Hello @Goldhawk11, many thanks indeed for your comment.
With some level of disappointment, I am completely out for the moment.
I have had some short and medium term financial commitments arise recently and now actually need access to money invested, so timelines have assumed greater significance given my personal circumstances. As a father with a young family to support and business interests of my own to consider, immediate capital preservation is perhaps of greater concern to me than some others invested in ADN generally.
Along the journey I have taken profits on occasion by reason of financial need, taxation liabilities and general risk management, however, there is no doubt that I have ultimately disposed of my long-term core shareholding for substantially less than envisaged or that was possible in times that have now passed by (albeit still exiting at a profit, having been onboard since mid-2019). To use the vernacular, sometimes that is just "the way the cookie crumbles" and first and foremost I take responsibility for my own investment decisions to buy, hold and sell.
With ADN, I will be looking to re-enter at an appropriate stage in the future and when circumstances permit.
By way of some brief comments and observations at this juncture, which represent my personal commentary only:
(1) In my respectful opinion, the recent action is plainly and simply a case of the market re-adjusting its valuation of ADN: (a) to reflect the apparent reduction in initial plant and product output as outlined in the announcement of 26 August 2022; and (b) coupled with further notional "discounting" for the perceived uncertainty and heightened risk that has correspondingly flowed (delay, financial metrics, multiple changes in approach and strategy, funding, volume and quantum of customer offtakes secured, issues of perceived management credibility and the level of shareholder trust in them, prevailing macro conditions and the like).
In essence the crystallisation of ADN's speculative phase into stark reality has just not supported the former period's heights of its market capitalisation in the eyes of the market.
While this is seemingly par for the course for almost any hopeful miner transitioning to producer, it is indeed regrettable that ADN's transition has been punctuated by two violent shifts to the downside following company announcements (DFS release and Friday's release). Re-evaluation has been brutal, swift and appears to have caught many off-guard (myself included). I hope those at the company ponder these turns of events carefully and genuinely learn from them.
That said, it logically follows that the reverse applies and sentiment could quickly shift again to the upside.
Personally I remain optimistic that ADN will continue to achieve further milestones and these should, in due course, firmly support once again the appreciation of its market value. This underpins my view of re-investing in future. ADN is still well-placed to become a large supplier of industrial minerals, having regard principally to its known resources and the excellent progress made in terms of government approvals (the significance which cannot be down-played).
(2) I suspect we can all reasonably concede that the company has failed to meet some investor expectations and that these have arguably originated from within the company itself in a number of respects - somewhat of a case of making rods for their own backs. However, my personal view remains that James Marsh is a hard-working person of commitment and integrity, so I have no intention of descending into a litany of complaints here and nor would that be constructive or helpful at this time. The company has achieved much and come a very, very long way from its days as a $6 million market capped "explorer" (as it was when I first discovered it) and through some difficult and unprecedented global conditions to boot.
I would not usually post on stocks that I do not hold and it is unlikely that I will do so until such time as I hold again (although suspect I will continue to read the content in this forum). Personally I would like to thank the many outstanding and thoughtful contributors here over the past few years; I have learned a huge amount from you and had some good laughs too! The respectful exchange of ideas is critical in all fields of human interaction and I hope everyone continues to bear that in mind.
Very best wishes to all shareholders.
(20min delay)