Ann: Annual Report to shareholders, page-200

On another topic altogether ......has anyone noticed that the SP seems to have found a sound floor and some strength in the last week. I have also noticed that some of the very strident views on PLS have quietened down at the same time. They may not be related but I suspect they are related and the SP strength is the result. To explain my view further..... I mean if 20 posters a day are threatening to lynch James and the rest of the board plus burn the HO to the ground I suspect that wont be likely to have a positive effect on the SP.

Going forward about the only thing to look forward to in the short run is the AGM at which I hope to go to even though it will cost me $700 to get there and the AGM alone is not going to cure our current issues and complaints but it is an opportunity to talk to the directors and get a feel for where they believe the company is currently at and how they hope next year will pan out.

As mentioned previously I thought that the annual report was a top quality document, very well written and attempted to explain how the company has responded to issues raised by shareholders. In short it is a good start by the new board at ADN. What I really want to hear from the directors is how is the next 12 months going to progress and hopefully some good news on the next offtake agreement or if possible how soon it will come.

Cheers W2