Last post from me on this topic I promise (for now!) - in my...

Last post from me on this topic I promise (for now!) - in my view the confusion boils down to the following in broad terms:

1. Most of us thought ADN and MEP were in business together and one of the goals of that business was to produce HPA. This essentially stems from the original 2018 announcement of the joint venture agreement.

2. It now appears ADN intends to produce HPA alone.

How and why (2) has arisen in the context of (1) is effectively the cause of the confusion. It is not clear. There is a lot more underlying detail about these matters (e.g from where HPA feedstock is derived - Great White or Mount Hope); licence arrangement with AEM, etc etc) but this is the essence of the issue.

Perhaps the simplest answer at this point in time is that the ADN / MEP joint venture agreement was in fact never expressly about producing HPA but rather was simply about mining Carey's Well / Poochera / Great White and the earn-in, funding and interest arrangements of the same. This may be abundantly clear from face of the JV agreement which I do not have.

The above represents my commentary and opinion and is not to be relied on as advice. Best wishes to all.