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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
OTCMKTS:ADMLF USD
LON:ADT1 GBX

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$1371.38M which is a rise of roughly 59% over the last ten months. As of 03/31/2025 they have ~A$143M debt and ~A$79.27M cash. They have 324M shares outstanding and trade on

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General Details

Financial 11/11/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $861.30M $1,371.38M 11/11/2024
MCap (OS): $844.33M $1,344.35M 11/11/2024
Total Assets: $164.27M $166.53M 11/11/2024
Total Liabilities: $166.90M $169.19M 11/11/2024
Current Assets: $86.74M $87.93M 11/11/2024
Current Liabilities: $3.55M $3.60M 11/11/2024
Total Debt: $144.56M $142.55M 03/31/2025
Cash: $23.00M $79.27M 03/31/2025
Debt (Net): $121.56M $63.28M
Enterprise Value: $982.86M $1,434.66M 06/18/2015
Cash Flow: $232.65M $208.72M never
Cash Flow Multiple: 3.70 6.57 never
Net Debt to
Cash Flow Ratio:		 0.52 0.30 never
Finance within 1 year: 11/11/2024
Misc 11/11/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 324,476,883 324,476,883 11/11/2024
Shares (FD): 331,000,000 331,000,000 11/11/2024
Insider Ownership: n/a 40% 07/18/2025
Dividend (Annual): n/a n/a never
Company Type: Mostly Silver Mostly Silver never
Group: Producer Producer never
Production ETA: n/a 07/01/2023 11/11/2024
Production (Gold Eq Oz.): (guess) 
174,816		 (guess) 
92,599		 03/31/2025
Production (Silver Eq Oz.): (guess) 
15,000,000		 (guess) 
8,000,000		 03/31/2025
Development Phase: none Producer (Single Mine) 07/18/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 20
Producer: Growth Potential
 20
Producer: Growth Potential
 11/06/2023
Cash Flow Multiple: 10 12 01/29/2025

Resource Data

GOLD 11/11/2024
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 11/11/2024
Measured & Indicated: n/a n/a 11/11/2024
Inferred: n/a n/a 11/11/2024
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 11/11/2024
Measured & Indicated: n/a n/a 11/11/2024
Inferred: n/a n/a 11/11/2024
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 11/11/2024
Extra Operating Cost: n/a n/a 11/11/2024
Total: n/a n/a 11/11/2024
Margin (Free Cash Flow): n/a
MCap / Production (AuEq): $4,926.90 $14,809.82
EV / Production (AuEq): $5,622.28 $15,493.19
G
R
A
D
E		 Underground (Avg): n/a n/a 11/11/2024
Open Pit (Avg): n/a n/a 11/06/2023
Recovery Rate: n/a n/a 11/11/2024
F
U
T
U
R
E		 Proven & Probable: n/a n/a 11/11/2024
Annual Production: n/a n/a 11/11/2024
Cash Cost: n/a n/a 11/11/2024
Extra Operating Cost: n/a n/a 11/11/2024
SILVER 11/11/2024
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 112.00M 112.00M 11/11/2024
Measured & Indicated: 250.00M 250.00M 11/11/2024
Inferred: 80.00M 80.00M 11/11/2024
Reserves & Resources: 330.00M 330.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 95.20M 95.20M 11/11/2024
Measured & Indicated: 189.04M 189.04M 11/11/2024
Inferred: 34.00M 34.00M 11/11/2024
Reserves & Resources: 223.04M 223.04M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
15,000,000oz.		 (guess) 
8,000,000oz.		 03/31/2025
Cash Cost: $8.00 $8.00 11/11/2024
Extra Operating Cost: $7.00 $8.00 01/29/2025
Total: $15.00 $16.00 01/29/2025
Margin (Free Cash Flow): $15.51 (50.84%) $26.09 (61.99%)
MCap / Production (AgEq): $57.42 $171.42
EV / Production (AgEq): $65.52 $179.33
G
R
A
D
E		 Underground (Avg): 500.00 g/t 500.00 g/t 11/11/2024
Open Pit (Avg): n/a n/a 11/06/2023
Recovery Rate: (CG)  85.00% (CG)  85.00% 07/18/2025
F
U
T
U
R
E		 Proven & Probable: 250.00M 250.00M 11/11/2024
Annual Production: 12,000,000oz. 12,000,000oz. 11/11/2024
Cash Cost: $10.00 $10.00 11/11/2024
Extra Operating Cost: $10.00 $10.00 11/11/2024

Property

Last Analysis Data  (11/11/2024)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 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.

