General comments/chat, page-20799

In the short term the market is a voting machine, in the longer term it is a weighing machine.

The scales have arrived and ADN is now moving more towards fair value, based on the quantifiable value of their Great White Project. Having said this, even at 0.19/share ADN is still capitalised at around $410 million, which is 107% of the post tax Net Present Value of their share of the Great White Project as per their PFS of $383 million ($511 million x 0.75). The current market cap is still high compared to peers, who typically trade at only 20 - 50% of the NPV of their projects. Then, as the Project is progressively de-risked and developed, the valuation gap closes so that once the Project is operating at name plate capacity, the company's value approaches the NPV of the Project.

GLTA & DYOR