ADN Fully Valued @ $500M MC?, page-13

I think you’re right. There are a lot of moving parts here and I have total confidence in JM and the team to address them. I know it’s been stated a number of times that a delayed DFS/BFS is not impacting the critical path but you would have to think that is getting close now.

if finance is required to avoid dilution how long does that process take to get the confirmation after a BFS is prepared and submitted? and what is the impact on making decisions that depend on the outcome of finance. A bit like going unconditional on a property purchase before the bank have approved finance?

what impact does that have on the ability to place orders to procure long lead time items particularly if from overseas and supply chains are still recovering from COVID impacts? If it’s no longer DSO does that extend the engineer, procure, construct time line with commissioning and training on the back end?

what about the recruitment process and establishing business and management systems? Again I know this was mentioned in the interview but how much effort and $’s will really be directed at this until we are fully financed and have all approvals in place?

where does the mining licence application fit in? I note from the interview September is expected or maybe sooner, what if there are unforeseen delays here? How many final decisions from the above points will have the trigger pulled without this critical piece of the jigsaw in place?

im sure they have a detailed roadmap to production with all these milestones and interdependences identified and the intent of this post is not to cast doubt but just to voice some of the minor risks and complexities I still see ahead. It’s almost a double edged sword with all the concrete and blue sky applications having the potential to cause distraction from what was a very straight forward road to production.

that being said I’m sure as these issues are systematically addressed we should see minor SP appreciation each time.

At risk of sounding like a broken record and been told I’m wrong again...a flow of news on BOAs for the ceramics industry with a little concrete upside would be music to my ears.

here to some good news flow for Feb!