The ADN PFS was focussed on a pure ceramics play, possibly inc HPA, and, at current levels, if this was the only market I'd have to agree that its likely overvalued at the present time. However, since then, numerous other possibilities have arisen; carbon capture, nanotech, IP, cement additives, and more, which places this little 'ceramics company' in a completely new league, with exponentially higher potential, hence the delay in DFS. We shall have to wait and see... Good luck to all..
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