Ann: Adriatic Metals Corporate Presentation, page-69

I don't have a crystal ball, I can't model JB Zone without assays and sections. I am focused on Rupice because that is where we are getting all the data.

Presently, my biggest concern is dilution. I'd like to see shares trading well over $1 before the next CR. The constant rain doesn't help... looks like the company will have to wait until at least mid-August to step out to the north. They also need to secure land without delay so they can continue stepping out.

I know the company can't do a CR for 6 months after IPO. They've also said they wouldn't do one even if they could and that they are fully funded through 2019... I am not sure I buy that. I think they need to go full throttle here and try to push the project forward as quickly as possible. That will require lots of $$$. I do think they will be able to extend the relevant deadlines... it would ease market anxiety if they showed a bit more urgency on that front.

I think people here may be reading too far into SFRs ability to assist with development. Their technical depth certainly helps with exploration but they have no practical experience permitting or developing mines in BiH.

In any case, I think the longs here need to settle in and keep their cool. The smart ones will continue to accumulate, as have I, in the $0.43-$0.47 demand range.