Ann: Investor presentation - 28 June 2024, page-97

I have been back through the recent presentation to try and work out what they are trying to tell us. Seems strange to release this at this point, so my assumption is without doubt credit raise. However, i did find some new information which may be a bit of a sign as to what the next move is for ADN and the BOA's.....

Page 11 - Spain is the number 1 importer of Kaolin worldwide


Then page 14 - May 2024 > > Caobar mine ramp-down in Spain > > c.120ktpa removed from market

So we already have a supply shortage due to Ukraine. Then 120ktpa is no longer in play in Spain. Spain is the number 1 importer (surely this reduction will directly affect them). My understanding is that Bob is heading to Europe (including Spain) for one last trip before heading off.

Traxys are in my mind playing the board by delaying their agreement. A BOA with Spain producers for the remaining product would bring Traxys back to the table. Trouble is the length of time this takes. Therefore I still see this presentation as supporting docs for a CR, perhaps an 'interim raise' for a smaller amount to get us through until these BOA's are all in and FID can be announced.

Still I won't lie, i am very disappointed with the boards performance to date. I know everyone is trying, but the results just aren't there yet.