For the life of me I am bewildered by the announcement...

For the life of me I am bewildered by the announcement onFriday.

I’ve gone back over interviews and announcements trying tomake sense of how we go from a 150,000 t pa plant to a plant that will onlyproduct 50,000 t pa.

The Pilot Plant is also known as the Starter Plant. Recent interviews and announcements have referred to both which leads the meaning of this initial plant to be ambiguous.

Therefore let’s assume the Pilot Plant and Starter Plant areone and the same.

The Pilot Plant/Starter Plant is located at Streaky Bay andcurrently produces 10 x tons of product. The Long Lead Items (as per ASX announcement 26.08.2022) have been ordered to upgrade the Pilot Plant/Starter Plant to be able to produce 50,000 tons of product.

Per the DFS update on the 06.04.2022 (page23), the Pilot Plant/StarterPlant is to be upgraded to produce early commercial quantities of the product (asper ASX Announcement 26.08.2022). This plant is to produce 50,000 tons of product.

Therefore, the announcement on the 26.08.2022 was what the companystated they would do in the DFS.

However, while the Pilot Plant/Starter Plant is being upgradedthe Main Plant is to be built – as per the Hidden Gems Webinar on the18.07.2022.

This will give a smooth transition into Stage One processing tothe Main Plant.

Therefore, the questions are:

Have the Long Lead Items been ordered for the Main Plant?

When can we expect the Main Plant to be commissioned?

Or, is it the intention of ADN.ASX to maintain production ofonly 50,000t pa for a period of up to 3 years before Stage One is fullycommissioned and producing 150,000 tons pa of product?