With due respect, all ADN now has is a deposit & a sophisticated...

With due respect, all ADN now has is a deposit & a sophisticated spreadsheet valued at $300m net of cash against a post tax NPV of $412m (14c) + some blue sky things largely in the hands of an accomplished academic. No sales contracts of any real value and so a heap of derisking (aka selling) to do to make the NPV real. Some sensible BoA's will turn sentiment & give ADN a "pop" but unless they are way better than assumed in DFS, will only serve to move the shares a bit closer to NPV. And versus the cohort group, as many have noted, that's generous. Especially since management have shown publicly that they are disorganised and prone to excessive enthusiasm and overstatement. You clearly have 4.5x the confidence of the Chair (or probs a shedload more money)