ADT 3.96% $3.15 adriatic metals plc

Updated Resource Estimate (based on current results), page-99

  1. 613 Posts.
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    $1 buy up price, not target price.

    I think this is easily worth $1.80-$1.90/sh short term (fully diluted enterprise value ~US$200m or around 1 year of cashflows according to my models).

    Ultimately, I think ADT gets taken out in the $3-$5/sh range (fully diluted enterprise value ~US$350m-$550m).

    Perfect sort of mine for mid-tiers like SFR, IGO, DPM.to or LUN.to.
 
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