Ann: Adriatic Metals Corporate Presentation, page-179

Also just a clarification about my comment about the old land survey and the new land survey.

The system, how the law applies, and the potential for discrepancies is explained in this section (below) of the Maric & Co legal report. As I said before I don't think any of these land survey issues are any real cause for concern but it goes to show how intertwined the system of private land management and mining actually are. The concessions are practically in the middle of Europe after all so land issues would always be expected. Esh

"c) Property Status
As an introductory note on this point, it is necessary to point out the existence of two
separate types of land records in FB&H: the cadastral records and the land registry records.
The first are being kept by the locally competent municipalities, while the latter one is kept
by the Land Registry Offices of locally competent Municipal Courts.

The technical difference between the land registry records and the cadastral records is that
the former is based upon an older land survey, while the latter one is based upon a new
land survey, which often results in discrepancies between the two records, namely in
cadastral plot surface, shape and boundaries. The legal difference between the two records
is that of their legal force, whereby land registry records, albeit older, are used as sole proof
of ownership and other legal elements of real estate. On the other hand, cadastral records​

are used as evidence of possession and other factual elements of real estate. However,

while land registry records are legally binding, cadastral records are used by locally
competent physical planning authorities as background documents when issuing​

construction permits."