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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$631.86M which is a fall of roughly 9% over the last four weeks. As of 11/06/2023 they have ~A$113M debt and ~A$49.63M cash. They have 293M 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 $631.86M 11/06/2023 $-64.09M
Total Assets: $161.92M $165.45M 11/06/2023 $3.52M
Total Liabilities: $164.51M $168.10M 11/06/2023 $3.58M
Current Assets: $85.50M $87.36M 11/06/2023 $1.86M
Current Liabilities: $3.50M $3.57M 11/06/2023 $0.08M
Total Debt: $110.11M $112.51M 11/06/2023 $2.40M
Cash: $48.58M $49.63M 11/06/2023 $1.06M
Enterprise Value: $757.48M $694.73M 01/06/1992 $-62.75M
Cash Flow: $166.80M $198.75M never $31.95M
Cash Flow Multiple: 4.17 3.18 never -0.99
Net Debt to
Cash Flow Ratio:		 0.37 0.32 never -0.05
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: 293,000,000 293,000,000 11/06/2023 0
Shares (FD): 307,000,000 307,000,000 11/06/2023 0
Insider Ownership: n/a 40% 11/19/2023 40%
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) 
185,544		 11/06/2023 10,701
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
27.38% of MCap 		11/06/2023 $0.00M
Funding Option: n/a n/a 11/06/2023 n/a
Documentation: none PRODUCER 11/19/2023 n/a
Future MCap Modifier: 0.2
Producer: Growth Potential
 0.2
Producer: Growth Potential
 11/06/2023 0
Cash Flow Multiplier: 8 8 04/20/2023 0.00

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
Average Grade: 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 $7.00 11/06/2023 $0.00
Extra Operating Cost: $5.00 $5.00 11/06/2023 $0.00
Average Grade: 400.00 g/t 400.00 g/t 11/06/2023 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 11/19/2023 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 0.08M
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 0.07M
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 $1,261.40M n/a $202.78M
Total Maximum Profit: $1,058.62M $1,261.40M n/a $202.78M
Max Profit / Current MCap: 1.521 1.996 n/a 0.475
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $3.45 $4.11 n/a $0.66
Total Max Profit Per Share: $3.45 $4.11 n/a $0.66
Total Free Profit Per Share: $0.00 $1.00 n/a $1.00
FD MCap / Gold Eq.: $627.17 $536.58 n/a $-90.60
FD MCap / Silver Eq.: $7.31 $6.64 n/a $-0.67
FD MCap / Per Metal
as % Spot Price:		 31.62% 26.29% n/a -5.33%
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 0.18M
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 0.13M
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 $2,504.78M n/a $402.66M
Total Maximum Profit: $2,102.12M $2,504.78M n/a $402.66M
Max Profit / Current MCap: 3.021 3.964 n/a 0.944
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $6.85 $8.16 n/a $1.31
Total Max Profit Per Share: $6.85 $8.16 n/a $1.31
Total Free Profit Per Share: $3.35 $5.05 n/a $1.70
FD MCap / Gold Eq.: $315.84 $270.22 n/a $-45.62
FD MCap / Silver Eq.: $3.68 $3.34 n/a $-0.34
FD MCap / Per Metal
as % Spot Price:		 15.92% 13.24% n/a -2.69%

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 0.24M
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 0.16M
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 $2,955.28M n/a $475.08M
Total Maximum Profit: $2,480.20M $2,955.28M n/a $475.08M
Max Profit / Current MCap: 3.564 4.677 n/a 1.113
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $8.08 $9.63 n/a $1.55
Total Max Profit Per Share: $8.08 $9.63 n/a $1.55
Total Free Profit Per Share: $4.58 $6.52 n/a $1.94
FD MCap / Gold Eq.: $267.69 $229.03 n/a $-38.67
FD MCap / Silver Eq.: $3.12 $2.83 n/a $-0.29
FD MCap / Per Metal
as % Spot Price:		 13.50% 11.22% n/a -2.28%

Future Valuation (Cash Flow & Totals)

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