Ann: Binding Offtake Agreement signed with Traxys, page-70

Hi The Pig

I am so glad to see that you are still all in on ADN. It has been a tough and difficult time over the past 3 or 4 years watching the ever changing machinations within ADN. You have raised a voice when things were not done well and that is fair enough.

Today is a moment of great relief and cause for optimism about the future of ADN.

In relation to the lack of commentary on funding ADN have had over 12 months to figure out what they would need to secure the required funding. From memory the data room was open around 15 months ago for potential financiers and or partners. My feeling is that they have known exactly what would be required to secure adequate funding to commence building out the facilities on the Eyre Peninsula.

Financing is a very black and white subject. You either have it or you dont have it. It would be foolish of them to say much about it at this stage. I think that they will now be able to go through the final stage in applying for funding and if they have met all of the lenders criteria it will soon be approved. I would not be surprised if it took another month to have contracts drawn up and signed off by both parties .

Once funding is approved we can all breathe a sigh of relief.

Cheers W2