James Marsh - MD Interviews

Thought it would be worthwhile collating these all in the one spot.

Hidden Gems:

NWR Communications:


Crux:


Samso:


Proactive:



On the Pathway to Producing / PLS Comparison:
The intricacies of a mining proposal can't be understated, but with a simple flow sheet, quarry type operation and solid infrastructure close to port already established, it would seem it's just a matter of the formalities for ADN. If this is in operation at the end of 2021 it will be an amazing achievement. Even if it was in operation at the end of 2022 that would still be amazing.

Pilbara Minerals was phenomenally fast from first drill to production.
They delivered their first PFS on10th March 2016.
First DSO shipment was18th June 2018.

PLS to go from PFS to first DSO took2 years, 3 months. (27 months)
ADN could potentially be looking at PFS to first DSO in1 year, 6 months (18 months)


PLS:
• Project NPV ofA$407M(10% discount rate, post tax) andIRR of 44%(PFS Reserve basis)
• Project capital estimate of A$184M (±25%)

ADN:
• After-tax NPV8% ofA$511MandIRR of 135%


PLS at 11th May 2016(2 months after PFS)hit a high of 87 cents. SOI at the time was 1,013,232,379.
Market cap at the time =$881.5 million.

This was prior to DFS, prior to converting MOU's into Binding Offtake Agreements and well before DSO commenced.

Just for comparison the equivalent SP for ADN fully diluted at that MC would be around40c.
Granted we don't have the same hype as the lithium bubble at the time, but with the low capex here, ADN is looking to be a standout.


Parting Note:
Most multi-baggers will have long periods of stagnation as fundamentals backfill, old shareholders give up or get bored, and new shareholders enter.A multi-baggers journey is filled with the corpses of highly intelligent articulate naysayers. Every investors strategy is different, so don’t waste a lot of time defending your positions to others.Do the work. Trust your work. Let company execution prove you right or wrong. Just like a fine wine (Pezz ), sustainable multi-baggers often take their time to ascend and develop. If you’re invested in great businesses that continue to grow and earn more money, don’t let lulls in stock price and boredom scare you out of them.

https://www.atradernotes.com/single-post/2017/10/02/The-Art-of-Holding-and-Doing-Nothing