Sum of the parts valuation, page-4

I tend to agree with you, and have previously given my valuation of where we are at, been at the SS without binding Offtakes and that is probably, in part, why the SP is where it is at currently IMOdespite the sound IRR here - second half of this Post #: 43930811

I agree with you that a binding Offrake Agreement will be the catalyst here as I posted the other day to good solid SP growth - Post #: 43983813

For others
Speculating on a takeover is just that, speculation. What drives value is a road to mining mentality IMO, and the SP will look after itself. If a TO happens so be it, but ticking boxes on the road to mining a key to sustaining SP value to shareholders.

Furthermore, I do not accept the 'build it and they will come view' without Offtakes in place.

At the end of the day, a mine needs capital for development, and what drives capital is a market outlook with locked in customers. It is very rare for an explorers to go from an explorer to miner without Offtakes, on a viewpoint of build it and they will come view.

Furthermore in this case, I doubt very much the farmers holding the freehold title on the land where Poochera is would allow someone to build a mine and disturb the land without that miner been able to demonstrate the benefits and compensation to them. Meaning they would want to be assured that ADN has buyers for its product in place before accepting and providing the necessary timely approvals for ADN to access and develop the land for mining purposes (despite under SA law farmers do not have economic ownership of the minerals on that land). Refer - Post #: 43892643

All IMO