Ann: THR: Substantial Mineral Resource Estimate Moonta Copper, page-29

In another thread I speculated on the potential value of a project, however updating for the new exploration target above ...

Ameding the assumptions:

1. Resource at scale of the average of the exploration target is defined ... 5617 kt of contained copper
2. 60% of this is converted to a reserve used for production .. 337 kt
3. From this a 10-year life of mine established ... and 34 kt of production pa
4. From industry data current copper producer margins are in the 25% ballpark ( a margin of around AUD $2,060 per tonne based on a price of AUD $8240 per tonne ).

EBITDA would be about AUD $71.2M. ADN's 25% share of this EBITDA would be about AUD $17.8M.

( although realistically would take at least 5 years to get a project such as this to production )