Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-151

IMO

This is a Kodak or Nokia moment in a disruptive change to the transportation market

From looking at the latest BNEF projections the EV component of the market will likely be 15 million vehicles this year, massive growth!

We are experiencing the start of an S curve acceleration of the mass adoption of EV vehicles into the market. Unfortunately the OEM's cannot compete and are losing money on every vehicle they produce. Look at companies such as GM and Ford who market observers are saying they are losing up to $36K per EV they are selling because they can't compete with the likes of Tesla and BYD who appear to be the only ones making a profit on their EV sales

All these OEM companies are in a downward spiral trying to compete with unimcumbered companies like Tesla who are moving forward in a profitable way with EVs.

These legacy automakers will be searching for ways to cut the cost of their vehicles and the components within, such as the batteries, while competing with trying to find more range, cheaper batteries and faster charging

The next six months for ADO will be crucial in demonstrating the scalability of the pilot plant not only to the OEMs but also to the major manufacturers of anode materials such as BASF and Trinseo. These will be the scalable partners for ADO

If they can jump through these hurdles then ADO will present a compelling proposition for either a partnership or acquisition IMO

All IMO as a free carried shareholder