Announcement PDF ANNUAL REPORT 2024 Company information Contents DIRECTORS Sue-Ann Higgins Mick Wilkes Austen Perrin Letter from the Chair 4 Acting CEO’s report 6 Operations review 8 Executive Chair Non-executive Director Non-executive Director COMPANY SECRETARY Sarah Clarke Acting CEO, General Counsel and Company Secretary ANDROMEDA METALS LIMITED ABN: 75 061 503 375 ASX code: ADN REGISTERED AND PRINCIPAL ADDRESS Level 10, 431 King William Street Adelaide, South Australia 5000 CONTACT DETAILS Telephone: +61 8 7089 9800 ir@andromet.com.au www.andromet.com.au SHARE REGISTRY Computershare Investor Services Pty Ltd Level 5, 115 Grenfell Street Adelaide, South Australia 5000 GPO Box 1903, Adelaide, SA 5001 Enquiries (within Australia): 1300 556 161 Enquiries (outside Australia): +61 3 9415 4000 AUDITORS Deloitte Touche Tohmatsu 11 Waymouth Street Adelaide, South Australia 5000 SOLICITORS Minter Ellison Lawyers 25 Grenfell Street Adelaide, South Australia 5000 BANKERS Westpac Banking Corporation Level 5, 97 King William Street Adelaide, South Australia 5000 2 AN DROME DA M E TAL S L IM ITE D The Great White Project 9 Commercial strategy 10 2023 DFS and Stage 1A+ 17 Exploration 18 Great White Deposit 18 Hammerhead Deposit 19 Tiger Deposit 20 Eyre Kaolin Project 21 Mount Hope Kaolin Project 22 Wudinna Gold Project 23 Moonta Copper Gold Project 23 Corporate 24 Sustainability 26 Resources and reserves 35 Competent person statements 39 Schedule of tenements 40 Directors’ report 43 Operating and financial review 48 Remuneration report 50 Auditor’s independence declaration 67 Financial report 68 Directors’ declaration 105 Independent auditor’s report 106 Shareholder information 110 Glossary 111 Highlights High-grade, development-ready project with funding discussions underway [PAGE 3 - HIGHLIGHTS] THE GREAT WHITE PROJECT BUILDING BLOCKS ARE INwith PLACE High-grade, development-ready project TO DELIVER THE GWP resource 9 Long-life, high-quality funding discussions underway economics The Great White Project 9 Strong Miningblocks lease are in 9 Experienced Building place to deliver the GWP 9 9 Long-lead granted  Long-Life, High-Quality in demand, premium 9 High grade, Resource products   Strong Economics Mining Lease Granted  project team and Experienced Projectdevelopment Team &  Development strategy ready Strategy Ready  Stage Stage 1A+ 2024 1A+ 9 Bankable 2024 bankable Feasibility Study feasibility study Finalised binding  High grade, in offtakes finalised 9 Stage1A+ demand, premium products 9 Environmental capex hurdle 9 Low  Stage1A+ Binding Offtakes Finalise in-place to 9 Allapprovals Low Capex Hurdle  commence development  All Approvals in-place to Commence jurisdiction 9 Low-risk Development   Low-Risk Jurisdiction mining operation 9 Conventional 9  Conventional Mining Clear Operation market and product upside 9  Clear Market and Product Upside Shovel-ready, with project team in  place Shovel-ready, with Project Team in place • Tier 1 Project • • • Significant Kaolin Market Opportunity De-risked Development Environmental plan (PEPR) Plan (PEPR) approved Approved  finalised Premium offtakes products 9 Premium products Binding 9 Binding Offtakes validated by  in place in place validated by experts experts and and customers  equipment Long-lead ordered equipment ordered and and under under fabrication fabrication Logistics 9Logistics pathway Pathway selected Selected Mining 9Mining contractors contractors Shortlisted shortlisted customers Funding process underway to secure debt and equity funding for a final investment decision Funding process underway to secure debt and equity funding for a final investment decision 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, first stage capex $84m Low-complexity operations: conventional mining, low strip ratio, flexible processing 2 • • Large, Diversified Addressable Market: US$4.4Bn market in 2023 (with CAGR of 4.7%) 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 growth • 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 Major Offtakes finalised: for project’s first 100ktpa stage Approvals: All key approvals received to commence development4 • • • 3 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). Demonstrated by the US6 historical Kaolin and Ball Clayexpansion PPI publishedplans by thefor USThe Federal Reserve of Project”. St Louis. 1 3.ASX announcement May 2024 “Andromeda Great White 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 2 Energy Fortune Business Insights, "Global Kaolin Market Analysis, Insights and Forecast, 2024 2032" (2024). and Mining. Program for Environment Protection and Rehabilitation (PEPR) was approved on 01 March 2023, by South Australia’s Department for 3 Energy Demonstrated and Mining.