Ann: Adriatic Metals PLC - Investor Update, page-11

Finally heading north at Rupice. That should tell more of the story.

Chart looking good.

Tight share structure with not many shares on issue so room to expand without huge dilution. You don't get this too often at this end of the market. Most of the time these stories battle with very low share prices. Hard to make ground when you are battling constant dilution. Big tick on this front and how they have maintained competitive tensions once it comes time to do CR's. Testimony to the potential of the assets.

Still a bit of cash in the kitty. I haven't checked closely, do these guys burn much on overheads, head office etc, that is normally a telling statistic. This together with skin in the game tells you whether management are in it for project (ie to make money on the success of the project) or just in it for themselves with their hands in the till. Anyone know what the burn rate is in this area and how it compares to others.

My one area of concern, that I have mentioned before, are possible deleterious metals that might be in the mix. It has been known for smelters to refuse concentrate altogether where nasties are involved.

I'd like the company to come out with some metallurgy and put all fears in this regard to bed. That would certainly help me to keep promoting the strategy of buying the dips, not that there have been that many lately.

Best base metal exploration play on ASX IMO, unless someone can point me to a better one. It would be nice to have more copper as that should be a future performer, but you can't have everything. Esh