Thanks. Have learnt a great deal about characteristics for a...

Thanks. Have learnt a great deal about characteristics for a great investment:

• High-demand unique resource (that gives them a moat)
• High margin
• Experienced management (JM for Industrial Minerals and RG for mining startup and corporate experience)
• Low startup CAPEX hurdle and hence high IRR
• Low risk processing
• Upside that can be switched on with little cost which creates potential for near-term organic growth
• Stable jurisdiction

It's hard to find mining investments with all of these characteristics but that's my general shopping list now. Although it will be hard to find anything that matches ADN when compared against all of these criteria (ADN rates well for each point above).