Ann: Gravity Data Reprocessing Highlights Significant Anomalies, page-15

To believe in price movements determining price movement is a very unscientific way of investing. Except for some self-fulling minor price movements due to enough technical analysis believers buying/selling based on the same signal, ultimately share prices are determined by new information becoming available. Technical analysis cannot foresee the next good or bad drill results, discovery of a new deposit, or outbreak of a pandemic. These are ultimately the main factors that determine the share price.

There has never been a truly scientific study that has proven the value of technical analysis. On the contrary, share price movements have been shown to be "random walks" with the subsequent movement totally unrelated to the preceding movement. Were this not the case and there is a system to price changes, so many institutions/investors would have cottoned on and exercise on that, this advantage would be lost.

For those who tend to give technical analysis the benefit of the doubt, just record the recommendation based on some pretty lines/channel/resistance points drawn and check back a few months later, better still years later, to look at other graphs put out. These will have all miraculously changed. This because real facts and developments will have caught up and moved the share price accordingly.

The only way to invest is having a longer term vision on a company. In this respect, nothing has happend to ADT's projects since a few months ago to make these half as valuable from when the share price was A$1.90. The size and grades of the deposits are the same, their superior economics compared to other base metal/precious metal deposits has not changed. The precipitous drop is just in response to market panic because of the implications of the COVID-19 pandemic.

Rupice and Veovaca are still going to be mined. There is still good prospect for adding resources by extending the mineralisation or finding new deposits. The ADT price will therefore recover. How fast is anybody's guess, as it will be determined by how deep and long the global recession will last, which nobody can sensibly predict.