Project CAPEX and Working Capital Comparisons, page-84

I posted in FYI a while ago, Post #: 44501315, and its move to HPA is a necessity as against a staged approach for ADN. The staged approach for ADN allows for less dilution, i.e upfront capex is actually not too bad for a 2022 production start date here, in the sense its various stages of subsequent production can be self-funded, but obviously FYI is likely to get to HPA production before ADN.

Albeit ADN has about 2.2 billion shares on issue, whereas FYI have about 300 million on issue, so despite the higher upfront capex cost for FYI, and given where its SP is, I suspect it will end up with about 1.5 billion - 2 billion shares on issue (assuming equity for Offtakes type financing etc), depending on how financing works here and SP at time of equity deal.

Anyway, on this issue of dividends for ADN holders I suspect under the staged development, whilst ADN may pay dividends it may not be as significant as some think in the first few years, as they meet each stage of production objectives (been the short, medium and long term strategy) so a portion of profit will become retained earnings for subsequent stages capex expansions. The question for ADN holders becomes how large is the portion retained and what dividends are initially paid, but ultimately I would be expecting some decent dividend distributions in future, assuming projects, and expansions, run as specked and prices come in as assumed from any (subsequent) financial studies etc etc.

Posted for balance, as I don't see it as a competition between FYI and ADN holders.

All IMO