Ann: Investor Presentation - Shareholder Webinar, page-210

Greetings all,

I've kept my distance from these threads for a long time, and for obvious reasons; the place had become polluted with a cacophony of utter rubbish, a far cry from the early days when it was inhabited by well-meaning, well-informed individuals with a common goal. But I guess that's the inevitable cost of becoming a big fish on the ASX. Fair enough.

The 6th of April 2022 will long be remembered by ADN shareholders as "The Great Panic of 2022", a panic worthy of a PhD in trading psychology. A greater example of irrational herd mentality I cannot recall. The baby was literally thrown out with the bath water the moment people saw an IRR of 36%. Many jumped off a cliff without even a cursory glance at the 78 pages of information in the DFS.

Within mere minutes of its release, we saw JM go from being a worshipped hero to a derided villain, sentenced without trial, condemned for what was perceived to be a crime, proof be damned.

Most sickening of all was the despicable shorters and their cohorts taking pleasure in the suffering of their fellow man. I believe in karma, and I have no doubt that sociopaths like these will inevitably get their comeuppance.

The one thing we can reprimand management on is the dreadful timing of the release, which deprived shareholders the chance to read and digest the DFS, causing an unwarranted stampede to the doors, resulting in the spectacular crash we witnessed. The DFS should've been released after close of trading the day before the webinar. I'm certain many people would not have sold had they been able to watch the webinar. The cynic in me is trying very hard to avoid seeing the timing of the release as being anything but "clumsy".

I've said this before and I'll say it again, we need shareholder representation on the board as we move forward towards production and beyond. This is a once in a lifetime company, and there is too much at stake not to have shareholder oversight. I'd love to hear some thoughts regarding the benefits and drawbacks of this.

All in all, having read the DFS and watched the webinar, there really isn't much about it that I can fault. My confidence in ADN's prospects has never been stronger. It's a liberating relief to have this DFS behind us, and I look forward to the avalanche of milestones and the realization of the numerous blue sky opportunities we have incubated.

Best of luck to all. May our faith and patience be richly rewarded.