ADT 1.78% $1.11 adriatic metals plc

Paul Cronin - doing the Moonwalk?

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    I’m trying to track Paul Cronin in these two talks and it seems to me there’s some walking back by PC of his belief of Rupice size between 21 March in Hong Kong & 12 April in Amsterdam which is spooking the market. These videos were posted on 22 & 30 April. In the 3 week period between presentations PC has gone from suggesting a possible doubling of the resource to 25Mt orebody at Rupice (plus 5Mt at Veovaca) to endorsing a Hartley’s estimate of 8Mt based on current drilling to date. I know it’s apples and oranges but he’s the one doing the talking and there should be a consistent message. Not good! It seems to me that the market has lost confidence in management on the basis of what appears to be a severe downgrading of expectations between these two presentations. And a site visit earlier this week does not seem to have instilled any confidence.

    There’s also been a 7Mt orebody at Borovica that has been mentioned for the first time in HK but there is no mention of tonnage in Amsterdam. What appears to be good news at JB is being discounted. Mention is made in both videos of drill results being released within a couple of weeks but nothing has eventuated so perhaps the market is assuming bad news.

    I’m not sure what to make of all this. I thought the Amsterdam talk was a ramble rather than a tightly scripted presentation.

    I bought more this afternoon hoping the drill bit will do some straight talking and believing that even 8Mt of high grade at Rupice is worth twice the current SP. But this is not plain sailing as it appeared a few weeks ago.

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