Ann: Management Update, page-17

In May to date (about 2 weeks) Silver is up about 11.5% while POG is only up one-third of silver price increase.

I saw an article about silver miners on Livewire (link below) a fund manager. He stated he views ADT is fully valued as its MC is close to NAV - they are correct that it is close to NAV based on the DFS but that does not allow for the about double the addition reserve and for the higher prices of gold and silver which increases the NAV. The additional reserve nearly doubles planned production and adds significantly to the ADT value substantially above the DFS valuation.

Then add a lot more resources from additional drilling and a possible increase in production and the value goes up further.

And if the brokers who follow ADT are right it is selling on a 2025 forward PE of 4.7.

The fund manager is generalist fund manager. In my view the fund manager is a goose if they suggest ADT is fully valued.

https://www.livewiremarkets.com/wires/silver-on-the-asx-everything-you-need-to-know-and-our-1-micro-cap-pick?utm_medium=email&utm_campaign=Trending%20on%20Livewire%20-%20Wednesday%2015%20May%202024&utm_content=Trending%20on%20Livewire%20-%20Wednesday%2015%20May%202024+CID_c6cbcaacdf606b9cb77d80b658377bc5&utm_source=campaign%20monitor&utm_term=SILVER%20LININGS