Ann: Adriatic Metals Corporate Presentation, page-172

Without having fully read the legals I think the legals will be manageable and I'm not overly concerned about the stipulation you mention. If this becomes a mine it's going to have a significant life well beyond the date you mention so I'd say as progress is made the company's position will get stronger. In the worst case the definition of exploitation could be met with some scaled down processing to meet the legal requirement. I don't think it will come to that, but I'm not familiar with how things happen in this part of the world.

I haven't let these uncertainties prevent me from buying into what to me looks like a valuable emerging deposit at Rupice. I will however do some more reading before investing more heavily.

Most mining laws in West Africa, for example, have been modernised but I can tell you from personal experience the laws are still to a large extent tokenistic as things can happen that aren't always strictly in compliance with the laws. There will always be problems with emerging mining jurisdictions but I think the first mover status of ADT will give it some competitive advantage. If this drilling was happening in say NSW, I can tell you we wouldn't be at a market cap of $63 million IMO. The laws and the corruption are part of the risk here but a risk worth taking IMO. Esh