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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$679.84M which is a fall of roughly 2% over the last nine months. As of 11/06/2023 they have ~A$111M debt and ~A$49.18M 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 $679.84M 05/26/2024 $-16.11M
Total Assets: $161.92M $163.94M 11/06/2023 $2.01M
Total Liabilities: $164.51M $166.56M 11/06/2023 $2.04M
Current Assets: $85.50M $86.56M 11/06/2023 $1.06M
Current Liabilities: $3.50M $3.54M 11/06/2023 $0.04M
Total Debt: $110.11M $111.48M 11/06/2023 $1.37M
Cash: $48.58M $49.18M 11/06/2023 $0.60M
Enterprise Value: $757.48M $742.14M 07/08/1993 $-15.34M
Cash Flow: $166.80M $223.35M never $56.55M
Cash Flow Multiple: 4.17 3.04 never -1.13
Net Debt to
Cash Flow Ratio:		 0.37 0.28 never -0.09
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% 06/30/2024 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) 
175,350		 11/06/2023 508
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
25.45% of MCap 		11/06/2023 $0.00M
Funding Option: n/a n/a 11/06/2023 n/a
Documentation: none PRODUCER 06/30/2024 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%) $14.89 (53.39%) $3.77
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% 06/30/2024 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 0.00M
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 0.00M
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 $1,417.53M n/a $358.90M
Total Maximum Profit: $1,058.62M $1,417.53M n/a $358.90M
Max Profit / Current MCap: 1.521 2.085 n/a 0.564
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $3.45 $4.36 n/a $0.91
Total Max Profit Per Share: $3.45 $4.36 n/a $0.91
Total Free Profit Per Share: $0.00 $1.17 n/a $1.17
FD MCap / Gold Eq.: $627.17 $610.88 n/a $-16.29
FD MCap / Silver Eq.: $7.31 $7.14 n/a $-0.17
FD MCap / Per Metal
as % Spot Price:		 31.62% 25.60% n/a -6.01%
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 0.01M
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 0.01M
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 $2,814.81M n/a $712.68M
Total Maximum Profit: $2,102.12M $2,814.81M n/a $712.68M
Max Profit / Current MCap: 3.021 4.140 n/a 1.120
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $6.85 $8.66 n/a $1.81
Total Max Profit Per Share: $6.85 $8.66 n/a $1.81
Total Free Profit Per Share: $3.35 $5.47 n/a $2.12
FD MCap / Gold Eq.: $315.84 $307.64 n/a $-8.20
FD MCap / Silver Eq.: $3.68 $3.60 n/a $-0.09
FD MCap / Per Metal
as % Spot Price:		 15.92% 12.89% n/a -3.03%

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 0.01M
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 0.01M
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 $3,321.07M n/a $840.86M
Total Maximum Profit: $2,480.20M $3,321.07M n/a $840.86M
Max Profit / Current MCap: 3.564 4.885 n/a 1.321
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $8.08 $10.22 n/a $2.14
Total Max Profit Per Share: $8.08 $10.22 n/a $2.14
Total Free Profit Per Share: $4.58 $7.03 n/a $2.45
FD MCap / Gold Eq.: $267.69 $260.74 n/a $-6.95
FD MCap / Silver Eq.: $3.12 $3.05 n/a $-0.07
FD MCap / Per Metal
as % Spot Price:		 13.50% 10.93% n/a -2.57%

Future Valuation (Cash Flow & Totals)

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