Joint Venture to progress In-Situ Recovery of Copper at Moonta

Commercial terms agreed for a binding Earn-In and Joint Venture Agreement, incorporating expenditure of up to $5.5 million, has been entered into with copper in-situ recovery (ISR) focused Environmental Metals Recovery Pty Ltd (EMR) to form the Moonta ISR Joint Venture covering the northern part of the Company's Moonta tenement located in South Australia.

In-situ recovery has the potential to be a low environmental impact method of copper extraction with minimal surface disturbance that is sensitive to and can co-exist with existing landowners.

Under the terms of the Agreement, following completion of due diligence activities, EMR will sole fund $2.0 million over four years to earn a 51% equity interest in the project area.

EMR can elect to sole fund a further $3.5 million over an additional three and a half years to increase its equity interest to 75% in the project area.

EMR will act as manager and operator of the joint venture.

ADN will continue to hold 100% ownership to the remainder of the Moonta tenement, excluding the Moonta Porphyry Joint Venture with Minotaur Exploration in which ADN holds 90% equity interest.

The transaction will result in valuable effort being directed towards evaluating the potential for extracting copper at Moonta by a group of professionals experienced in ISR application while allowing ADN to continue to focus efforts towards progressing the Poochera Halloysite-Kaolin Project.

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