Ann: FY20 Annual Report, page-13

Thanks.

I get very tired of doing my homework, finding a good investment only to the shafted by groups playing devious share trading games to manipulate share price to cheaply obtain quality assets and the expense of other shareholders. I was looking at the top 20 shareholders in the annual report to see what skulduggery was afoot. I suppose it has been that way forever but it would be nice to see the regulators make things more transparent.

Although I get some flack from some, I can see ADT being a $10 share in three to four years if left alone to do its own thing. I think they will go on from discovery to discovery (including extensions to the existing mineralization) in the foreseeable future. They are looking as a near virgin mineral field. You need to bear in mind the cost of mining in this area and the low grades they can mine at a profit once established. They can borrow to fund ramp up and will go rapidly into very substantial positive cash flow funding future expansion without dilution.

I just hope they can avoid being taken over with a low ball offer.

Best wishes,

Tasidevil