ADRIATIC METALS PLC (ADT)
Share Price Analysis and Chart

25/09/2024

1

Add

$5.30

20.18%

The operational update by Adriatic Metals was better-than-feared by Morgans as the Vares (silver-lead-zinc) project in Bosnia steadily ramps-up toward full capacity in early-2025.

While management trimmed 2024 ore production guidance, 2025 production guidance was reaffirmed offering good comfort for investors, suggests the analyst.

While costs are trending around 20% above definitive feasibility study (DFS) expectations, they are in line with the broker's expectations, and support first quartile, high-margin cash flows at full production.

The target falls to $5.30 from $5.80. Add.

FORECAST
Morgans forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.62 cents.

12/04/2025

1

Speculative Buy

$4.50

2.04%

Canaccord Genuity lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter rising in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

Speculative Buy retained for Adriatic Metals. Target rises to $4.50 from $4.30

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 32.26 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 53.76 cents.