Ann: Quarterly Update / Appendix 4C, page-93

The realistic timeframe and commercial risk for ADO generating significant revenue from their life science and battery segments needs some perspective. From the quarterly, the TGA is seeking further clinical data, which:

“At the time of writing, AnteoTech was working throughthe details of the request with the TGA to determine the expected timeframeneeded to gather the additional information and fulfil the conditions of theTGA’s guidelines.”

Also from the quarterly, the European Common List registration requires:

“….sponsorship by an EU member state and a full Europeanbased prospective clinical trial including 100 positive samples and 200negative samples, achieving a sensitivity of 80% or above and specificity of98% or above.”

If both these studies are still in planning phase, which is apparent, they will take at least three if not four months to conduct, followed by approval timelines. That is, don’t expect TGA or European Common List outcomes this financial year.

Similarly for batteries, the quarterly indicates (bolding added):

“High-performance applications may have adoptiontimeframes within two years whereas, automotive OEM’s have standardqualification and adoption processes that could span a four to five-yeartimeframe.”

And

“Should the AnteoX & SBR/CMC programyield positive results, AnteoX has the potential to play a significantrole in the performance enhancement of both conventional (2) and silicondominant anode markets.”

Thereis a significant level of risk for ADO in both sectors and there should be noexpectation of significant revenues for this financial year. Despite these observations, and like other optimistic posters, I believe ADO has great potential and I remain a long term holder. I am not planning on quick gains though.