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. A NNUA L R E P O R T 2 0 24 3 Letter from the Chair Dear Shareholders, Welcome to the Annual Report covering the Financial Year 2024 for Andromeda Metals Limited (Andromeda, the Company). This is my inaugural letter to you, our shareholders, having recently been appointed as Executive Chair. I come to the role excited by the Company’s prospects, confident that the Great White Project (GWP, the Project) is development-ready, with discussions underway to secure funding to support a final investment decision being made. Reflecting over the year’s progress, the Company has achieved numerous significant milestones. During the year, a comprehensive decision was made to narrow our focus and prioritise the development of GWP and the world class kaolin deposit that underpins it. GWP’s development represents a significant opportunity for shareholders and the Company’s success in signing four binding offtake agreements supports the decision to bring forward the Stage1A+ development to expand initial production capacity to 100,000 wet metric per annum (wmt pa). While progressively de-risking the Project, the Company continued evaluating potential funding options that would best suit the long-term interests of the Company and its shareholders. The Board and Management remain confident in progressing towards a final investment decision, with all the elements in place to progress funding discussions. 4 AN DROME DA M E TAL S L IM ITE D The range of potential debt financiers the Company is in discussions with include Government funding bodies, foreign banks and private credit institutions, all of whom are active in the data room. In addition, Pareto Securities has been mandated to assist in potentially accessing global bond markets or markets for other debt instruments. To support efforts in securing a cornerstone equity investment, Azure Capital has been appointed to run a cornerstone equity process, in parallel with the debt funding process. To support the Company until development funding is secured, a Placement of shares to sophisticated and institutional investors was completed in August 2024 at $0.012 per share, raising approximately $3.4 million before costs. An Entitlement Offer to existing shareholders on the same terms is currently underway. I welcome those new shareholders and thank those shareholders who are looking to participate in the Entitlement Offer. The Board remains committed to responsible financial and business practices, and the highest standards of corporate governance. I invite you to read about these in the Director’s Report, including the Remuneration Report, starting on page 43 of this Report. Andromeda is committed to safe and sustainable operations, which you can read more about in the Sustainability Report section starting on page 26. Letter from the Chair During the year, Bob Katsiouleris decided to resign as CEO and Managing Director, effective 31 July, to return to Europe for personal reasons. Regrettably, Luke Anderson, who had been appointed as Bob’s replacement, subsequently resigned for health reasons. As a result, Sarah Clarke was appointed as Acting CEO, until a suitable replacement can be found. Sarah is a strong capable leader, who is well-respected and across every aspect of the business, as General Counsel and Company Secretary. In light of Luke’s resignation, the Board determined that a greater level of day-to-day involvement by an Executive Chair with project funding and transactions experience was required, during the crucial funding discussions currently underway. Consequently, Mick Wilkes made the decision to stand down as Non-executive Chair and remain on the Board as a Non-executive Director and not receive any director fees until the Project is fully financed. I thank Mick for his service as Non-executive Chair and for his ongoing support during this important time for The Company. Similarly, our successes could not have been achieved without the support of our offtake partners, suppliers and the local Eyre Peninsula community. The Company is grateful for their support during the year. Finally, I would like to thank you, our shareholders, for your continuing support. You can be assured that the Board and Management remain committed and focused on maximising shareholder value through a considered and methodical approach to securing financing and progressing GWP towards a final investment decision being made. Yours sincerely, Sue-Ann Higgins Executive Chair Following this, the Board determined that