ADN new rating, page-3

For those who might think the MST Access report has no value because it has been paid for by ADN, or in some way must represent no more than marketing on ADN's part, then you can apply that same logic to this part of the report:

85% debt funding for Stage 1A+ (from 70%), with an equity raising of A$15m @ $0.03 per share (previously A$25m @ A$0.05 per share). We consider the signing of the Traxys binding offtake agreement has increased the capacity for the project to have a higher level of debt funding.

It appears on page 8 and forms part of the basis for their valuation. That is, if you assume the MST Report is just a mouth-piece talking point for the company, then you can also take from this part what ADN itself expects to do in order to fund.

No guarantees from my end about what is going to happen but positive to see reinforcement of a high level of funding via debt.