Ann: Adriatic Metals Operations & Corporate Update, page-9

Very interesting sell or cap over the last week, in the face of what I feel is very positive momentum for the company. Not to mention metals prices.

Rupice urban planning next month and exploitation in the following are key derisking events and I expect a significant rise on the latter of the two.

The only negative news has been land access issues at Borovica, which the company will be able to resolve given time.

Adding it all up, gut feel is our VWAP and price momentum is being tightly managed. Hard to see an optimal place from here for another entity to make a bid though. We know what we've got.