Ann: Noosa Mining Conference Presentation, page-107

Comments.
Numbers:
Current MC $111 million, this means that ADN can raise about $15 million in CR, not sure what appetite there is for any SPP.

For stage 1A to get to generating revenue they need about $90 million total, minus $15 from CR this means that about $75 million of debt funding is needed. At 12-15% interest rate this would be about $10 million per year in interest payments.

Current operating costs are about $20 million per year, not mining yet.
Even assuming that operating costs will remain at this level, after adding $10 million per year of interest payments we get to $30 million of costs that need to be covered by margin defined as a difference between mining, processing, shipping costs and price received for the product.

What margin per ton do we expect?
How many tons are we going to produce per year?