Just finished reading the new Hannan & Parners ADT equity...

Just finished reading the new Hannan & Parners ADT equity research paper...wonderful read.

New price target is up from 153 GBP to 234 GBP ($A4.26). Interestingly given all the conjecture they used slightly higher SIlver/Gold prices than the PFS but lower Barite prices.

They are quite bullish on thje Kizevak and Serbian assets saying "quality and the growth potential of Kizevak is underappreciated by the market and will be a key potential catalyst for Adriatic’s share price performance in H2 2021"

"We view potential for a JORC Resource at Kizevak to be at least doublethe current GKZ resource at broad widths, suitable for bulk, profitable, open-pit mining in a low-cost jurisdiction" (GKZ is the historical resource at Kizevak booasting 6.2Mt @ 5.3% Znand 3.2%Pb...sounds like they believe 15Mt is on the cards here)

"Kizevak has a high chance of becoming an operating mine due to favourable geology and metallurgy, with potential to be fast-tracked into production. As such, we attribute a nominal US$30m"

Bring on the next round or assys I say