Ann: Offtake Terms Sheet - China market, page-53

Playing devils advocate for a short while and I would expect answers should be given this Friday.

Few issues to consider:

1. is subject to standard conditions precedent,
2. including those relating to financing of the Great White Project and
3. the achievement of commercial production of Great White CRM™ and Great White KCM™90.

More troubling is that it looks like James has had a hand in the signed term sheet. Past experience not a good sign.

The same provisos are often found on the purchase of a house. All subject to finance.

More so is how does ADN make the CRM to standard with no plant, no equipment and no money (yet) to process the clay.

Its good to see the sp move around but take it for what it is until some certainty is known. The clay is still in the ground possibly with a crop on the top of it.

We have been pants down before and in my view I am taking it with a grain of salt.

All imo..