ADRIATIC METALS PLC (ADT)
Share Price Analysis and Chart

17/06/2025

3

Upgrade to Hold from Trim

$5.46

0.18%

Adriatic Metals has received a formal takeover offer from Dundee Precious Metals via a UK scheme of arrangement, valuing each CDI at $5.56 and the company at $1.9bn.

Morgans observes the offer represents a 48% premium to Adriatic’s pre-speculation share price and 11% to the last close, and exceeds its base-case risked valuation of $5.42/CDI, though it remains below the unrisked valuation of $5.98.

The analyst considers the bid broadly fair, factoring in remaining operational and metallurgical risks at the Vares Project, despite a supportive price deck and district-scale potential.

Morgans raises its target price to $5.46 from $4.74 and upgrades to Hold from Trim.

FORECAST
Morgans forecasts a full year FY25 dividend of 0.00 cents and EPS of 40.10 cents.
Morgans forecasts a full year FY26 dividend of 0.00 cents and EPS of 61.69 cents.

16/06/2025

3

Hold

$5.50

0.92%

Canaccord Genuity reports Canadian gold miner Dundee Precious Metals will acquire Adriatic Metals via a cash and scrip deal valuing the company at $1.92bn, or $5.56 per share. 

Adriatic’s board and major shareholders Helikon Investments and L1 Capital intend to support the transaction.

While the headline premium to Adriatic’s last close is 11%, the implied offer is 51% above the share price before confirmation of takeover talks, which Canaccord views as compelling.

The acquisition includes the Vares Silver Project in Bosnia, with the deal expected to complete in the December quarter following shareholder approval in the September quarter, explain the analysts.

Canaccord retains a Hold rating and a $5.50 price target.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 26.22 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 53.98 cents.