Ann: Investor Presentation - Virtual Resources Conference, page-60

Didn't you stop to think that one of the attractions of ADN to shorters earlier in the year was the mining cycle chart? The company was heading into the orphan period where the hard work - 000's pages of paperwork, proving up, dealing with Government, in this case offtake clients, fund raising etc - gets done (seems like by one bloke but hopefully not), but no "punter" is interested in that. One of the reasons I have no short position in ADN is that over the next few months, that work comes to fruition, all being well, and the company moves out of this phase. I do think drawing the line on the SP is amateur but the mining cycle chart is spot on. I still think it's hilarious that you blokes think a net short position of 1.7% of the stock, even built with some 30-40% of volume days - is responsible for a two-thirds decline in the share price price. The 1.7% compares to an average on ASX of about 0.9%.