Sup Karl, page-18

I have been over this takeover scenario in my head many times and Im sure that Im not on my own amongst long term holders.

Lots of scenarios to consider. Are we at the beginning of a commodity bull market? With all the printing and debasement of fiat currency will there be a fall of the USD and a loss of confidence in the fiat monetary system? PM's will no doubt be the beneficiary of this as we are already seeing. I say this because what is ADT going to be worth if Silver goes on a significant run, let alone the other metals that we have at exceptional grades. By the time we get into production PM's in particular and base metals too could be significantly higher. Maybe P trader has run the numbers at much higher prices? NPV would sky rocket and what would be the potential SP at these higher metals prices??? Thats the $64K dollar question though.

Rupice is an exceptional project but what else is to be discovered in this prolific belt. We have only just scratched the surface on the other regional targets. Tenement landholdings is going to be expanded too soon and then there is the Tethyan projects in Serbia.

The point is that a lot of hard work has been done by Paul and the team but is this only beginning of what could be a significant mining company?

So do we take the premium should we get a takeover offer, depends on what that looks like I suppose? However are we selling the farm as ADT really may have significant value going forward and consequently only reap the rewards of the first chapter in this story. We don't see the likes of Adriatic very often!

There is a lot to ponder and I know that Im just a cork in the ocean, it is going to be up to Paul/management, funds and other substantial holders. One thing for certain is I don't want Sandfire paper for my shares in ADT and the management changes that would come with that. Unless it is a significant cash offer I would like to see Paul and the team press on.

Will be interesting to see what transpires with ADT over the coming months and maybe years. GLTA.