Ann: Rupice Ore Reserves Upgrade, page-19

It not just some drilling but a LOT of drilling. This interview from 4 months ago after the CR in August and after the resource upgrade had the following comment attached ie the largest drilling program to date which PC stated in the interview. In the interview PC implies he was either not happy or puzzled with the poor SP reaction to the almost doubling of resources. I also have a similar view of the SP reaction to today's announcement with a near doubling of reserves and LOM. ADT is clearly going under the radar but in time that will change (the reversion to mean theory supports a substantial re-rate of ADT SP over time.

"The placing follows the recent news from Adriatic that it has upgraded its resource estimate for Rupice, nearly doubling the indicated tonnes and increasing the grade significantly. Cronin explains that the new funding will be put to use funding a 45,000-meter drill program, the largest to date, to commence in 2024. "


This was from the presentation in September. It shows where they are going to be drilling, not just to find higher grade ore. We may find a substantial increase in resources with the next upgrade from such a large drilling program and if so then ADT will seem even more undervalued.