Thank you for keeping the discussion on the topic.Few comments...

Thank you for keeping the discussion on the topic.

Few comments from my side to keep it going.

I also think that Bob and others on the board don’t know what the strategy will be. I refer to this as trying to make the numbers stack up and find a way to feasible operations. I think that it is highly unlikely that stage 1a will be feasible and the talk of stage 1b coming into play early seems to indicate the same. Good to remember that the reasons why ADN has not really moved anywhere over about 2 years is that they couldn’t get the numbers stack up.

But.

If they don’t know what will be the final strategy/outlook what information is the the “data room/vault” where potential debt providers can access company information and based on that information decide how to proceed?

Yes, I am aware that Bob said that it will be $55 million for the project but they need much more than that to actually start production. They have enough to pay the environmental bond and keep operating till the end of this calendar year or earlier depending on how much they have paid for the equipment ordered. We should find out this week.
They still will need money for normal operational costs till revenue comes in. I would expect the stage 1a cost to go to $60 million plus $30 million of costs till they start being cash flow positive.
Total of $90 million needed before the end of this year.

Going straight to 1b would be $120 million project and $30 million operational costs for a total of $150 million needed.

Both approaches would take about 18 months from funding to production in the best case scenario.

For quite some time posters here took everything JM said as literal truth when big part of it was spin.

I keep in mind that while there may be a bit less spin in what Bob says, the nature of the situation is that there still will be plenty.

Of course all above is my opinion and I could very well be wrong.