Ann: Further Northern Extension to High Grade Mineralisation, page-44

This is in line with my estimates.

Every 50m stepout down plunge adds 570kt.  At 14 g/t AuEq (conservatively as it does not include BaSO4), that is over 250koz AuEq every 50m stepout and adds 1 yr of feed assuming a modest 540ktpa throughput. 

My rough estimates put current tonnage at 4.5Mt+ with estimated 200m of additional strike based on the footprint of associated IP anomaly. This puts potential tonnage close to 7Mt.  Again, this does not include the 4Mt+ at Veovaca or any of potential tonnage from promising regional targets in places like the Borovica Corridor which is a mirror image of the Rupice Corridor.

In terms of revenue potential (recall NSR is roughly 60-65% GMV but again excluding BaSO4), Rupice has the potential to produce an equivalent 154Koz AuEq to 167Koz AuEq per annum.

I've compared to Hod Maden previously but Dalradian which was recently taken out by PE firm Orion is also a great comp.  Dalradian's Curraghinalt is 12.7Mt @ 10 g/t Au which is roughly double the size of Rupice at roughly the same recoverable AuEq grade.  In terms of annual cash flow potential, Rupice should be very similar to Curraghinalt (IIRC 130koz Au pa).  Orion paid close to A$580M for Curraghinalt.  

Given these estimates, the current fully diluted enterprise value under US$50M is absolutely absurd.  

Explain to me why Bellevue BGL.ax has a fully diluted EV nearly double ADT.ax?  Similar recoverable AuEq grades but Bellevue has half of the defined tonnage to date and potential about the same as Rupice, only.

For the above reasons ADT has become my largest individual holding and I have no intention of gifting my shares to others at these prices.