Ann: Appendix 2A - Exercise of Options, page-20

Have a look at what NVA's share price did after the options expired.

• Note the 3 month downtrend into expiry ... and then whamo - the uptrend resumed with strong force ahead of pending news. The uptrend actually resumed 3 trading days before expiry ( that's due to the T+2 settlement window so cash needed in time to make payments for conversions ).

Keep in mind:

• ADN will have perhaps $9.8M in the bank after conversions complete
  • They had $2.99M end of June Quarter
  • They have had $3.22M come in since end of June
  • They have another $4.14M to come in from options
  • $2.99M + $3.22M + $4.14M = $10.35M
  • I'm thinking spend in this quarter at least $500k.

Cash balance means there won't be fear of a short-term CR.

ADN should have DFS in mid December, achieve 75% earn-in on project, we'll have news on concrete testwork, should have news on HPA strategy, mining lease application submission in February. I'm thinking first offtake news around time of mining lease submission.

Downtrend at the moment just creates a good buying opportunity.