I would be careful with valuing this stock. 

I haven't read in depth yet, so am initially just giving a high level perspective. Dyor.

This comment focuses on using the kaolin, better known as clay, as a filler in various materials or as a template to generate carbon based materials. I agree that the use of these materials can greatly improve the performance when blended with other materials such as rubber or plastics. There is much research that demonstrates this as a general concept. This is actually quite a widely adopted approach, e.g incorporating carbon or clay in plastics to improve the mechanical or other properties.

The issue in terms of a business case is that in most composites, the filler material only makes up maybe 1% or less of the final product, so not much is needed. This means that only 10 kg or less is required for a ton of composite.

A question that also arises is does the ADN clay have a particular competitive advantage? They have demonstrated some nice nanostructures, but is this really any better than the multitude of other materials that are available to be used as fillers, which also in some cases have impressive nanostructures. Maybe or maybe not. This is really to be proved and then also whether this has a performance benefit of commercial significance.