the best person to appoint as Executive Chair was myself, given my extensive project funding and transactions experience and being available to provide greater hands-on, day-to-day support to Management. I thank the Board and Management for their vote of confidence and support. During these challenges, Andromeda’s employees have remained steadfast in their efforts to progress GWP through to development. I thank them for their commitment. A NNUA L R E P O R T 2 0 24 5 Acting CEO's report “Andromeda’s Great White Project is in the enviable position of being construction ready, with all the required approvals in place to commence construction, and a committed Project Team poised for delivery. Dear Shareholders, This is the first Annual Report in which I write to you, having recently taken up the role of Acting CEO. Following the Company achieving numerous significant milestones during FY24, our prospects remain strong, with active discussions with potential financiers underway and a clear pathway towards securing anticipated project funding. Revised commercial strategy and 2023 DFS The Company opened FY24 by conducting a comprehensive review of its commercial strategy. The review refocused Andromeda on GWP, and an enhanced product portfolio targeting established high value markets for kaolin. Following the review, in August 2023 the Company released the results of an updated Definitive Feasibility Study (2023 DFS) for GWP, demonstrating strong economics over the 28-year life-of-mine. Offtake agreements drives expedited expansion Market discussions with potential customers, showed a heightened level of demand and constrained supply, this has seen positive pricing dynamics for GWP’s highquality kaolin products. The Company’s discussions with potential customers led to success, through the signing of additional binding offtake agreements. 6 AN DROME DA M E TAL S L IM ITE D In addition to the previously signed offtake agreement with Plantan Yamada for sales in the Japanese ceramics market, during FY24 additional binding offtake agreements were signed with: • Foshan Gaoming Xing-Yuan Machinery Co. Ltd in October 2023, for sales into the Chinese market; and, • IberoClays SLU in January 2024, for sales across Mediterranean markets. These three agreements underpinned financing discussions for the initial Stage 1A development of GWP and planned nominal production of 55,000 wmt pa. The heightened demand for high-quality kaolin led, in November 2023, to a non-binding Heads of Agreement with Traxys Europe S.A (Traxys) being signed. In May 2024, the Company made the decision to bring forward its Stage1A+ development to expand initial capacity to produce 100,000 wmt pa of our kaolin products. In July 2024, a binding offtake agreement with Traxys, was signed. The agreement committed Traxys to purchasing 50% of planned production capacity of up to 130,000 wmt pa of product for sale across various global markets. This expansion in scale significantly enhances capital efficiency and the initial cashflows, supporting a higher level of debt that could sustainably be supported by the Project. Acting CEO's report Project readiness and funding Procurement activities for long lead items to support Stage1A+ progressed during the year, with key items either in the process of being designed, fabricated or completed and awaiting shipment. This places the Project in the enviable position of being construction-ready, with the required approvals in place to commence construction, and a committed Project Team poised for delivery. Additionally, the Company has completed all the anticipated key elements to support the funding process for Stage 1A+, which is currently underway. To support financing discussions with debt financiers, a Bankable Feasibility Study (BFS) for Stage 1A+ was completed, and an independent technical review of the BFS by Behre Dolbear Australia Pty Limited (Behre Dolbear), was undertaken. We are actively progressing discussions towards securing funding across a range of sources. In additional these funding processes, the Company progressed the sale of legacy gold and copper assets, through to completion during the year. Progressing GWP continues to represent the best opportunity to maximise long-term value for Andromeda. We are well-positioned to continue advancing GWP through to anticipated development. This provides me with confidence in achieving success in executing on our strategy, and delivering long-term value for you, our shareholders, the local Eyre Peninsula community and South Australia. Yours sincerely, Sarah Clarke Acting CEO, General Counsel and Company Secretary A NNUA L R E P O