Size: 11,000 ha
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

Size: 8,700 ha
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 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.

Size: 11,000 ha
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

Size: 8,700 ha

Profitability (by resource)

Proven &
Probable		 11/11/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: n/a n/a n/a
Percentage Silver: 100.00% 100.00% n/a
Total (Gold Eq. Oz.): n/a n/a n/a
Total (Silver Eq. Oz.): 112.00M 112.00M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a
Silver Eq. Oz.: 95.20M 95.20M n/a
Maximum Profit (Gold): n/a n/a n/a
Maximum Profit (Silver): $1,476.55M $2,483.77M n/a
Total Maximum Profit: $1,476.55M $2,483.77M n/a
Max Profit / Current MCap: 1.714 1.811 n/a
Max Profit Per Share (Gold): n/a n/a n/a
Max Profit Per Share (Silver): $4.46 $7.50 n/a
Total Max Profit Per Share: $4.46 $7.50 n/a
Total Free Profit Per Share: $0.50 $1.28 n/a
FD MCap / Gold Eq.: $776.30 $1,244.52 n/a
FD MCap / Silver Eq.: $9.05 $14.41 n/a
FD MCap / Per Metal
as % Spot Price:		 29.65% 34.22% n/a
EV / Gold Eq.: $885.86 $1,301.95 n/a
EV / Silver Eq.: $10.32 $15.07 n/a
EV / Per Metal
as % Spot Price:		 33.84% 35.80% n/a
Measured &
Indicated		 11/11/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: n/a n/a n/a
Percentage Silver: 100.00% 100.00% n/a
Total (Gold Eq. Oz.): n/a n/a n/a
Total (Silver Eq. Oz.): 250.00M 250.00M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a
Silver Eq. Oz.: 189.04M 189.04M n/a
Maximum Profit (Gold): n/a n/a n/a
Maximum Profit (Silver): $2,932.01M $4,932.05M n/a
Total Maximum Profit: $2,932.01M $4,932.05M n/a
Max Profit / Current MCap: 3.404 3.596 n/a
Max Profit Per Share (Gold): n/a n/a n/a
Max Profit Per Share (Silver): $8.86 $14.90 n/a
Total Max Profit Per Share: $8.86 $14.90 n/a
Total Free Profit Per Share: $4.90 $8.68 n/a
FD MCap / Gold Eq.: $390.94 $626.74 n/a
FD MCap / Silver Eq.: $4.56 $7.25 n/a
FD MCap / Per Metal
as % Spot Price:		 14.93% 17.24% n/a
EV / Gold Eq.: $446.12 $655.66 n/a
EV / Silver Eq.: $5.20 $7.59 n/a
EV / Per Metal
as % Spot Price:		 17.04% 18.03% n/a

Reserves &
Resources		 11/11/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: n/a n/a n/a
Percentage Silver: 100.00% 100.00% n/a
Total (Gold Eq. Oz.): n/a n/a n/a
Total (Silver Eq. Oz.): 330.00M 330.00M n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a
Silver Eq. Oz.: 223.04M 223.04M n/a
Maximum Profit (Gold): n/a n/a n/a
Maximum Profit (Silver): $3,459.35M $5,819.11M n/a
Total Maximum Profit: $3,459.35M $5,819.11M n/a
Max Profit / Current MCap: 4.016 4.243 n/a
Max Profit Per Share (Gold): n/a n/a n/a
Max Profit Per Share (Silver): $10.45 $17.58 n/a
Total Max Profit Per Share: $10.45 $17.58 n/a
Total Free Profit Per Share: $6.49 $11.36 n/a
FD MCap / Gold Eq.: $331.35 $531.20 n/a
FD MCap / Silver Eq.: $3.86 $6.15 n/a
FD MCap / Per Metal
as % Spot Price:		 12.66% 14.61% n/a
EV / Gold Eq.: $378.11 $555.71 n/a
EV / Silver Eq.: $4.41 $6.43 n/a
EV / Per Metal
as % Spot Price:		 14.44% 15.28% n/a

Future Valuation (Cash Flow & Totals)

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