Disclosure: Big TMT supporter for a couple of years already,...

Disclosure: Big TMT supporter for a couple of years already, while I knew virtually nothing about ADN up until this morning (a mate told me he made some coin on it but I am already maxed out on my current investments).

First off we're comparing apples with oranges in terms of deposit types, processes, markets, etc

You're also basing your comparison on GVT figures, while we now know it's not what we'll go with production first - those will be applicable only after YR is built.

More importantly from my limited research I see capital pre-production expenses @ $28m for ADN vs $484m for TMT's GVP.
In fact, IRR after-tax is 135% for ADN, 43% for TMT.
That's a huge difference in capex requirements, a comparative hurdle for TMT and a big risk of dilution, no matter what the NPV and EBITDA.

Knowing very little about ADN, I can't see why they wouldn't start producing soon if all they need to raise is that small sum. Hence a on paper a very attractive stock and the reason it rerated hard.

Having said that, with market cap already in excess of their after-tax NPV, I missed that train and happy to be on this one right now.