Too forward looking for me. I have a short term A$1.55 target based on 1x gross annual profits.
See here: https://hotcopper.com.au/threads/an....4331070/page-4?post_id=34646262#.W2MFZ1BKhpg
If they can get to ~8Mt at Rupice, think this is an obvious takeover target for a mid-tier such as SFR, IGO, TSX: LUN or TSX: DPM.
See here:
Based on Sandstorm/Mariana's Hod Maden, which is the closest analog I can find (10 Mt @ 12g/t AuEq; 1Bln post-tax NPV; 50% IRR), I would guess a takeover in the US$350-US$550 range is very realistic. Sandstorm paid US$175M for 30% of Hod Maden or US$580M on 100% basis.
Ann: Adriatic Metals Corporate Presentation, page-109
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