ann coming do not be short, page-25

kacy, how do you figure ADY will be worth 12c with funding?

What you are saying is "the moment ADY gets MORE debt it seems incapable of paying, we will see a 2.4x rise in share price because we all LOVE debt SO MUCH that we cannot think straight right now".

Yeah, right. What will make the share price get to 12c is the financial report showing debt coming in at under US$40M and liabilities pegged below US$20M. Also, some shipments of iron ore and not bananas leaving Caleta and Caldera.

You say that ADY will be worth +20c after the demerger. Yet you are saying the assets are already undervalued when it seems (to me) 1.4mt of lithium is being priced at $0 (perhaps because the pilot plant seems incapable of prompting weven PT to shine that turd) and the iron ore at $50M. Maybe.

So you are saying that by demerging the unvalued lithium from the iron ore, the iron ore will maybe quadruple in value immediately. And the lithium will be worth what? Where's the other half of your maths here - how do we value the lithium?

Or is it 20c as the combined entity? You are saing that demerging will create 15c of value per share by un-linking the lithium from the iron. This seems a bit specious - where do we hope to see the value created, in the lithium stock or the iron stock?

You really can't go around just pulling figures from your rectum like that. Give us some figures on who ends up with the debt (the iron company, right?), who ends up with the nonexistant cash (no one, right?) and how you reckon PT et al will fund;
The Iron Ore compny's expansion - $200M of debt.
How does Rincon Lithium even fund its OFFICE RENT right now? How much money does Admiralty have to splice into RLL? Come on, figures, man! How is PT going to raise money for the lithium company - it isn't going to magically appear. What price will they sell the shares (in a pre-consolidation value please) to fund the lithium BFS and mid-scale demonstration plant? How badly diluted will RLL be, ie; current holders of the 5.4c ADY scrip who get shares in the new entity only to see their holding stripped and rodgered by the need to raise $20M, $50M or $100M in capital? How are they going to fund the $1.5Bn it might take to get the lithium carbonate mine built? Or are they going to go for debt?

Oh, that's right, selling the profits from the lithium ahead of making the actual lithium, to your main customer, who has a convertible loan over you now for, what, $600M? Hmm, sounds like a recipe for a debt buyout.

This company is a joke, and your feeble flailing to value it with no maths and no sense is even more laughable.