Ann: Investor Presentation - Brisbane Minerals Metals Conference, page-84

The banks were never going to lend money without a DFS, IMHO. There are many possible explanations, as there are many moving parts. I think the most likely explanation is the take-over dragged everything out, and the CR was a strategic play to force the merger through. At that point they couldn't obtain cash, so the choice may have been to stay with what might have become a dysfunctional relationship and get a loan later, or do a CR and force MEP's hand.

Whatever happened, the situation changed, and sticking to a static plan only guarantees failure when things change.

Bottom line, anyone who thinks JM is lying, whether its about the CC plant, or funding, really should seriously consider why they hold. I know I wouldn't if I lost faith in management. I understand why people would lose faith. I just don't understand why they continue to hold.

For me, I find it inconceivable that a company who wrote such a long, detailed, and professional ML, one that was granted too, would be a fraud. There are other lifestyle companies out there, and they do virtually nothing, and botch up applications.

As for delays, ADN was never going to mine before the full environmental sign-offs. That hasn't happened yet, and correct me if I'm wrong, but the ML delays had nothing to do with ADN.

These forums are full of people with questionable motives claiming to be experts, when clearly they aren't. I know nothing about shipping. But after watching the news last two years, its obvious supply chains are chaos.

Many holders are showing irrational fear. I think this is why the shorts attacked ADN. They knew it was all retail, and that retail are irrational, emotional, fearful, and easily spooked.

The SP will hinge on the DFS. Anything below $600M NPV, and I'm out. I think if the NPV is below $1B, we will take a hit, but we'll recover soon enough, and for me its worth holding to keep exposure to CC and avoid a tax bill.