Ann: Adelong raises $500,000 to progress Gold & Lithium projects, page-21

Around this time last year ADG directors were taking up their entitlements in the Dec'22 CR. Entitlements CR was heavily undersubscribed with only 11% shareholder participation & 89% subscription shortfall. Shortfall was placed at a premium & the shortfall participants did a fantastic job pumping the SP from $0.007 to $0.025 when Gibraltar results were announced on the 17/01/23. The SP pump abruptly ended the next day & the SP made it's way back to $0.005 / $0.006 during the 11 months that followed.

Whether or not the directors kicking in their own money turns out to be a good sign (i.e. future drastic SP improvement associated with exploration success) remains to be seen. Market is sceptical about ADG's ability to deliver spectacular exploration results / $15M - $16M project funding to develop the mine at Adelong / navigate persistent lean liquidity circumstances without becoming insolvent.