General comments/chat, page-13290

DYOR. Valuations are my own calculations from my interpretation of data in company announcements. Not advice.
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Here's the underlying calculations (reposting).

For Great White I valued the Reserve at higher confidence (20% discount). This is the basis of the PFS. I valued the main zone at AUD $700 / tonne as per the PFS ... so this is conservative given there could sell a concrete product from this resource ( pricing could be up to AUD $4500 / tonne ).

80% discount applied as it is a Proven & Probable Reserve. ADN's share is by my calculations worth $0.26 per ADN share (discounted).



For Hammerhead I valued the 10.4% Halloysite zone at AUD $700 per tonne and the 21.6% Halloysite Zone at AUD $3,000 per tonne ( midpoint of the AUD $1,000 to AUD $5,000 per tonne range given in presentations ).

Resources are inferred so 95% discount applied. ADN's share is by my calculations worth $0.43 per share (discounted)



For Mt Hope I valued the main zone at USD $500 per tonne. This was from an earlier Mt Hope announcement. I valued the ultra-bright zone at AUD $1,000 per tonne and the High Grade Halloysite zone at AUD $3,000 per tonne.

95% discount applied due to the inferred resource. ADN own's 100% of this resource so it is valued by my calculations at $0.13 per share (discounted).