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Adriatic Metals

www: www.adriaticmetals.com   email: info@adriaticmetals.com
Category: Mid-tier Producer
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Symbol Data

Symbol Currency
ASX:ADT AUD
LON:ADT1 GBX
OTCMKTS:ADMLF USD

Description

Adriatic Metals are a silver focused mid-tier producer with exploration properties in Bosnia-Herzegovina and Serbia. They have approximately 330Moz. of silver in the reserves and resources category of which 250Moz. are in the measured and indicated category. They have a market capitalisation of ~A$866.76M which is a rise of roughly 25% over the last eight months. As of 11/06/2023 they have ~A$113M debt and ~A$49.94M cash. They have 311M shares outstanding and trade on the Australian Stock Exchange, the London Stock Exchange and the over-the-counter markets.

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General Details

Financial 11/06/2023
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
MCap (FD): $695.95M $866.76M 05/26/2024 $170.81M
Total Assets: $161.92M $166.48M 11/06/2023 $4.55M
Total Liabilities: $164.51M $169.14M 11/06/2023 $4.63M
Current Assets: $85.50M $87.90M 11/06/2023 $2.40M
Current Liabilities: $3.50M $3.60M 11/06/2023 $0.10M
Total Debt: $110.11M $113.20M 11/06/2023 $3.10M
Cash: $48.58M $49.94M 11/06/2023 $1.37M
Enterprise Value: $757.48M $930.02M 06/21/1999 $172.54M
Cash Flow: $166.80M $248.70M never $81.90M
Cash Flow Multiple: 4.17 3.49 never -0.69
Net Debt to
Cash Flow Ratio:
0.37 0.25 never -0.11
Finance within 1 year: 11/06/2023 n/a
Misc 11/06/2023
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 293,000,000 311,000,000 05/26/2024 18,000,000
Shares (FD): 307,000,000 325,000,000 05/26/2024 18,000,000
Insider Ownership: n/a 40% 05/26/2024 40%
Dividend (Annual): n/a n/a never n/a
Company Type: Mostly Silver Mostly Silver never n/a
Production ETA: n/a 07/01/2023 11/06/2023 n/a
Production (Gold Eq Oz.): (guess) 
174,842
(guess) 
191,184
11/06/2023 16,342
Production (Silver Eq Oz.): (guess) 
15,000,000
(guess) 
15,000,000
11/06/2023 0
Initial CapEx (Outstanding): $173.00M
24.86% of MCap
$173.00M
19.96% of MCap
11/06/2023 $0.00M
Funding Option: n/a n/a 11/06/2023 n/a
Documentation: none PRODUCER 05/26/2024 n/a
Future MCap Modifier: 0.2
Producer: Growth Potential
0.2
Producer: Growth Potential
11/06/2023 0
Cash Flow Multiplier: 8 10 03/31/2024 2.00

Resource Data

GOLD 11/06/2023
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: n/a n/a 11/06/2023 0.00M
Measured & Indicated: n/a n/a 11/06/2023 0.00M
Inferred: n/a n/a 11/06/2023 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: n/a n/a 11/06/2023 0.00M
Measured & Indicated: n/a n/a 11/06/2023 0.00M
Inferred: n/a n/a 11/06/2023 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 11/06/2023 $0.00
Extra Operating Cost: n/a n/a 11/06/2023 $0.00
Total: n/a n/a 11/06/2023 $0.00
Margin (Free Cash Flow): n/a $0.00
G
R
A
D
E
Underground (Avg): n/a n/a 11/06/2023 n/a
Open Pit (Avg): n/a n/a 11/06/2023 n/a
Recovery Rate: n/a n/a 11/06/2023 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 11/06/2023 0.00M
Annual Production: n/a n/a 11/06/2023 n/a
Cash Cost: n/a n/a 11/06/2023 n/a
Extra Operating Cost: n/a n/a 11/06/2023 n/a
SILVER 11/06/2023
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 112.00M 112.00M 11/06/2023 0.00M
Measured & Indicated: 250.00M 250.00M 11/06/2023 0.00M
Inferred: 80.00M 80.00M 11/06/2023 0.00M
Reserves & Resources: 330.00M 330.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 95.20M 95.20M 11/06/2023 0.00M
Measured & Indicated: 189.04M 189.04M 11/06/2023 0.00M
Inferred: 34.00M 34.00M 11/06/2023 0.00M
Reserves & Resources: 223.04M 223.04M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
15,000,000oz.
(guess) 
15,000,000oz.
11/06/2023 0oz.
Cash Cost: $7.00 $8.00 05/26/2024 $1.00
Extra Operating Cost: $5.00 $5.00 11/06/2023 $0.00
Total: $12.00 $13.00 05/26/2024 $1.00
Margin (Free Cash Flow): $11.12 (48.10%) $16.58 (56.05%) $5.46
G
R
A
D
E
Underground (Avg): 400.00 g/t 400.00 g/t 11/06/2023 n/a
Open Pit (Avg): n/a n/a 11/06/2023 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 05/26/2024 0.00%
F
U
T
U
R
E
Proven & Probable: 250.00M 250.00M 11/06/2023 0.00M
Annual Production: 12,000,000oz. 12,000,000oz. 11/06/2023 0oz.
Cash Cost: $10.00 $10.00 11/06/2023 $0.00
Extra Operating Cost: $10.00 $10.00 11/06/2023 $0.00

