ADT 2.08% $3.77 adriatic metals plc

1. Revenue/t: Deposit avg 22% ZnEq. At current zn pxs were...

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    1. Revenue/t:
    Deposit avg 22% ZnEq. At current zn pxs were talking about $680/t rock. Using conservative recovery and TC/RC assumptions, let's say revenues $430/t mined.

    2. Cost/t:
    Max $80/t site costs for underground mining. Assuming decline access then room & pillar at depth. Most of the deposit is actually at open pittable depths but likely high strip ratio due to deposit dipping 50-60 degrees.

    3. Throughput:
    1500tpd * 360 days = 540ktpa

    4. Cash flow:
    540ktpa * ($430/t - $80/t) = US$189m p.a.

    5. Value:
    Fully Diluted EV @ A$0.47/sh = US$45m...

    US$45m vs. US$189m per annum
 
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