IPO - Adriatic Metals Limited, page-5

This is going to be a seriously good listing - hearing it was 11/12 times oversubscribed. The current fundamentals for zinc is extremely positive and both the Veovaca and Rupice projects look fantastic - the drill hit from Rupice last year for 64m at 8.5% Zn, 5.1% Pb, 374g/t Ag, 2.3g/t Au, 1% Cu & 43% BaSO42 is a great example on the potential for the Adriatic to hold a world-class deposit.

For me Peel Mining (PEX) is a great comparable and at current valuations shows the short-term upside for ADT as it continues to drill and advance both Veovaca and Rupice, and its regional targets as well. Longer term this can turn into a seriously big project and the right management team to take this into production in a very efficient manner. Peter Bilbe joining reinforces that ADT holds the right mix of projects at the right time.

ADT has the scope to grow in a very quick manner and i am really looking forward to listing and seeing significant value being attributed to this company.