R T 2 0 24 7 Operations review Andromeda is an Australian company with the vision to be “The Great White Mineral Company”, with the ambition of leading the world in the sustainable supply of superior quality industrial minerals. Andromeda’s aim is to develop its globally significant, high-quality kaolin resources into world-class mining operations that produce superior quality halloysite-kaolin to supply global markets. Andromeda's resources contain a unique blend of bright kaolinite and halloysite clays, that can produce a refined product with a high average alumina content of greater than 36% and low levels of impurities. Through developing the Great White Project, Andromeda is focused on leveraging the potential of this unique, world-class resource for the long-term benefit of our shareholders, the local Eyre Peninsula and Traditional Owner communities and the South Australian economy. OVERVIEW OF ANDROMEDA’S CURRENT KAOLIN PROJECTS AND RESOURCES GREAT WHITE PROJECT (GWP) EYRE KAOLIN PROJECT MOUNT HOPE KAOLIN PROJECT Flagship project with 15.1 Mt Ore Reserve1 51% interest of Eyre Kaolin Joint Venture, with four exploration licences covering 2,799 km2. 100% interest in tenements, over which significant areas of ultra-high bright white kaolin, with exceptionally low iron contaminant levels, have been defined. The 2023 DFS shows strong economics through a 3 staged development over a 28-year life-of-mine.2 Exploration being undertaken for kaolin with properties complementary to those of the Great White Deposit. Kaolin GREAT WHITE Kaolin EYRE KAOLIN Kaolin MOUNT HOPE 1 2 8 Refer to Table of Reserves – Great White Deposit on page 35. The 15.1 Mt Ore Reserves includes 5.1 Mt classed as Proven and 10.0 Mt as Probable. Refer to 2023 DFS section on page 17, upon which the forecast financial information relates to an Ore Reserve Estimate that has been previously announced to ASX on 6 April 2022 titled 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 these market announcements (unless otherwise stated) and that all material assumptions and technical parameters underpinning the estimates and forecast financial information continue to apply and have not materially changed. AN DROME DA M E TAL S L IM ITE D Operations review The Great White Project SOUTH AUSTRALIA 100% Andromeda GWP is a development-ready project which is fully approved for commencement of construction, with feasibility studies completed, and binding offtakes finalised for the first Stage 1A+ phase of production of 100,000 wmt pa. GWP is wholly owned by Andromeda and includes several high-quality deposits of kaolin, containing naturally occurring kaolinite plates and halloysite tubes. Through making an anticipated final investment decision for GWP, Andromeda seeks to become a globally significant supplier of high-quality kaolin products to international markets. GWP comprises three mining tenements and three exploration tenement approximately 635 km west by road from Adelaide. The Project is located within the District Council of Streaky Bay, approximately 15 km southwest of the township of Poochera. Poochera is located on the Eyre Highway about 635 km northwest by road from Adelaide and 65 km east of Streaky Bay, on the Eyre Peninsula in South Australia (Figure 1). The Project has highly valued kaolinite and halloysite mineral deposits with a world-class iron to alumina ratio, outstanding mechanical strength, exceptional fired brightness, and distinctive rheological properties. Andromeda has continued to progress and de-risk the Project’s development. During FY24, a comprehensive review of the Company’s commercial strategy and its approach to developing the world-class, high quality Great White Deposit, was undertaken. The revised strategy refocused the Company on targeting high value markets, which resulted in an enhanced product portfolio and a major focus on supplying kaolin for use in the manufacture of highquality ceramic tiles, ceramic porcelain tableware and low-carbon concrete production. An updated Definitive Feasibility Study3 (2023 DFS) found that the economics of developing GWP under the revised strategy were significantly improved over the 2022 DFS, with a: • 65% increase in pre-tax net present value (NPV) to $1.01 Billion over the original 28-year life of mine, and • 59% increase in average earnings before interest tax depreciation and amortisation (EBITDA) to $130 million per annum. The Company finalised binding offtakes to support expanded Stage 1A+ production capacity and the securing of financing for a final investment decision. In March 2024, Andromeda announced that the subdivision process and issuing of land titles in line with the GWP mine site footprint had been completed. 