$160bn global market opening to porcelain slabs due to silicosis risks • Stage 1A+ path to market: binding offtakes with Plantan Yamada, HOAs with Traxys and Opaque A broad range of high-end applications via distribution • Largest market #1 consumer of kaolin; #2 importer of kaolin1; #1 exporter ceramic tiles2 • Deep high end-market with multiple applications • High long-term growth5: kaolin demand to grow by CAGR of 4.6% to 2025; imports CAGR of 6.6% • Stage 1A+ path to market: binding offtake with Foshan Gaoming 1. Based on World Bank data. 2. World production and consumption of ceramic tiles 2022, Manufacturing Economics Studies (MECS), October 2023 3. Top 10 countries for ceramic tile exports in 2018-2022 in million square metres (sqm), and Compound Annual Growth Rate (CAGR) 2018-22, Baraldi, 2023. 4. Global Countertop Industry Report, Freedonia Group, March 2023 5. HQ Kaolin Market Study, TZMI, 2023. 6 .Kaolin consumption by leading tableware manufacturers in Asia (excluding China), Hart, 2021. 11 Section C: Global kaolin market & Andromeda’s products 12 The kaolin market Globally important industrial mineral Large, Diversified Global Market De-Commoditised Market • Not a commodity market – product-driven market with • Natural white clay which is processed into a wide range of products • Products are used in a diverse range of sectors and applications, e.g. as fillers, large quality and price differentials • Once a product has an established customer base, additives and pigments in industrial, medical, cosmetics and consumer products demand and price growth is consistent and low-volatility – as demonstrated by US historical Kaolin and Ball Clay PPI (world’s largest exporter of high-quality kaolins) • Large global market: ~30Mtpa, US$4.4 billion characterised by consistent, lowvolatility growth of 4.7% CAGR1 US Kaolin & Ball Clay Producer Price Index vs Median CPI3 TZMI: Global kaolin demand by end use & region in 2024 Mt2 Index value 1999 = 100 220 200 180 160 140 120 100 Kaolin & Ball Producer Price Index Andromeda’s target markets 1. Fortune Business Insights, "Kaolin Global Market Analysis, Insights and Forecast, 2024-2032 (2024) 2. HQ Kaolin Market Study, TZMI, 2023 3. US Federal Reserve of St Louis Median US CPI 13 Supply-demand outlook GDP+ demand growth supported by challenged supply 1 Demand growth in excess of global GDP Highest growth segment is Andromeda’s targeted ceramics segment (6.4% CAGR)1 2 Depletion of high-quality sources of supply Affecting all major production regions (Europe, China, USA) May 2024 > > Caobar mine ramp-down in Spain > > c.120ktpa removed from market2 3 Few new near-term sources of high-quality kaolin With >36% alumina, low iron, high brightness and high mechanical strength 4 War in Ukraine (Donbas) supply disruption +5-year expectation, historically a leading source of high-quality product to Italy and Spain 5 China forecast – material supply deficits Especially for high-quality kaolins – reflective of trends in all of Andromeda’s target markets TZMI: China domestic supply & demand to 20411 Ukraine: war impact on kaolin exports3 000s tonnes 000s tonnes 13,000 Global GDP vs kaolin demand – index value4 Index value 2022 = 100 1,200 130 12,000 1,000 125 11,000 800 120 10,000 600 115 9,000 400 110 8,000 200 105 7,000 - 100 Domestic supply GDP, constant prices (market exhchange rates) (IMF, 2023) Domestic demand 1. TZMI HQ Kaolin Market Study 2023 (CAGR 2022-2025). 2. Source: Galesk Consultancy. Global demand: kaolin for ceramics (Grandview 2023) 3.Source: UN Comtrade. 4. Source: IMF and Grandview. Global demand: kaolin all sectors Grandview 2023) 14 What makes a premium ceramics kaolin? Andromeda delivers high “value in use” to customers • Value in use is the pricing basis for industrial minerals. It quantifies the profit realised through converting a raw material into a finished product • Andromeda has established high value in use and premium price point with Spain’s Institute of Ceramic Technology and offtake partners Characteristics of high value in use kaolin products Contributes to product structural and aesthetic properties  higher prices for final products Reduces defects during the manufacturing process  lower wastage & costs High Alumina High Mechanical Quality Strength Kaolin Lower iron results in less discolouration  lower wastage & costs  higher prices for final products Low Iron Bright White Colour (whiteness) and opacity  lower wastage & costs  higher prices for final products Alberto Piquer González, CEO IberoClays “We are excited by the opportunity to launch Andromeda’s high-quality kaolin products for sale into the Mediterranean region. The emergence of The Great White Project as a new source of supply comes at a crucial time in global kaolin markets. Ongoing geopolitical supply disruptions, in addition to the depletion of traditional high-quality sources of supply, is seeing elevated pricing for high-quality kaolin that can be used in ceramics.” 15 What is Andromeda’s market position? High quality kaolin products for premium ceramics Validated premium ceramic kaolins Ceramic Product: Great White CRM for use in ceramic formulations Engobe & Frits* T A refined high-quality product for the high-end ceramic tile and porcelain slab market o High alumina (min. of 36.5%) and low iron (max 0.55%) • application opportunities for use in engobe • Opportunity for use in production of frits (glass used for purity) *subject to further test work o High whiteness with min ISO B 83% White & super-white porcelain tiles P A refined high-quality product for the high-end porcelain tableware market o High alumina (min. of 35%) and low iron (max 0.6%) o High whiteness and translucency/min ISO B 82% Concentrate Product: Great White KCM 90 Tile Body Layers Ceramic Product: Great White CRM to deliver premium products Tile Body • High value in use of Andromeda products to upgrade lower-value kaolins in the tile body layer • Premium pricing achieved as a blending product Porcelain slabs A semi-refined high-quality kaolin for direct use, further refinement or upgrade of inferior kaolins o High alumina (min. of 35%) and low iron (max 0.7%) High-end porcelain tableware 16 Where does Andromeda’s Kaolin Price? Premium pricing for high value in use • Andromeda’s premium products are priced within the high-quality range of global kaolins – as validated by signed offtake agreements o European competition regulations do not allow the publishing of pricing received under confidential sales contracts in opaque markets o Prices under signed offtake agreements are consistent with product pricing assumptions made in the 2023 DFS • Kaolin is a de-commoditised product – particularly in high-quality end markets, where Andromeda’s products are positioned 2022 CIF Price Ranges for Kaolin (USD/t)1 Kaolin Quality Distribution $900 Highest Quality Andromeda’s Kaolin: in global high-quality range $800 $700 Dispersed pricing for high-quality kaolin shows the extent that value in use can impact on prices achieved Quality & Price $600 $500 $400 $300 Narrower range for lower quality kaolin prices denotes a more commoditised market $200 Lowest Quality $100 $0 Spain Supply Low Quality China Medium Quality High Quality 2023 saw an additional ~10% increase by major global kaolin producer2 1. 2. Derived from import data statistics in reports provided to Andromeda by Galesk Consultancy (for Spain) and TZMI (for China). KaMin LLC https://www.kaminllc.com/news