ADRIATIC METALS PLC (ADT)
Share Price Analysis and Chart

28/05/2025

3

Downgrade to Hold from Add

$4.74

-7.96%

Adriatic Metals confirmed takeover speculation, stating it has allowed limited due diligence to Canadian miner Dundee Precious Metals.

Morgans notes Dundee has 28 days from May 21 to either make an offer or advise it doesn't intend to proceed. The broker believes the company would be a logical acquirer due to its experience across base and precious metals projects in Eastern Europe.

The share price has rallied around 35% since the confirmation, prompting the broker to downgrade to Hold from Add.

Target price rises to $4.74 from $4.50 on the removal of Bosnia sovereign risk discount.

Transfer of coverage to Ross Bennett.

FORECAST
Morgans forecasts a full year FY25 dividend of 0.00 cents and EPS of 40.05 cents.
Morgans forecasts a full year FY26 dividend of 0.00 cents and EPS of 61.61 cents.

06/05/2025

1

Speculative Buy

$4.55

-11.65%

Canaccord Genuity notes the ramp-up at Adriatic Metals' Vares silver mine in Bosnia was impacted by weather conditions and tailings challenges, but q/q progress was made in mill production.

Further improvement was seen in April with 35kt milled, and the broker believes the company is on track to meet the 50kt/month target in the June quarter for commercial production.

Revenue of US$34m was better than the broker's forecast, resulting in a 1% lift to FY25-26 EBITDA forecasts.

Target price rises to $4.55 from $4.50. Speculative Buy retained.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 26.19 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 52.37 cents.