We're in the orphan period. Was hoping it would be in production...

We're in the orphan period. Was hoping it would be in production very quickly due to the relatively simple nature and thought it would be only a short orphan period but numerous factors have contributed to a delay.

• Covid
• Inflation
• JM overly optimistic guiding expectations
• Teething Mismanagement issues
• Ukraine war
• Bear Market
• Slow Gov Approval process

There have been some pretty substantial macro events while ADN has been in this period. I think it would be very rare to have a perfect orphan period with no negative macro events, alas it hasn't been easy and this has unfortunately assisted with added pressure on the share price.

If you believe this company will make it through to cash flow positive production, the market dynamics have given an opportunity to buy at a low valuation with scope for significant appreciation in time. The staged approach will inevitably take longer to get there but it is the prudent approach to limit upfront dilution in a tough macro environment. I trust that this management team will get there in the end and albeit take far longer than anticipated but I believe they will extract substantial value out of the resource for shareholders.

Most explorers turned producers follow it, but here is an example of AGY following the Lassonde Curve perfectly. The comments and negativity at the lows during 2019/2020 were something to behold. The current negativity towards ADN pales into insignificance.

AGY are now on the verge of cashflow positive production.

AGY:



ADN: Look familiar?



Forget all the noise, it just comes down to whether you believe the management team can deliver the project into production. Place your bets!