Ann: Adriatic delivers Thickest & Highest Grade Intercept, page-68

I am very surprised a bigger fuss is not being made about this, if you consider the fuss being made over the ggp hole 5 which had around 1000 gram meters of gold , the hole 36 that adriatic drilled is equiv to 1800 gram meters of gold , puts it in the top 5 holes drilled anywhere in the world last year ...

If we then consider how cheap and easy this will be to mine, ignoring the guess as to the 4m tonnes or 10m tonnes resource, lets just say you build a 500k pa plant to process the ore at the average grade found so far which is 16g ton gold equiv or 23% zinc equiv , the closest comparable mine is the CAML owned lead/zinc mine at sasa which is 250kms away mining 700k ton pa of 6.6% average grade zinc equiv and operating at 65% ebitda margin, Adriatic should be much more profitable than this given the higher grade but 500k of or would produce revenue of 300m usd a year and ebitda of 200m usd a year, from a plant that would probably require capex not much more than 50m usd to get going and a 10-20 year mine life depending on how fire the mineralization extends down dip.

The other interesting thing is our geologist is Alex Vukovic who actually was the chief geologist at the Sasa mine, uk listed CAML the owner of that mine are looking for assets to buy, they would make an excellent JV partner or buyer of Adriatic and given they paid 400m usd for the much inferior Sasa mine there is huge upside here ....