“Under the terms of the Poochera Halloysite‐Kaolin Project Joint...

“Under the terms of the Poochera Halloysite‐Kaolin Project Joint Venture, ADN can acquire up to 75% of the project by either sole funding $6.0M over 5 years or alternatively a decision to mine is made by the Joint Venture partner, with an initial 51% interest earned by the Company through the expenditure of $3.0M on advancing the project within the first 2 years.”

ADN has 1355.5 m shares on issue, options 704.6 m exercise at 0.012 cent, at $0.035, ADN is capitalized at NET $63.64M, takes away ADN’s other project worth maximum at $10M, it values Poochhera project at $53.64M, it implies MEP 25% holdings worth $17.88M.

MEP has shares 334.3M on issue, at $0.053, the market values MEP at $17.71M.

However MEP’ main assets is not Poochera Halloysite-Kaolin Project !