General comments/chat, page-17863

Agreed thank you - an absolute “must read” for any serious or prospective investor in ADN (or MEP for that matter) for 2 primary reasons:

1. Emphasises what a phenomenal amount of thought and work has been put into advancing the Great White project to this stage; detailed and thorough at a level one can only begin to appreciate by reading the document.

Certainly puts things into perspective when you see the extraordinary hard-yards Ranford, Marsh and team have put in and will continue to put in to see the project into operation - in other words, their primary concern is the serious business of turning theory and speculation into reality with this project coming online, being no mean feat and not to be taken for granted by shareholders.

2. Generally provides an excellent insight into the “nitty gritty” of the Great White project, covering the nuts and bolts of all aspects from community engagement, environmental issues, stakeholder concerns and responses, logistics, legislative and regulatory framework, etc.

As Koldkathode has alluded to above, it is interesting to compare / contrast the following Stage One and Stage Two descriptions from the MLA document::


With the corresponding pages from ADN’s almost contemporaneous market announcement of 17 March 2021:


Considering these separate documents concurrently makes me speculate that: (a) Conrad Partners could perhaps be looking to sign up Binding Offtake Agreements with existing Letter of Intent customers in China for the short-term period envisaged for DSO under Stage One noted above, with separate BOAs to be locked in with others for the Stage Two refined product; and / or (b) the separate options being considered for the DFS may well be informed by the progress made on the BOA front in coming months.

Best wishes to all.