You also have to remember that ADN has gone through a significant transformation. Many people bought in originally on conglomerate gold fever. That was the case for me.
18 months ago they were focused on gold and copper. Now they are focused on Halloysite, Kaolin and HPA. There has been a significant change in management as well.
The above said, they have a good track-record in establishing JVs to advance assets.
We also still have the Pilbara conglomerate gold. I’d prefer them to move that one slowly. See how the other conglomerate gold explorers advance their projects over the next 12-24 months. Learn from the best of them before spending too much money on it.
Ann: Ceasing to be a substantial holder, page-29
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