ADN CHART, page-1591

With all due respect, ADN isn’t a “HPA player”......all the financial forecasts in the SS were only based on ADN selling clay to the Chinese to manufacture crockery.....fact.
My issues with ADN are:
- No binding Off-take agreements
- No mining permits
- Not enough $$$ to fund pre-dry processing requirements, therefore additional placement on the horizon resulting in further dilution
- Another $28M to proceed to dry processing....more dilution
- A chart that is rooted and down 50% since SS was released

As for other HPA hopefuls:
- One has since decided to reposition themselves as a gold explorer because they can’t get the funding they require
- Another can’t achieve a 4N quality on a consistent basis from their PP and are yet to secured the required funds to build a full scale plant
- One is building a HPA plant as we speak and has been approached by the German government to build their second plant in Germany starting 2021