Hi Luke, sorry I could not reply earlier due to an emergency....

Hi Luke, sorry I could not reply earlier due to an emergency. Still awaiting the outcome...

Lets make no secret that ADN is in a dark place, synicism on these threads is enough to stop any new buyers, let alone sarcasm, let alone the downturn on the market. The entire market (Xg, Xa, Cu, Kaolin) has been hammered last 6 months. Look at any of these stocks ignoring those with Lithium. When market sentiment returns positive, ADN will grow considerably, along with those others.

ADN could easily sign enough BOA's at average prices but it has been clearly stated that is not the intent. I think the problem is that they changed design away from PRM and CRM into HRM and KRM, as on paper, to them this was a better starting point, but in reality HRM is a difficult market, and KRM needs testing although a precursor to CRM. ADN needs BOAs and the oftakers know this - giving them the upper hand. With each BOA signed however, the balance shifts towards ADN. This is a matter of time - with each BOA, ADN becomes stronger and a better negotiator.

Could ADN revert to PRM and CRM, and add KRM? I think so, but this would increase Capex, another cause of concern.

if ADN fails to deliver with 4 promising tenements (one in PEPR app), plus Eyre Kaolin, plus 3 other JVs (of which Cobra is a standout), 13 NNT apps, a Pilot PLant being upgraded, and HPA (with patents) and HRM with patents then I will eat my hat. I will also eat my hat if this happens to be an easy process out - there will be pain.

The amount of revenue this monster can bring in over the next 600 (I can chose to be sarcastic also) years is astounding. Frankly, one decent dilution is what we are all worried about, but a decent round of dilution to bring this into Phase 1 and with supply and negotiating power this will turn into bags and bags.

I don't want dilution AND I don't want to crawl, but unfortunately this is we we find ourselves today. Speculating is pointless and we may find ourselves spread across a SPP, CR, Bank Finance, Offtake deal, or Government loans/grants.

This will all unfold, I remain open to critique with a point, but I will ignore the noise, but there is too much going on for this thing to not work.

If anything, and perhaps that may be part of the problem. With 13 NNT applications, how does one professor advance that at a speed fast enough to beat others. I would like to see this floated, where ADN remain with majority (and some cash). The NNT is not just full of company makers, but each approval would not just build a product line, it could also utilise what ADN are trying to move.....