Hi StemmoI fully agree with your post. As there was virtually no...

Hi Stemmo
I fully agree with your post. As there was virtually no significant news flow for about a year on HPA I thought it must not be progressing. Now that has been confirmed but not at all well explained.

The Newcastle Uni project always sounded exciting but it is not and never was the main game!! Funding such an interesting project was always likely to be high risk and expensive and with no clear timetable to when ADN could produce HPA it is time to put that project on the back burner. I would love to see it resurected at some time in the future.

The main game is now getting our kaolin operation into production and generating a healthy cash flow. I suspect it would be 3 to 5 years before there would b sufficient cash flow to revisit what could be a high risk HPA project.

Given all of the different deposits ADN owns on the Eyre Peninsula which are relatively low risk to bring into production, ADN should be extremely profitable when multiple projects are producing.

If James can land a few more offtake agreements in the next 3months we will all breathe a sigh of reluef. I remain quite
optimistic about that but unsure how long it will take

Chrs W2