Ann: Mineral Resource for Hammerhead Halloysite-Kaolin Deposit, page-122

Hi Wombat

I am a long term ADN shareholder. Love your work and I believe in management and the resource.
You have a greater and better understanding than me for what ADN has in the ground and you make assumptions based on the information we have been provided by ADN and the market place.

I fully do not understand the ownership of our tenements and other assets leased out. However, ADN is concentrating on the Hallysite Kaolin project as their main focus.

I have friends asking me the question, why is ADN going up? I say it has a great resource and can be used in many applications including concrete. This is why I think the stock is running (especially when Marsh said in an interview that testing of the concrete application is positive and concrete companies want to buy it at a price 4 to 5 times higher).

I have a friend who recently bought MEP instead of ADN. I starting asking myself questions.

ADN market cap is now $271M
Is it true that MEP will own 25% of what ADN produce?
MEP market cap is now $38M

We get the same product and management team processing the material by investing in either company. Wombat at what ratio do you see a fair percentage of Market Cap in your eyes knowing the ownership structure. I have seen you do comparisons with other companies and market caps. Where does ADN sit compared to MEP? Also considering the cash positions of both companies.

The current ratio is 7 to 1. At what point would you consider possibly switching or buying the other?
If the ratio was 25 to 1 would you consider it?