@super_eOnlly took me a few weeks to reply. Their DFS shows...

@super_e

Onlly took me a few weeks to reply. Their DFS shows significantly lower tonnages than us.

I’ve always wondered why ADN had such a large market cap placed on them, and why they were valued so much higher than us when our deposit seems to be far larger and our Kaol/Hallo is closer to the surface (cheaper to mine). Granted they may have claim to a slightly higher brightness, but whether this translates to anything meaningful is another question.

I still remember many ADN investors on the LRS forum last year saying that CG was hopeless and that James Marsh at ADN was some sort of inspirational hero who always sticks to timelines and is rock solid. No offence against James and/or ADN, but it’s funny how much difference 12 months makes.

Their DFS is an absolute dogs breakfast btw. When you consider they took 2 years from PFS to DFS and still managed to cock it up, it does make you wonder. IMO they’ve over complicated the whole thing and sold the dream about high margin products for which they don’t have certainty in terms of BOAs (and funding).

I’ll be really happy if our PFS takes the opposite approach with a very simple Initial DSO product, well supported by BOAs and which starts returning cash in as quick a timeframe as possible. We should worry about the high margin Halloysite uses only after we get DSO operational.

ADN’s issue (as a company), is that they are a one trick pony. IMO this is why they are over engineering things (because they have nothing else to offer except the Kaol/Hallo play). They may get through this current rough period and end up with a great mine, but right now they don’t even have the funds to get going, which will likely mean (IMO) another dilutive cap raise.