VALUATION 16C RESEARCH 20/6/23, page-22

Failed in the past? You're so negative, we couldn't budge without the PEPR approved and, understandably, buyers would be cautious about signing BOA's without a guarantee of production. Now we're moving towards that goal. You speak like this is setting up a lemonade stand. James' many ideas are all still very viable, just not all at the same time. Bob has turned James' ideas into a methodical process, which should see us become one of very very few explorers that become producers. This is no small feat. That people bought the hype all the way to 40c+ is not James' fault, no reasonable person thought the company was worth 1 billion at that early stage, but we all caught the bug and only have ourselves to blame it we overcapitalised. In 3 months Bob has turned the ship right around, and now it's a tight ship. As impressive as he is, I was more impressed by a few things Richard EARP said the other night. He's not invested in ADN, so there's no conflict of interest, and he was shocked by the quality of the GW deposit, it's rarity, and the perfect timing of this company to capitalise on the unfortunate situation in the Ukraine. He said one thing that stuck with me, there are a lot of ships bringing freight to Australia from Europe, and they return with empty containers as we don't recycle them here. That there is serendipity, one of the last high quality kaolin deposits in the world, and geopolitical issues leaving a massive door open for us. Add to that, a move in construction from stone to porcelain and we have what Richard called a unicorn situation. With the increased demand in this sector alone we may not even need HRM/HPA et al, but I'll take it...