Sorry to dip my fly in your ointment Finn, but the "M" in "Mt"...

Sorry to dip my fly in your ointment Finn, but the "M" in "Mt" stands for million, not metric. Fancy evaluating the ADV investment case on a 10 tonne resource. 

Anything less than a 20Mt reserve is a non-starter in my opinion. Considering the depth and patchiness of the deposit as demonstrated by historical drill intersections, this reserve estimate may require a defined resource of between 35Mt and 50Mt. At historic rates of drilling and cash burn this will take many years and many 10's of millions. 

The commentary on Yantai is vague in the extreme - it smacks of a notable lack of interest by them. I recommend that interested posters go back to the Yantai announcements and understand what was envisaged and what has been delivered. Chalk and cheese. Yantai's actions (or lack thereof) speak volumes - and what they are 'saying' is not encouraging.

My view is that this announcement will not excite the market in the medium to long term. SP will drop back to 0.3c in the next few days.