James Marsh - MD Interviews, page-195

I applaud you sir!

I am embarassed that I did nothing at the time except whinge.

Before the next AGM we should highlight what directors have/have not done and assess whether they are truly worthy or in ADN onlyfor the lifestyle and their snouts in the trough.

W/o JM where would ADN be? I think we know the answer.

If the rest of the board were to suddenly resign where do you think we would be operationally? Any worse off?

Concrete looks a lot closer than has appeared previously. From 17 min 30 sec JM waxes lyrical about concrete. Definitely worth watching/listening to a couple of times.

NB CAPEX now ~$100m. Shorters (fund managers) know this. They are betting on a CR at 20c to raise $40-50m? 200-250m shares to help cover their shorts. Brilliant if they pull it off. Remember that they don't need to get the shares directly. The market will mark the SP down towards/to the issue price.

That $100m looks a lot but it is basically funding the full sized plant i.e. 500ktpa, except for additional hydrocyclones. James Marsh said the magnets were expensive! They are required to increase the purity of the kaolin for the PRM product i.e. remove the Fe.

Let's hope the concrete app and/or results of the HPA trial are released before the BFS which JM says should be out by year end.