Stage 1 expenditure commitment of $3.0 million met ahead of schedule, resulting in ADN now formally acquiring a 51% equity interest in the Poochera Halloysite-Kaolin Project.

The Company has elected to proceed immediately to Stage 2 through the sole contribution of a further $3.0 million to be spent by April 2023 in order to acquire a further 24% equity interest.

Alternatively, ADN will advance to an immediate 75% interest in the Project on a decision to mine made by the joint venture partners.

The Pre-Feasibility Study is proceeding to plan and scheduled for release during the second quarter of 2020.