Ann: Adriatic Metals Exceptional Pre Feasibility Study Vares, page-25

Okay so here are my notes for the less sophisticated people to view the PFS as it is. Average grades went down so profitability got reduced accordingly. The company tweaked up Silver(17.2->24) and Gold(1440->1900) prices compared to the scoping study to still look good(as i mentioned before to expect it on this forum). By doing that they managed to reach about ~400M usd more LOM revenue so about 12-13% less then they would have reached with the old metal price input numbers. So when you look at the actual PFS result comparably to the Scoping study you should look at the -10% metal input prices to get a true face to face comparison. For my calculations at head to head comparison(metal input price) to the scoping study the company project now stand at about NPV~800M USD,and about 90% IRR. Still good but there been no economic improvements in fact there been a measureable -10% net value drop in my view. So if the share price would slip today,and in the coming weeks compared to yesterday its totally justified, but of course we also steped up the confidence level of the project so now it should get less discount compared to its NPV, so eventually we would even out at about a similar share price range. I made some ugly calcs on a paper(dont need to stab on my first grade handwriting) thought to add it here.

All in all its still a very good project out there, its just the valuations and expectations should be reduced a bit.
Have a nice day everyone!