Property

Last Analysis Data  (11/06/2023)
Stage Name Owned Au Ag Cu Notes
Exp Brestic 100% show
Ready to be drilled
Exp Rupice 100% show
Maiden resource due in 2019.
Exp Veovaca 100% show
Silver / Zinc discovery.
Exp Gokcanica 51% show
Early exploration.
Exp Kizevak 100% show
Zinc, Silver

Early exploration.
Exp Sastavci 100% show
Early exploration.
Exp Suva Ruda (Rudnica) 100% show
Early exploration.

8 year option for $6 million.

567 meters at .28 CU and .45 AU
Total Land Package Size (ha): 19,700  
Current Data
Stage Name Owned Au Ag Cu Notes
Exp Brestic 100% show
Ready to be drilled
Exp Rupice 100% show
Maiden resource due in 2019.
Exp Veovaca 100% show
Silver / Zinc discovery.
Exp Gokcanica 51% show
Early exploration.
Exp Kizevak 100% show
Zinc, Silver

Early exploration.
Exp Sastavci 100% show
Early exploration.
Exp Suva Ruda (Rudnica) 100% show
Early exploration.

8 year option for $6 million.

567 meters at .28 CU and .45 AU
Total Land Package Size (ha): 19,700  

Profitability (by resource)

Proven &
Probable
11/06/2023
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: 100.00% 100.00% n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a 0.12M
Total (Silver Eq. Oz.): 112.00M 112.00M n/a 0.00M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: n/a n/a n/a 0.10M
Silver Eq. Oz.: 95.20M 95.20M n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $1,058.62M $1,578.42M n/a $519.79M
Total Maximum Profit: $1,058.62M $1,578.42M n/a $519.79M
Max Profit / Current MCap: 1.521 1.821 n/a 0.300
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $3.45 $4.86 n/a $1.41
Total Max Profit Per Share: $3.45 $4.86 n/a $1.41
Total Free Profit Per Share: $0.00 $0.85 n/a $0.85
FD MCap / Gold Eq.: $627.17 $714.33 n/a $87.16
FD MCap / Silver Eq.: $7.31 $9.10 n/a $1.79
FD MCap / Per Metal
as % Spot Price:
31.62% 30.78% n/a -0.84%
Measured &
Indicated
11/06/2023
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: 100.00% 100.00% n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a 0.27M
Total (Silver Eq. Oz.): 250.00M 250.00M n/a 0.00M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: n/a n/a n/a 0.21M
Silver Eq. Oz.: 189.04M 189.04M n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $2,102.12M $3,134.28M n/a $1,032.16M
Total Maximum Profit: $2,102.12M $3,134.28M n/a $1,032.16M
Max Profit / Current MCap: 3.021 3.616 n/a 0.596
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $6.85 $9.64 n/a $2.80
Total Max Profit Per Share: $6.85 $9.64 n/a $2.80
Total Free Profit Per Share: $3.35 $5.64 n/a $2.29
FD MCap / Gold Eq.: $315.84 $359.74 n/a $43.90
FD MCap / Silver Eq.: $3.68 $4.59 n/a $0.90
FD MCap / Per Metal
as % Spot Price:
15.92% 15.50% n/a -0.42%

Reserves &
Resources
11/06/2023
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: 100.00% 100.00% n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a 0.36M
Total (Silver Eq. Oz.): 330.00M 330.00M n/a 0.00M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: n/a n/a n/a 0.24M
Silver Eq. Oz.: 223.04M 223.04M n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $2,480.20M $3,698.00M n/a $1,217.80M
Total Maximum Profit: $2,480.20M $3,698.00M n/a $1,217.80M
Max Profit / Current MCap: 3.564 4.266 n/a 0.703
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $8.08 $11.38 n/a $3.30
Total Max Profit Per Share: $8.08 $11.38 n/a $3.30
Total Free Profit Per Share: $4.58 $7.37 n/a $2.79
FD MCap / Gold Eq.: $267.69 $304.90 n/a $37.20
FD MCap / Silver Eq.: $3.12 $3.89 n/a $0.77
FD MCap / Per Metal
as % Spot Price:
13.50% 13.14% n/a -0.36%

Future Valuation (Cash Flow & Totals)

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