Ann: Phase 2 Exploration Commences at Paraiba Tenements, page-152

I'd say it's been a few years since management started saying they were going to focus on financing and developing Adelong (refer below extract from pg.11 of the 2021 annual report)....


Looking at the photo you've posted, it appears they're still only at the coffee & lunch phase of preliminary boardroom discussions regarding funding options...so the status of the $15M - $16M project funding is still pretty much where it was (3) years ago.

Remains to be seen how much longer it will take before management get around to organising a drilling rig at Adelong (in CY2024)....usually only takes a phone call to organise a drilling contractor. Apparently site drilling activities are still in ADG's "not the right time" basket. Perhaps they've decided to wait for project funding to arrive before they organise their next round of drilling at Adelong.

Overall: apart from occasional drilling, site development activities will continue to take longer than expected to materialise.

Any guesses for the timing of the next CY2024 cap raise?