I think all who have owned ADG for several years have lost more...

I think all who have owned ADG for several years have lost more than they would like, myself included. So there is much annoyance from existing shareholders and it shows in recent posts; and not just from the historic downramping duo whose comments are expected.

I felt the new MD had practical experience very relevant to ADG's need to get the plant at Adelong running again; yesterday I added to my holding and today I checked out a few things. Maybe I should have done this in reverse order.

His time at Fosterville is interesting. He started there when it was owned by Persverance gold and stayed with the mine through several changes of ownership leaving on good terms with Kirkland Gold when Fosterville was one of the most successful gold mines in Australia. He had worked his way up to the top and stuck with the mine for many years until it was successful.

So what happened with NML. They bought Mt Carlton from Evolution. There were $30M+ of rehabilation bonds which needed refinancing and Kirkland contacts were good for the money. However Kirkland merged with Agnico Eagle in Feb 2022 and this money was no longer available. NML was unable to renegotiate the deal with Evolution or get finance elsewhere. The end off NML; suddenly they needed $30M+ when small goldminers were not loved by the ASX.

I dont see ADG suddenly needing an extra $30M+ of unproductive bond money.

Ian is now on the job and needs to study how best to get Adelong back into production. He needs a pathway with achievable milestones and costings. This will take time and he has relevant experience. Then he needs to get shareholder support and meet his milestones.

The gold is in the ground. It has to be mined profitably. Getting a mine into production always costs money either from shareholders or from bankers. Scripture tells us that the borrower is the servant of the lender. I hope the new MD can use us as investors rather make ADG a slave of the bankers. For this we need a clear pathway to production; then management has goals to hit.

That is my research; do your own.