ADT 3.67% $1.13 adriatic metals plc

Broker report for ADT, page-3

  1. 1,424 Posts.
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    I'm still trying to work out the MC here compared with a poly I'm in because I can see quite a few smart people and some of their fanboys on this.

    If you take the upside potential of say 10mt @ 13% zneq assumed in this report, the one I'm in is $30m cheaper and has already JORC'd 42mt @ 8.7% zneq or 23mt of high-grade ore @ 13.6% zneq (based on its 51% ownership) with plenty of exploration upside being an understatement.  

    I can see the average grade of the drills for ADT are phenomenal. Is anyone expecting the JORC grade to approach anything like the average zneq grade on the drills, and if so, why has the report been so conservative in estimating the grade?

    Also am I right to assume this project is tending towards an UG operation or do people see this as a combination of initial OP followed by UG?
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