I read earlier NRF has not dispersed $1 to any projects or...

I read earlier NRF has not dispersed $1 to any projects or companies is 2023/24 so far. Apparently the government is adamant the fund is not being shut down. My guess is ADO management was very confident of getting funding from the NRF this year however it did not happen in time. Hence the CR in a hurry.

IMO to say the board has not performed at all is not entirely fair, they are a victim of timing. Plus they maybe suffering from a hangover of the previous management reputational damage. Potential customers may be very interested in our products but after searching our history...will need significant reassurance that we can deliver. ADO must be certain they can deliver the agreed quality and quantity!

Why the low CR price per share? I think they needed to be certain the cash would be raised quickly. if they had asked shareholders only we may have undersubscribed then what? Maybe I'm stating the bleeding obvious?

why is the pilot plant taking so long to commission? I would have liked the company to have provided a milestone for this, but my opinion is tolerances would be low for the slurry or we don't get the results we want.


Hopefully we get answers in the 4c.