General comments/chat, page-32120

My take on the events today, please correct me if I am wrong on any of the following and apologies if this has already been written.

When I saw the announcement this morning I was disappointed as were many, I began to think the DFS isn't ready or worse isn't stacking up and we are in trouble however after the presentation things I believe began to make sense. The extract below is from the PFS

"The PFS has been developed using the December 2019 Mineral Resource estimate (refer ADN ASX
announcement dated 23 December 2019 titled “Significant Increase in Mineralised Resource for the Poochera
Kaolin Project”) of 26.0Mt of Measured, Indicated and Inferred kaolinised granite"

The announcement today indicates to me that by releasing the information the extra tonnage can now be included within the DFS to be released next week.

The PFS was based upon $700/tonne however we know that late last year they DFS was done again after the painting and coatings BOA were signed. So to me we not only have an increase in resource but we have an increase in the sale price.

Previously a resource has not been obtained on the HRM deposit so therefore could not be added in however I am of the opinion that based on today presentation the HRM deposit does in fact now have an inferred resource which will be announced in the coming days prior to the DFS.

This could be a monumental difference to the DFS, not only has tiger been included for an extra for an extra 12mt, the price has been increase and then the icing on the cake is to be able to include a whole new material with what I believe will be significantly higher than paintings and coatings.

The company has a fine line to try and balance with DSO for initial cash flow which they will adopt as its the quickest and easiest option but also get the DFS looking as good as possibly as they can only get debt I believe for around 50% however adding in HRM and tiger now increases the bottom line and therefore should give them the funds they initially wanted any without the need for further dilution. The HRM product requires very little processing and is found near the surface as it was a waste product previously so this could be even further early cash flow than expected. I am more than happy for the delays in the DFS if it now means with the time they have had they can now include these extra items as we will all benefit.

I believe now that a resource has been firmed up that in the coming months we will see LOI & BOA for the HRM product to be used as the concrete additive.

The DFS if the above is correct has the potential to have significant improvements, I believe the right option will be chosen that may take a while longer to full production with all the delays but the end goal now looks not only achievable but significantly improved.

The ADN team and I do say the team as there is alot more than just James now are all doing a phenomenal job and this really is the start of the journey.