General comments/chat, page-20881

My concern now is the same as @Jdmoney

In order to fund the CAPEX and working capital a combination of debt and equity will need to be raised. The cost of that equity, in terms of dilution to existing holders, is now much higher than 6 weeks ago and a much higher % of ADN's market cap. In saying that the working cap and CAPEX are still tiny compared to other miners.

In terms of the share price, I went back to my DCF models I ran last year. My share price targets were:

12.8c at 31 December 2020

22.4c at 31 December 2021 and this was based on an assumption that PFS or SS would be out on Condooringie and Mt Hope (which contribute 8.6c to that price target).

IMO we massively overshot fair value - personally I took the opportunity to sell down 10% of my holding in the low 30c range to my target holding of 3m. The way I look at it the 3m shares cost 2.3c each and I am now set to wait for dividends of at least that amount per annum within the next 4 years.

UTV