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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$927.66M which is a rise of roughly 8% over the last three months. As of 11/11/2024 they have ~A$140M debt and ~A$28.73M cash. They have 324M 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 11/11/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $861.30M $927.66M 11/11/2024
Total Assets: $164.27M $159.60M 11/11/2024
Total Liabilities: $166.90M $162.16M 11/11/2024
Current Assets: $86.74M $84.27M 11/11/2024
Current Liabilities: $3.55M $3.45M 11/11/2024
Total Debt: $144.56M $140.45M 11/11/2024
Cash: $23.00M $28.73M 01/29/2025
Enterprise Value: $982.86M $1,039.38M 12/08/2002
Cash Flow: $232.65M $196.56M never
Cash Flow Multiple: 3.70 4.72 never
Net Debt to
Cash Flow Ratio:		 0.52 0.57 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% 01/29/2025
Dividend (Annual): n/a n/a never
Company Type: Mostly Silver Mostly Silver never
Production ETA: n/a 07/01/2023 11/11/2024
Production (Gold Eq Oz.): (guess) 
174,816		 (guess) 
132,379		 01/29/2025
Production (Silver Eq Oz.): (guess) 
15,000,000		 (guess) 
12,000,000		 01/29/2025
Initial CapEx (Outstanding): $173.00M
20.09% of MCap		 $173.00M
18.65% of MCap 		11/11/2024
Funding Option: n/a n/a 11/11/2024
Documentation: none PRODUCER 01/29/2025
Future MCap Modifier: 0.2
Producer: Growth Potential
 0.2
Producer: Growth Potential
 11/06/2023
Cash Flow Multiplier: 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
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) 
12,000,000oz.		 01/29/2025
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%) $16.38 (50.59%)
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% 01/29/2025
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 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		 11/11/2024
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 $1,559.38M n/a
Total Maximum Profit: $1,476.55M $1,559.38M n/a
Max Profit / Current MCap: 1.714 1.681 n/a
Max Profit Per Share (Gold): n/a n/a n/a
Max Profit Per Share (Silver): $4.46 $4.71 n/a
Total Max Profit Per Share: $4.46 $4.71 n/a
Total Free Profit Per Share: $0.50 $0.32 n/a
FD MCap / Gold Eq.: $776.30 $883.31 n/a
FD MCap / Silver Eq.: $9.05 $9.74 n/a
FD MCap / Per Metal
as % Spot Price:		 29.65% 30.09% 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 $3,096.48M n/a
Total Maximum Profit: $2,932.01M $3,096.48M n/a
Max Profit / Current MCap: 3.404 3.338 n/a
Max Profit Per Share (Gold): n/a n/a n/a
Max Profit Per Share (Silver): $8.86 $9.35 n/a
Total Max Profit Per Share: $8.86 $9.35 n/a
Total Free Profit Per Share: $4.90 $4.96 n/a
FD MCap / Gold Eq.: $390.94 $444.83 n/a
FD MCap / Silver Eq.: $4.56 $4.91 n/a
FD MCap / Per Metal
as % Spot Price:		 14.93% 15.16% 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 $3,653.40M n/a
Total Maximum Profit: $3,459.35M $3,653.40M n/a
Max Profit / Current MCap: 4.016 3.938 n/a
Max Profit Per Share (Gold): n/a n/a n/a
Max Profit Per Share (Silver): $10.45 $11.04 n/a
Total Max Profit Per Share: $10.45 $11.04 n/a
Total Free Profit Per Share: $6.49 $6.65 n/a
FD MCap / Gold Eq.: $331.35 $377.02 n/a
FD MCap / Silver Eq.: $3.86 $4.16 n/a
FD MCap / Per Metal
as % Spot Price:		 12.66% 12.84% n/a

Future Valuation (Cash Flow & Totals)

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