134° 136° 138° Roxby Downs Tarcoola Woomera S OUTH AUSTRALIA Ceduna 32° FY24 also saw progress on the procurement of long lead items for Stage 1A+, and a majority of milestone payments having been made. All are ordered, and either being designed, in the process of being fabricated, or complete and awaiting shipment. ML 6532 – Great White Deposit Streaky Bay Great White Project Port Augusta Poochera Whyalla Kimba Lucky Bay 34° Port Pirie 3 Kadina GREAT AUSTRALIAN BIGHT Port Lincoln Adelaide 36° Main road Railway Town Lake Exploration Licence 0 100 200 Kilometres AND SA11 Figure 1 The Great White Project regional location map. Refer to 2023 DFS section on page 17, upon which the forecast financial information relates to an Ore Reserve Estimate that has been previously announced to ASX on 6 April 2022 titled 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 these market announcements (unless otherwise stated) and that all material assumptions and technical parameters underpinning the estimates and forecast financial information continue to apply and have not materially changed. A NNUA L R E P O R T 2 0 24 9 Operations review The Great White Project Figure 2 Images show (from left) raw kaolin clay from Andromeda’s GWP, which is then refined and processed, before being graded and packaged into various products that meet our clients’ exacting specifications. COMMERCIAL STRATEGY Through Andromeda’s market to mine approach, white mineral options are proposed for those strategic market opportunities with the greatest economic potential. Andromeda’s commercial strategy uses both top down, market to mine, and bottom up, mine to market, approaches to carefully determine the most suitable markets to engage and strategically supply. The marketing and sales strategy is essential to ensure the success of the product in the market. The commercial strategy map and methodology assist in providing direction towards the markets best suited for GWP products, the underlying drivers for why they are the best suited, and the key customers, stakeholders, partners and competitors anticipated response. MAR KET TO M I NE Andromeda’s commercial strategy map is presented in Figure 3. The Great White Mineral Company Macro environment Micro environment Strategic market opportunities Strategic Lens Megatrend response solution The “Best” aligned Return on invested capital/CCC Market and technical validation Strategic White Mineral product options Core business products Great White CRM Great White CRM Great White KCM Complementary business products Great White HRM Industrial sand Adjacent business opportunities High-purity alumina Carbon capture Mine response MI NE TO MAR KET Andromeda’s commercial strategy has identified a product portfolio of high-quality kaolin products able to command premium pricing, in growing established markets. LOM value accretive LOM plan and mine schedule LOM product wet metric tonnes Great White Great White CRM CRM 3,485,586wml 3,518,962wml Great White KRM 305,881wml Great White HRM 750,734wml EXECUTION Sales plan Marketing and sales strategy Sales and operational planning Figure 3 Andromeda’s commercial strategy map. 10 AN DROME DA M E TAL S L IM ITE D Operations review The Great White Project MARKET TO MINE Macroenvironment The macroenvironment has a significant influence on the success of Andromeda’s marketing efforts. The key macroenvironment elements considered by Andromeda on an ongoing basis, are: • Geopolitical risk • Decarbonisation • Urbanisation and social trends • Macroeconomics • Shipping and ports • Kaolin markets • Water and energy • Regional economies Consideration of the global kaolin macroenvironment has determined that the low-margin and/or high entry cost markets of polymer, paper, pharmaceuticals and paint commodity markets will not be the focus for Andromeda. Analysis of these factors identified the following key target markets for Andromeda to be: • High quality ceramic tiles • High quality ceramic porcelain tableware • Low carbon concrete production • Industrial sand Microenvironment The microenvironment has a significant influence on the success of Andromeda’s marketing ventures. The key microenvironment elements considered by Andromeda on an ongoing basis, for each key target market are: • Global supply and demand • Addressable market opportunities • Contestable markets • Product end use validation • Competitor product and company profiles The comprehensive commercial strategy review conducted during the second half of 2023 financial year, identified a product value in use (VIU) that