Ok, so I was a little annoyed when I first saw the raise. But...

Ok, so I was a little annoyed when I first saw the raise. But once I put on my investing cap it actually makes sense & is no brainer.

Yes, In hindsight we would've loved a raise at 40c when the SP got ahead of itself but we can't turn back time.

You could argue both ways whether the DFS delay is a negative or you can look at it as a positive. I ain't no trader so I'm going with the later.

The teams focus was to purely supply DSO to the ceramics industry (company maker in itself) which in turn was to fund and grow our other avenues.

Next thing the goal posts got widened and the great story unfolded, for the better.

I'll back James in and say, like him we were all blind sided by our 700KT offtake for coatings & polymers. It just shows the demand for our proven "superior product".

Scrapping the DSO and going straight into the onsite processing has fast tracked ADN by easily 12+ months but the negative is that we now need the $$$'s.

Yes, we could've waited longer for the cracking DFS and do a raise but that's going to put us back months from actually producing and further away from our divis.

We are aware of the long lead time items that require procurement and that's where our funds will be going, there's no point breaking ground in Febuary 2022 without having the plant items arriving on site (makes it a little bit hard to commission)

We will see an influx of news prior to the DFS.

• Mining Lease may come sooner than we think, we all know that ADN has been in discussions with the SA minning department 'weekly' to ensure its a smooth process with no surprises at the end that could potentially delay us.

• No doubt there will be a few more BOA's secured which is just crazy to get over the line pre DFS.

• Drill results from Great White & Mount Hope.

• Results of our patented concrete rheology testwork. Let's no forget a major concrete supplier is also currently product testing.

• HPA 90 day MOU product testing results. We can be confident that our feedstock will come in at 5N =$50k a tonne (4N from just 1 purification pass) This will open the eyes of other HPA producers as our feed is unmatched, dropping others opex massively.

• Completion of GICAN's comersialisation carbon  capture pilot plant.

• Flow on results from agricultural applications from halloysite nanotubes.

• There's also other news that may blind side us. Elon Musk's carbon capture competition & news about hydrogen storage & transportation & lets not forget our battery tech.   
• We all need to look back at what the ADN team has achieved since the start of the year.

Let's hope we look back in 12months and say what a master stroke it was by management.

The naysayers laughed at us and said Its just clay, next minute we had a Japanese BOA for 5000t for ceramics @ top end $700 a tonne.

Next they said it's only 5000tpa for a few plates and cups, next minute we had a 700kt for coatings and polymers for over $700t.

Next they said we had no funds. Now we will have $45 million.

The naysayers will run out of things to say and will be gone, block out the noise and believe in your research.

Exciting 12 months legends and not too many more boxes to get ticked.