Ann: Adriatic Metals Corporate Presentation, page-201

Hi @jackal43

Firstly, I mentioned a market correction and I never used the word smashing.

Your question is also asking if I’d be happy holding this through a market crash which is a different thing to a market correction.

The answer to your second question is that no I would not be happy holding this stock through a market crash as market crashes generally are triggered by real interplays between the markets and underlying economies. For example a US recession could dampen demand for commodities with all sorts of unpredictable flow on effects for developing markets and the global economy.

A correction on the other hand is the market blowing of steam. Market sectors that were the beneficiaries of the market exhuberance are generally the sectors that blow the steam off hardest. A market correction could see the interplay between the intangible and tangible asset classes shift towards the tangible again if the long US dollar trade reverses course once more. This could mean a lift in the prices of traditional commodities and also the prices of precious metals.

Your question is very broad ranging and I could write pages right now to address the difference between traditional metals markets and emerging technology metals markets and their likely performance under varying bear market conditions but I won’t.

The risks with this stock are simple and in the absence of market crashes relate to the ultimate economic sizes and grades of the depoists that will be discovered at the various prospects, the sovereign risk relating to the current tenure of the ground (particularly the relatively short exploitation timeline conditions attached to the concessions) and in relation to obtaining further ground to explore. That risk is specifically related to possible actions by the authorities that govern the regulation of mining concessions that could jeopardise the economic development plans of the company in the future.

Having weighed up all the risks I’m comfortable accumulating at the current level but as I said before will wait for the next development in the share price before adding more. Esh