ADN (ASX) Ann: Annual Report to shareholders

Originally posted by Digger01: ↑

My view on this is based on what I do for a living : EPCM Construction Manager for mining companies who want to build their mines. Mostly Greenfields like ADN.

The whole industry has been severely effected by :

a. Covid and the ongoing damage that it caused to supply chains. Big equipment manufacturers (OEM's) depend on smaller component suppliers, so massive companies like Metso, who are generally bigger than the companies they supply are suffering because many of their sub- suppliers have gone belly up. There is a lot of rebuilding being done at this level and it is hurting all projects.

There is a backlog of orders for long lead items and hence the lead times are even longer and the prices have risen significantly.

Logisitics companies, QA/QC companies have all been affected..... shipping businesses are still trying to rebuild their capacity. Costs went up at the time the DFS was published and timelines were seriously affected.

All of this uncertainty would have presented a dilemma to ADN, especially as the situation had changed so dramatically between the PFS and the DFS.... bitter pills had to be swallowed and the news was not what we wanted to hear.

We saw the effects that Covid had on the DFS. Remember that a lot of the positive announcements that were made were pre-Covid and the real effects of the damage that was created only became apparent when the DFS was being written. There was no misrepresentation of the facts or the positive position at the time the statements were made.

The global economy has taken a hit with inflation soaring to very high levels, causing financial uncertainty. This impacts everyone. No-one can honestly put their hand on their heart and say that the environment that existed at the time of the PFS was/is the same as it was when the DFS was released. The changes were massive.

b. Since then Putin has invaded Ukraine, China is rattling its sabre and North Korea continues to be a menace. All nuclear capable countries are in a heightened state of readiness to react if necessary.... bloody hell that is very troublesome position to be in. All factors that either effect our proposed suppliers or customers.

I truly believe that JM is still telling the truth when he claims that there are many companies that will line up to use our products. However, contracts are rarely signed when there is such uncertainty in the world.

I don't particularly like the scaled back start up plan, but it is a whole lot better than not going ahead at all.

ADN are dealing with the unforeseen changes every day and IMO (for TerryGI's benefit) they have done a great job of keeping the dream
alive. Those who have attempted to publicly humiliate them based on suspicion have done a great disservice to the cause and have put the company in an even more difficult position. If you are one of these people then please don't whinge about the fall of the SP. You did it to yourself and you dragged us all down with you.

I hope that the dream goes on. That is plan to get the scaled back plant up and going and that we can raise the finances to achieve that even if it has to be a CR.

Once production is running the market will grow naturally. We may even receive more BOA's in the interim ...

I support JM and his team, who have done a fantastic job in troubled times.

Expand

I’ll drink to that @Digger01 .The pilot plant is still running and producing an outstanding product(s)
.time frame may have pushed out , The blue sky and nanotechnology could change things in an instance , I’m hopeful of a significant BOa prior to the PEPR .
most of all I’ve got the patience for this to ramp up to the beast it will one day become . Good luck to all , patience will be your friend .

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Last 1.8¢		Change 0.000(0.00%)		Mkt cap ! $55.98M

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Last 1.9¢		Change 0.000 ( 2.78 %)
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Last updated 15.59pm 08/05/2024 ?

I’ll drink to that @Digger01 .The pilot plant is still running...

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