While others have posted excellent summaries of James...

While others have posted excellent summaries of James webinar,another one I’ll not hurt and just reinforce what an exciting project we have on our hands.
This from a fellow investor.

• The main reason for delaying the DFS appears to be because of the merger with MEP. The DFS is likely to be made available in January. This will be followed by a BFS to secure the debt component of the project, likely to be 65% of the total funding requirement.
• Government approval for the project is the only other prerequisite for debt funding but should not be a problem. A key component could be in place during December (if informal feedback from the government is correct) and the final component well before mid 2022 but its timing is a little uncertain because it is in the hands of the bureaucrats.
• ADN is almost certainly going to pursue the DSO option because of its low capex requirement and very high IRR. Sales could be made very soon after breaking ground (likely to be mid 2022) and cash flow from the operation could fund all of ADN’s equity funding for the other projects.
• On that basis ADN may not need to raise any further equity, noting that its cash position was $46m at 30 September. That is something I had not fully appreciated previously.
• Concrete companies would buy the concrete additive now if it were available but ADN will wait until they have determined the size of the suitable mineral resource and have produced bulk samples through the Streaky Bay plant (1Q 2022) to send to potential customers. The additive also has other applications so this could be exciting because it would facilitate higher sales volumes. Prices of course are expected to be well above those for the ceramics and coatings markets and yet costs will be lower.
• Progress on Camel Lake continues at a snail’s pace with the delay caused by lawyers for the aboriginal land council who are drafting a proposed access agreement. That doesn’t matter so much now because kaolin in some parts of the Great White deposit and other deposits in that area have been found to contain 80-90% halloysite. Work has been sped up by a method of achieving quick assay turnaround.
• Work is proceeding on tweaking the HPA process licensed from AEM to optimise plant performance using ADN kaolin as a feedstock, and it could incorporate circuitry for recovery of rare earth elements too. As previously disclosed the ADN kaolin is ideally suited for the process with only 3t of kaolin required per tonne of HPA, whereas other kaolins would require 10t per 1t.
• The nanotech story keeps on improving. Halloysite produces results superior to other alternatives such as carbon nanotubes, graphene and modified zeolites, at a much lower cost.
• In the field of carbon dioxide they have now achieved capture at the rate of 2t per t of halloysite, which was required to reduce the cost to less than $20/t carbon dioxide, and as previously noted they are also able very cheaply to convert the captured carbon dioxide to a fuel for reuse within the plant.
• So far all this nanotech work has been at laboratory scale. But bulk samples of the halloysite kaolin will be produced at the Streaky Bay pilot plant from December (once the centrifuge is installed) and sent to the new pilot plant at the University of Newcastle. Depending on results from the pilot plant, during the course of 2022 it is possible that sales contracts might be secured, at stratigraphic prices (in the past ADN has mentioned $1m/t).

could go on but have run out of time. Suffice to say very happy with ADN holding. going to listen to another presentation by James Marsh tomorrow at the Noosa conference.