Laura needs to get out in front of this because it makes no...

Laura needs to get out in front of this because it makes no sense. All the numbers have changed.

DPM have predicted ore tonnage for the second half of 2025 at 77kt... 2026 is forecast at 405kt for the whole year before finally reaching 850kt in 2027.

Laura has forecast average monthly processing of 48kt after solving the short term bottle necks disclosed in Q1......??

What happened to ramping up to 1000kt next year and 1300kt in 2027...........We raised money for these capital costs??

In light of these changes I think we need an operational update Laura.

From Dundee's documentation:

The Adriatic Directors, who have been so advised by RBC Capital Markets as to the financial
terms of the Transaction, consider the terms of the Transaction to be fair and reasonable. RBC
Capital Markets is providing independent financial advice to the Adriatic Directors for the
purposes of Rule 3 of the Takeover Code. In providing its advice, RBC Capital Markets has
taken into account the commercial assessments of the Adriatic Directors

How is it possible the company making the offer gets to know the details of ADT's independent advise before it is announced to the shareholders of the company. What were they told? What was their advice...

Lets see the independent report including terms of reference......this sentence: "In providing its advice, RBC Capital Markets has taken into account the commercial assessments of the Adriatic Directors."......,..What are the commercial assessments of the directors?......Shouldn't we know?

What about the timing of all this work.....How long was an offer known by ADT directors and not announced to the market?...

To sum up I want to understand what the NPV is, of an operation at a current 800kt ramping up to 1.3Mt on the published 12.3Mt reserve/20Mt Resource.

......and in detail why this should be rejected in exchange for a deal that is based on a 850kt operation that doesn't ramp up until 2027.....where's the independent thinking on this????

So many questions....it's just doesn't appear to be good deal.

.......and to use the price of $3.76 on 20 May as the comparison for the offer premium........it should embarrass Laura that I can even say this....The price was at rock bottom after a surprise CR for an excessive amount, the tariff turmoil and an unfavorable production update - not a place to consider a takeover offer....DPM you really are having a laugh.