why ADO is a multi multi bagger, page-236

I wouldn't want to replace the existing Board and Management - I think they have done well with that they were handed and have gone on to achieve to date. We can't keep changing the Team every couple of years … unless they are really useless, and this lot aren't …
I do however think they could have done a lot better with the recent funding round

However one way the SPP may be of benefit is that it sets up two additional rounds of funding in the future.
We get potentially 2 new options under the SPP and we already have a number of options expiring in 2026 - so we now have 3 potential additional funding streams in the coming 3 years.
This may hopefully mean the company doesn't have to go back to the market for a future capital raise in the coming years.
Yes - the share price needs to be above 3.5c, 5c and I think 4.8c and 6.4c (for the 2026 options) for the options to be in the money - but this should be achievable based on what may be coming.

With the R&D credit, grants, rising sales and option conversions in 2025/26/27 - hopefully we should be well placed.

Potential Option funding:
April 2025 - $3.5m minimum
April 2027 - $5m minimum
and add in existing options
Nov 2026 $2.1m
Sep 2026 $4.7m

I'd still like some clarify around how pilot plant sales are going to scale up to 20k litres unless we get sizeable production deals before we even talk about expansion to 40k and 80k litres ...
.. and I'd like to also get some idea of how much AnteoX is needed for phone batteries, airbuds etc … now we know that 1 litre is required for an EV