Ann: Procurement of Long Lead Items for the Great White Project, page-317

Perhaps you shouldn't post from your beanbag on a Saturday then - laziness is inexcusable, I'm not one for accepting mediocrity. And please I hope you can see the level of sarcasm in that - I know it's hard to get the meaning across when people type words as opposed to speaking them - It's my attempt at humour.....

I agree with you 100%, the changes have come completely out of nowhere. Last reports was everything was on track, going well and they were going to secure more offtakes. They need to explain what has transpired, and what the path is moving forward. The Lithium stock I mentioned did a fabulous job of this, they went it alone, raised funds, commenced construction and now religiously every month first working day update comes out. They've done that for at least 12 months - it help reinstate investor confidence.

It's not easy to get from explorer to production, the fact they've jumped over so many hurdles still says to me it's more likely they get to production than not - it's just that investment horizon and ramp up timeframe has shifted. This is what needs explaining, if they don't it's a show of total disrespect to a holder base who has supported them for a long period of time.


The more I mull over this, the more I'm starting to think a potential offtake partner played hardball, and possibly management had a cut off date to move forward - with or without them, and they've decided for the latter. I've always though BOA's are a game of chess, you try to create competitive tension for your product, then the buyer tries to say they don't need you to drive the price down. The global market will be interesting given the supply impacts as a result of current geopolitical climate - if Ukraine can't come back online, you'd think there's a shortage.

Maybe ADN management said stuff it, we will proceed without you. Come back to us in 12-18 months once we are in production and we hold all the cards - you want the balance of our capacity you'll need to pay. Anyways just musings on a Saturday afternoon - fundamentally though, we all agree, whatever the explanation, be it justified or not has been a monumental example of how not to communicate to the market.

I try not to invest on emotion, prepared to wait it out - I'm lucky, and I never take this for granted, I'm not in need of short term capital..... I sincerely feel for those who do and they have some tough decisions to make......