I'm just taking the trade when it offers itself. HPA is icing on...

I'm just taking the trade when it offers itself. HPA is icing on the cake so I'm not concerned if there is a delay. The carbon capture plant is 12 months late, but again, it's the cherry on top!

I'm more concerned about what JM said regarding a further CR post-DFS. Since the shorters have been persistent and on the correct side of the trade I thought I should take note. Little things like rising steel pricing, labour shortages & shipping costs all have an impact on IRR/NPV and we know CAPEX is >$100m. Lots of us have been guessing 65/35 debt/equity split but who knows. Kaolin & halloysite are opaque markets.

Also, as we know/guess, JM really wants concrete in the DFS and progress on that front has been very slow.

Anyway, I see no reason for LTHs to be concerned.

NB. My exposure to GWJV is thru holding MEP. I'm still dreaming of a takeover! Liquidity in ADN means it is the obvious way to trade.