Adriatic Metals - December 2020

In December 2020 our analysts cast their eye over the potential and pitfalls of Adriatic Metals' Vareš Project in Bosnia Herzegovina.

Gain complete access to our comprehensive Adriatic Metals analysis, absolutely FREE, by simply subscribing with your email at analystsnotes.com. From concerns over resource estimation to the economic implications of processing polymetallic deposits, we scrutinize every aspect of this promising mining venture. Arm yourself with the knowledge you need to make well-informed investment decisions.

The Lowdown

In reviewing Adriatic Metals and its Vareš Project in Bosnia Herzegovina, does our in-depth analysis support the company's US$397 million enterprise valuation or reveal fatal flaws in the project economics?

• Adriatic Metals' resource estimates for the Rupice and Veovaca deposits raise questions, with limited additions to resources from recent drilling campaigns. Are the technical reports robust in their methodology and data interpretation?
• We scrutinize the assumptions and adjustments in the Pre-Feasibility Study (PFS). Are the projected values realistic and sustainable?
• Do the geological complexities and regional political challenges pose significant hurdles? How will these factors impact mining and processing costs?
• Crux estimates cash margins at current metal prices. Is there a realistic path to economic viability?
• With a considerable discount to inherent NPV8 and various undisclosed details, does Adriatic Metals' valuation reflect the project's true potential? Or are investors being overly optimistic?

‍
Ultimately, our comprehensive analysis aims to uncover whether Adriatic Metals presents a compelling opportunity for investors or if the Vareš Project's challenges are being underestimated. We leave no stone unturned in our quest to provide you with an objective, 360-degree assessment of the project's merits and risks. To access our complete, no-holds-barred report on Adriatic Metals, simply head over to analystsnotes.com and subscribe with your email. Unlock a wealth of exclusive insights today.

‍