Ann: Proposed Equity Raise, page-6

Yep..... while it's not 'underwritten' don't think there isn't still a hefty cost (6% fee going to the brokers) to this raise (footed by existing ADT holders)..... it works out around $4.5m (AUD).

Exactly who's interests is it in to raise this capital (at a 5.7% discount + that 6% fee) instead of just drawing down on the existing Orion debt facility (if needed)? As an existing shareholder I don't think this raise is in my interest...... but it's definitely in the brokers interests who will pocket $4.5m for a few days work of scrolling through their filofax and making some calls.

It's clear the European investors can't get enough of ADT but so what...... that doesn't just mean management should just open up the register to them each time they come knocking..... back yourselves in (and hit commercial production) on a project that you keep stating is going so well.

While management were very quick to tout the value of transitioning away from the mining contractor....... that feels like a ruse just to raise more capital. As Shareholders are now paying for that decision through more dilution..... as why not just wait 12months for this transition and pay out the $11USD from all the Free Cashflow the mine is going to generate next year?

The Comms messaging is clearly carefully crafted and timed by management to keep a narrative of project success in one hand..... while the other hand (just out of sight) is open palm accepting any spare cash offered to it.