i have reassesed adn in my portfolio from core holding to a...

i have reassesed adn in my portfolio from core holding to a speculative position,reducing my exposure by 75%. for the time being i do not expect reliable metrics which will allow to calculate a positive investment case.

it looks like a possible needed financing will not be at favourable terms ( what would a bfs look like atm?) and expenditures for all the blue sky products will have to continue.
even if jm can secure some boas, the prolonged time horizon will make it very difficoult to stick to dfs-figures, even get profitable..

so reduce the dfs by-let us say - 35 % and then apply a non-derisked project status with 40% of npv would mean the present sp is not more than fair, leaving apart a discount for management credibility.

even though this situation can be explained by deteriorated external conditions such as inflation, rising interest rates, an unsecure economic situation leading to reduced demand building up to a perfect storm, it is what it is and adn has missed a perhaps golden opportunity. the markets will move on and for a long time forget about the great white project.
kaolin is not lithium, it is just to complex to create a hype.

so it is not all management fault, however trust is lost that we will really know how the situation will evolve from here.
i have friends and family advised into this promising " next generation" project, that makes me look bad. lots of you did the same i suppose.

i will stick with 25% of my holding, but onlycreinvest when adn is actually producer.

so long