To those not familiar, Mariana owned 30% of the Hod Maden project in Turkey. Bought out by Sandstorm for ~ USD $175MM. Put another way, share price was stuck in the mud for over a year on great drill hit after great drill hit. On a 100% basis, the project was eventually valued at ~ AUD $720MM.
Not rocket science - given the relatively complex metallurgy and frontier jurisdiction I'm not surprised in the slightest to see the lack of interest. SP is not going to react the same way a lithium explorer getting bonanza grades in Oz would. Project has been massively derisked over the past couple weeks. Now all about proving at least a few million tonnes, hopefully closer to 8-10. Market will catch on eventually. The super high value ore we have here is the key. All about margins. Don't need 30 Mt.
Ann: Adriatic Metals Major Permitting Milestone Completed, page-15
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