Ann: Results of Meeting, page-42

Cost is approximately 1.5% of bond value per annum so approx $90k per annum particularly if the bond is cash backed.

If a partner (Traxys maybe) stumps up the cash to secure against the bond this provides a potential solution. Benefit to partner is product out of the ground sooner and no doubt a sweetner on top.

There is no benefit to ADN to having the environmental bond in place without being capable of developing the Project, so the bond will be coupled with the overall finance or in conjunction with finance (per suggestion above). Either way they go hand in hand, they will certainly not use current working capital to put a bond in place without any certainty of Project progression.

I.E. this should not be a consideration when running spend projections on current working capital.