was above the existing market value for the Great White Project’s kaolin core product portfolio, Great White CRM™ and Great White KCM™90, in established and growing markets for high quality ceramic tiles and ceramic porcelain tableware. The complementary product portfolio has been defined as Great White HRM™ an industrial sand co-product. In addition to the identified use of Great White HRM™ as a rheology modifier, the global market for low-carbon concrete production has been identified as a further opportunity. Industrial sand coproduct will be sold to meet the regional shortfall in the construction market. At the time of the commercial review in 2023, Andromeda’s adjacent businesses (including high purity alumina (HPA) and carbon capture) were considered still at scoping or pre-scoping study stage. Accordingly, research activities related to their development were put on hold, for the Company to prioritise the development of GWP. The commercial strategy review identified an opportunity for HPA to become part of Andromeda’s adjacent product portfolio following technical and market validation. In March 2024, Andromeda identified a cost effective opportunity to recommence test work to assess the potential viability of its proprietary novel flowsheet aimed at producing HPA from Great White kaolin feedstock. The results of that testwork were encouraging and the next phase of laboratory testwork, including a more rigorous continuous test program, is underway. A NNUA L R E P O R T 2 0 24 11 Operations review The Great White Project Table 1 Andromeda’s products and end-uses. PRODUCT DESCRIPTION END-USE Great White CRMTM Fully refined and dried kaolin product. High brightness and ultra-fine. High quality porcelain tableware. Great White CRMTMT Fully refined and dried kaolin product. High brightness, ultra-fine and high alumina. High quality ceramic tiles. Great White KCMTM90 Refined, bright white kaolin product. Ceramics and it can also be used for further refinement by other parties to give a premium grade product for other industry applications. It can be directly added into lower grade resources to increase the total value of the resultant combined product. Great White HRMTM Highly reactive halloysite-kaolin rheology modifier High solids slurries including concrete and a large range of associated applications where its suspension properties are very effective. Industrial Sand There two potential Andromeda sand grades, coarse and fine sand. Construction market. Target markets Europe Key markets – Spain & Italy Asia Pacific Key markets – India & Japan Target segments High-end ceramics: tiles and countertops High-end ceramics – tiles, tableware and countertops Spain Countertops⁴ Italy Stage 1A+ path to market India Countertops⁴ #1 importer of kaolin¹ #5 ceramic tile producer² #2 exporter of ceramic tiles³ #4 importer of kaolin¹ #7 ceramic tile producer² #4 exporter ceramics tiles³ China 1. 2. 3. 4. 5. 6. 12 Binding offtakes with IberoClays, Traxys #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 Largest market A broad range of high-end applications via distribution US$160 billion global market opening to porcelain slabs due to silicosis risk #1 consumer of kaolin #2 importer of kaolin¹ #1 exporter ceramic tiles² As above – US$160 billion global market opening to porcelain slabs due to silicosis risks Stage 1A+ path to market Binding offtakes with Plantan Yamada, Traxys Deep high end-market 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 Based on World Bank data. World production and consumption of ceramic tiles 2022, Manufacturing Economics Studies (MECS), October 2023. Top 10 countries for ceramic tile exports in 2018-2022 in million square metres, and Compound Annual Growth Rate (CAGR) 2018-22, Baraldi, 2023. Global Countertop Industry Report, Freedonia Group, March 2023. HQ Kaolin Market Study, TZMI, 2023. Kaolin consumption by leading tableware manufacturers in Asia (excluding China), Hart, 2021. AN DROME DA M E TAL S L IM ITE D Operations review The Great White Project Stage 1A starter pit Mine to market response Andromeda’s commercial strategy led to the selection of its Core, Complementary and Adjacent business products. As a result, the Great White Deposit’s 15.1 Mt JORC Ore Reserve3 was mapped by product, as presented in Figure XX, as follows: • • Core Products, being: » Great White CRM™T optimised for use in ceramic tiles and slabs; » Great White CRM™P optimised for use in porcelain tableware; and, » Great White KCM™90, for use in ceramics of further refined for other industry applications. Complementary Products, being: » » Great White HRM™ optimised for use