ADT - Adriatic Metals

[mullokintyre]

ADT Quarterly out, everything still on track to start processing in Q2 2023.
Market seems to like it, along with everything else today.
Having the silver price take some giant leaps over the past few days has helped as well.
Mick

 

[mullokintyre]

Latest progress report has pushed first concentrate out to Q3 2023.
Increase in project costs from 170 to 173 mill, with probably further increases in costs yet to come.
Down marginally on the news.
Still holding.
Mick

 

[mullokintyre]

ADT has hit a sucession of 52 week highs.
Took half off the table today for a good profit.
Would like to see it come back a bit to allow ,e back in.
Mikc

 

[finicky]

Pity Sandfire sold their stake a year ago as I have SFR as a possible buy and liked their 16% piece of ADT, almost tipped me into buying once. Liked the silver in the resource. Looks like you pipped SFR's block sale price ($2.80) a year ago.

Not Held

 

[mullokintyre]

ADT issued another "project on track " report, on track cost wise and time wise.
Never did come back below the prices at which I sold half.
Such is life.
Still happy to hold on to the other half.
Hope to see a boost as it nears production next year.
Mick

 

[mullokintyre]

Have entered ADT as my silver stock in the 2023 tipping comp.
Always liked silver, and I think there is a odd chance it will start producing just as silver goes for another run.
Mick

 

[mullokintyre]

Some good drilling results that continues to grow the Rupice lodes.
They still have not yet completely defined the orebody, and it may just keep getting bigger.
More than happy holding this one.
The only problem I can see on the horizon is unrest in Bosnia as Serbian separatists keep pushing for secession.
mick

 

[mullokintyre]

Took half off the table today.
Up nearly 40% on my average buy in price, so there is no point in being greedy.
Will probably rocket up now.
mick

 

[mullokintyre]

Quarterly out, 60% of the project completed and still on track to complete and pour first silver in Q4 2023.
Come back off that 3.50 high, and now nearly 10% below my sell price.
May well look to get that half back again if it gets to 3.00 or lower.
Mick

 

[mullokintyre]

Quarterly out, 60% of the project completed and still on track to complete and pour first silver in Q4 2023.
Come back off that 3.50 high, and now nearly 10% below my sell price.
May well look to get that half back again if it gets to 3.00 or lower.
Mick

Only got a small parcel below 3 bucks, was too slow to adjust my price upwards, and now it shot up above 3.50 again.
I will probably take it all off the table if it gets to 3.60 or higher.
Mick

 

[mullokintyre]

ADT is weeks away from starting productiopn at the Vares mine in Bosnia, but there are clouds on the horizon that may put a stop to things even getting started.
Ecological activists from a nearby town have filed a complaint with the Council of Europe's Bern Convention office, claiming that the project is threatening local biodiversity and that water will become polluted by the planned mining activities.
From Euro News

A mountain range further on from the mine, in the neighbouring city of Kakanj, protests are stirring. Hajrija Čobo is an English teacher and has studied environmental law. She accuses the mining company of playing dirty tricks with the environmental studies and having mandated a UK-based institute allegedly not licensed to work in Bosnia and Herzegovina.

"This second study is practically illegal in this country. It is not approved by any authority in this country," she tells Euronews.

Hajrija Čobo filed a complaint at the Council of Europe, more precisely with the Secretariat of the Bern Convention which oversees the protection of biodiversity.

Secondary mining roads are being built. Trees are being cut down. Hajrija points at a yellow construction machine noisily creeping downhill.

"These are works in the riverbed which is protection zone number two, where such construction works are strictly forbidden," she explains. "And they are still doing it. Everything they do comes to my pipes. Am I supposed to drink it?"

Adriatic Metals denies wrongdoing​

In light of the allegations, the office of the legally binding Bern Convention asks the government of Bosnia and Herzegovina to halt mining activities for the time being until the matter is cleared up. The government is asked to file an official report to the Bern Convention in order to clarify if the mine is endangering biodiversity.

The sustainability manager of Adriatic Metals, Vildana Mahmutović, rejects all allegations.

"It’s a very far distance from our underground mining activities. All the studies are pretty sure that there is a water barrier in-between so that our underground waters will not affect this water supply on the opposite side of the hill," she told Euronews.

"Heavy metals are present (in the water), but below limit values and what’s important and key to say here is that we have been tracking it for three years, before we started our activities. The presence of heavy metals in this water is actually the nature of Vareš itself."

Kinda tempted to ge back into it, as Bosnia is keen to get into the EU, and the output from this mine would be transported to Germany and Scandinavia. The Germans and Scandinavians are keen to get these base metals from a source othger than Russia.
Might be willing to take a risk if the potential shutdown brings the price level down to low 3.00 's mark.
Mick

 

[mullokintyre]

I have chosen ADT for the December comp.
I also spent real money and bought back into ADT today.
SIlver going on a run, and it will be producing in the near term
Mick

 

[mullokintyre]

ADT announced a rather large upgrade to the MRE today.
89% increase in two years, with a further upgrade expected in first half of 2021.
So what does the market do?
Drop the share price.
Kinda hard to keep mr Market happy.
Mick

 

[mullokintyre]

I have chosen ADT for the December comp.
I also spent real money and bought back into ADT today.
SIlver going on a run, and it will be producing in the near term
Mick

Having put some real money into ADT, I note with some joy that it has struck a 52 week high of 4.10.
Won't be enough to get a placing in the monthly comp, but will lift me at least within spitting distance.
Unfortunately, with tomorrow the last day and closing early, will not get much further than that.
Sold half at 4.08 for a 24% profit.
Thats fine by me for a bit over a months holding.
Mick

 

[mullokintyre]

Bought back into ADT today at 3.18.
The market seemed displeased with the announcement that due to dleyas in shipping stuff via the Suez canal, there will be a few weeks delay in comissioning plant. It is down 10% today and about 20% below my last sell price.
But almost all the capex is now done - the support infrastructure completed, staff on board to run things.
The first concentrate is expected in the first quarter.
So, its go for me.
mick

 

[mullokintyre]

Quarterly out today did not offer much we did not already know.
The pretty pictures show a lot of nice new infrastructure in place, and testing of things like rail tracks is underway.
This could be a big winner for holders, but much is dependant on the commissioning going well and the movement of concentrates going smoothly.
They have taken out the barium sulphate circuit as the cost of extracting it was not financially acceptable.
Should barium prices improve in the future, they can always reprocess the ore with a new circuit.
Same with the pyrite circuit.
In both cases the circuit stages were at the end of the concentrate processing so they can be added without major interruptions to the 3 stage processing.
Still some risk attached to all this, like any greenfields plant, but the risk reward scenario for me is worth it.
Mick

 

[mullokintyre]

ADT produced its first concentrate last week as commissioning gets under way.
If all goes to plan, the plant will be at full bore production 65,000 tonnes per month by the end of the year.
This is good, but there still is some questions about the mining side of things that will provide the feedstock to the plant.
Mick

 

[mullokintyre]

Sold the rest of my ADT at 3.93 today.
The market seems wary of this one for some reason, perhaps its the location , perhaps its reassessment after selling concentrate rather than refined silver, perhaps its gut feeling.
Anyway, there are other things such as Argent minerals I will go play wit,.
mick

 

[mullokintyre]

bought back into ADT today.
Was going to wait for iy to get below 3 bucks, but got caught out last time I tried that.
Silver seems to have got a support, so expect the silver producers to go for another ride.
Mick

 

[mullokintyre]

Out of ADT for a small loss.
Not sure if I want to keep holding anything in that neck of the geographical/political woods.
Mick