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Thanks Bricks I'm not very confident with numbers. I think the big difference is sentiment - they had a good raise and have lots of cash, we had a stinker. They are also not exposed to the AIM herd mentality and ******ology.
meant to say Discrepancy between MCAP....not share price...Lol :-) But you know what I mean
@ Shed….Adriatic are currently listed on the ASX and trading at A$ 1.415 which equates to 74 pence per share..They have 177.6 million shares in issue which gives them an MCAP of about 131,4 million UK pound…so nothing wrong with your math…its spot on …roughly 29 x our MCAP….
Its also very interesting to note that they have applied to list on the main market of LSE during this quarter and more than likely will be listing on LSE.
https://www.investi.com.au/api/announcements/adt/77dbe238-acd.pdf
I agree its actually crazy that there is such a discrepancy between the share prices …
Adriatic has just released there Scoping Study ….with financials..
https://www.investi.com.au/api/announcements/adt/d6d7a8c4-071.pdf
To me this makes very interesting reading and I am still going through it…..would be interesting to get Oiltaps view...
Adriatic seems to do the right things at the right time though..as ASX allowed them to release their scoping study with financials, so they must have a ready “indicated” resource. They own the Vareš Mining Concession in Bosnia and Herzegovina also less attractive than Spain imo. DYOR. GLA.
Ha ha Chris I looked in at EUA on Friday and the board is absolutely crazy, you could read 100 posts and be none the wiser what EUA actually do! I suspect if we get on the move again it will be the same here, during the EUZ August rally it was virtually impossible to have a meaningful discussion about the asset. Anyway, next week is going to be fascinating, should get the metallurgy, then the AGM and all the while the drill bit turns.
thanks again guys for imput off to the turmoil of eua now, its its a hot topic over there lol.
Chris
Thanks though I would emphasise that I am totally unqualified in company valuations so please check it out yourself. I just extrapolated off LR's figures and came to my own conclusion. I did take a look at Adriatic's newsflow and I don't think they've had a resource increase since LR did put that chart up on 9th Oct so I reckon we're pretty close peers. Of course that doesn't mean we're automatically entitled to a better valuation, they could also be grossly overvalued. Our biggest problem is that sentiment is at rock bottom as PI's have taken such a hit with a fund-raise that just gave the II's an even bigger advantage than usual over us. Hopefully we have the funds to conclude the story now, or with our indicated alternative funding options.
The sp is a steal with the potential upside...however this is aim. Looking forward to the week(s) ahead
Cheers sched good post
Shedulike
Thanks very much for your feedback it is much appreciated. good luck to you and lets hope for a great sale price.
Chris
I'm not great on figures to be honest Siborg. I did feed the increased % in our updated JORC into the numbers that LR cited in the peer comparisons. I was interested in Adriatic as they are in a similar stage of exploration (just had their own metallurgy back from WA) as us and but with our update we're pretty close on total metals. They have a wider range of assets and some more sexy minerals plus a much healthier cash position than us. Also their SP has surged a bit skewing the figures a little but the fact is their mcap is Aus $m244.25 (£m129 .08), I think we're £4.4m so 29X. That's crazy but an indication of how an unpopular equity raise can absolutely crush you. What it does do is present an amazing opportunity at these levels, I'm hopeful the good news is coming though starting with the mets next week.
So if a sale what are your guesstimations and timescales for sp schedulike???
Chris I'm doubtful about JV and going to production, EUZ would be dwarfed by the partner and it simply wouldn't fit with the modus operandi of our Directors. I expect a sale and would suggest you watch the strategy presentation RNS'd on 9th Oct which has peer group comparisons (be prepared for your jaw to drop :))
Hi
any guestimates on the SP if they sell or once they get started. I know this will probably take a while before they start production if there is no asset or company sale.
CO