Ann: Board Appointment, page-8

Yes agree with the comment about risk.

If they meet their guidance then ADT is cheap.

There are 4 things keeping the SP low being:

1. recent CR
2. metal prices have come down 5%- 10% from recent highs depending on the metal
3. Jurisdictional risk which may go away once the reach planned production levels. This happened with EMR in a country most would consider much higher risk.
4. Lack of news

Some comments about the 4th below.

ADT does not pump its SP with lots of news including few presentations or attendance at conferences. I sort of like that as it’s an opportunity to buy cheaply. Others find this a problem. No news does not mean it will be bad news once information becomes available - ie keep an open mind and do not be a half glass empty person or stop being a negative nelly on minute issues that don’t matter. I have not checked this out but apparently CMM was the same regarding limited communication and look at its SP gains now. Lack of communication has no bearing on the longer term SP gains instead it’s the facts in production from here that matter.

If it takes longer than planned to reach full production then I do not care as long as they get it right and achieve nameplate production with costs around what they estimated.

One needs to look at the BIG picture not look at the weeds. When ADT has taken 7 years from project purchase to production with the average being about 17 years, its SP has gone up about 20 times since it listed with a very high grade significantly sized deposit which will grow. Yes it’s later into production than planned but tell me one that is on time- very few are on time. Most projects are late and many are more than a year late.

As far as the soft ground as ADT told me and as MoM conceded the soft ground was anticipated by ADT but ended up being softer than estimated and when the reach the main ore body it’s expected to be much harder ground.