Ann: Halloysite Nanotechnology Breakthroughs for Natural Nanotech, page-160

So the 19c valuation includes a nothing value of $30M for Natural Nanotech 100% owned (up from 50%).
Basically, this is giving you Nano for free at today's price...and only 1c at 19c.

This is how you make money in the market.
Buy things really, really cheap when no one is looking or understands them.
Or free in this case.

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From pg 26 of the report...

Valuation: A Very Long-Life Project; Exposure to Industrial Minerals and
Potential Project and Portfolio Optionality

We believe ADN’s share price is currently trading at a substantial discount to fair value for the company based on our
assessment of fundamental value of the GWKP, as well as the broader portfolio optionality in the ADN pipeline. The
commercialisation of these projects has all the more potential based on the construction of GWKP, which will provide
cash flow to reinvest in the most prospective projects over time.

Valuation Summary: Our Analysis Suggests Strong Upside

Base-case valuation – risked NPV of A$0.19/share, fully diluted

GWKP has a substantial Ore Reserve capable of supporting a very long 28-year operation life based on the production
rates defined under the DFS. With such a long operation life, further exploration upside, which would provide added
Ore Reserve inventory and incremental operation life, would also marginally boost the valuation given the long-dated
nature of those incremental cash flows.

However, should market conditions support it, the current production profile
could be brought forward, and an expanded operation could provide significant valuation upside.
We have applied a 100% risk-weighting to the project given the advanced stage of the development pending a financing
solution and FID.

Given the importance and focus on the GWKP we have not performed a detailed valuation on the other assets in the
portfolio and have simply applied a nominal value of A$30m.

FMD.
Ok, then!