ADN CHART, page-4768

A lot has changed since the LOI. The main factor is the Australian and China relations issues.

I would be more concerned shipping all our material as DSO to China and having them in control and then the next day they ban shipments. Just like what has happened in my Industry.

ADN is now looking at long term risk management which included smaller offtakes to more customers instead of 2-3 big customers. If one of your customers is more than 25% of your Business I see that as a RED flag.

Smaller buyers will also pay a premium over large buyers who want a discount for volume.

I believe the ADN board are de-risking the business because of this change in Geo Politics and as someone who has been in Business for 30 years I believe its the right move.

Business is a moving beast, since the LOI's where offered we have had a pandemic and China/Aust relations are dead and will be for the next 10 years plus.

Wet processing will allow full control, increase margins around 20% and a host of other efficiency gains.

500T plant in the PFS was projected at 56M so I would suggest max 30M for the 250T plant in year one where profits will pay for the expansion in year two with cash to spare.