IMO the BFS was an optional step for ADN because stage one was DSO an they had enough funds to get there...
However, through last year the potential markets for ADN broadened.
In the project update and interview there were suggestions that ADN will be accelerating the project and not growing organically. This will require financing of some sort and the indication of a BFS suggest monies borrowed as opposed to further dilution from equity raising.
ADN Fully Valued @ $500M MC?, page-11
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