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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$897.46M which is a rise of roughly 29% over the last six months. As of 11/06/2023 they have ~A$112M debt and ~A$49.27M 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 $897.46M 11/06/2023 $201.51M
Total Assets: $161.92M $164.23M 11/06/2023 $2.31M
Total Liabilities: $164.51M $166.86M 11/06/2023 $2.34M
Current Assets: $85.50M $86.71M 11/06/2023 $1.22M
Current Liabilities: $3.50M $3.55M 11/06/2023 $0.05M
Total Debt: $110.11M $111.68M 11/06/2023 $1.57M
Cash: $48.58M $49.27M 11/06/2023 $0.69M
Enterprise Value: $757.48M $959.86M 06/01/2000 $202.38M
Cash Flow: $166.80M $229.35M never $62.55M
Cash Flow Multiple: 4.17 3.91 never -0.26
Net Debt to
Cash Flow Ratio:
0.37 0.27 never -0.10
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% 03/31/2024 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) 
177,223
11/06/2023 2,381
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
19.28% of MCap
11/06/2023 $0.00M
Funding Option: n/a n/a 11/06/2023 n/a
Documentation: none PRODUCER 03/31/2024 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
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 $7.00 11/06/2023 $0.00
Extra Operating Cost: $5.00 $5.00 11/06/2023 $0.00
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% 03/31/2024 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 0.02M
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 0.02M
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 $1,455.61M n/a $396.98M
Total Maximum Profit: $1,058.62M $1,455.61M n/a $396.98M
Max Profit / Current MCap: 1.521 1.622 n/a 0.101
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $3.45 $4.74 n/a $1.29
Total Max Profit Per Share: $3.45 $4.74 n/a $1.29
Total Free Profit Per Share: $0.00 $0.29 n/a $0.29
FD MCap / Gold Eq.: $627.17 $797.90 n/a $170.73
FD MCap / Silver Eq.: $7.31 $9.43 n/a $2.12
FD MCap / Per Metal
as % Spot Price:
31.62% 34.54% n/a 2.92%
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 0.04M
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 0.03M
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 $2,890.42M n/a $788.30M
Total Maximum Profit: $2,102.12M $2,890.42M n/a $788.30M
Max Profit / Current MCap: 3.021 3.221 n/a 0.200
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $6.85 $9.42 n/a $2.57
Total Max Profit Per Share: $6.85 $9.42 n/a $2.57
Total Free Profit Per Share: $3.35 $4.97 n/a $1.62
FD MCap / Gold Eq.: $315.84 $401.82 n/a $85.98
FD MCap / Silver Eq.: $3.68 $4.75 n/a $1.07
FD MCap / Per Metal
as % Spot Price:
15.92% 17.40% n/a 1.47%

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 0.05M
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 0.04M
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 $3,410.28M n/a $930.08M
Total Maximum Profit: $2,480.20M $3,410.28M n/a $930.08M
Max Profit / Current MCap: 3.564 3.800 n/a 0.236
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $8.08 $11.11 n/a $3.03
Total Max Profit Per Share: $8.08 $11.11 n/a $3.03
Total Free Profit Per Share: $4.58 $6.66 n/a $2.08
FD MCap / Gold Eq.: $267.69 $340.57 n/a $72.87
FD MCap / Silver Eq.: $3.12 $4.02 n/a $0.90
FD MCap / Per Metal
as % Spot Price:
13.50% 14.74% n/a 1.25%

Future Valuation (Cash Flow & Totals)

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