Tethyan Resource (TETH) - Adriatic Merger: Terms & Outlook for Future

Matthew Gordon,
Ptolemy Capital

7 Months ago

Adriatic Metals announced that it had acquired Tethyan Resource in May 2020. Baker is excited for Tethyan Resource to become a part of the Adriatic Metals story. Since listing in 2017, the precious and base metals explorer had received some initial attention, but what went wrong 2-years ago? Baker thinks that by shifting the company's focus to acquiring some historical mines, this turned the company into more of a long-term value proposition. The situation in Serbia from a commercial and licencing standpoint was complex and needed clearing up, especially the old mining lease. It took time, but now it has been achieved and the district has been tied up, Adriatic clearly saw it as a great moment to get involved. Baker doesn't think the company has made any mistakes; he thinks the timeframe was simply too long to maintain interest from capital markets. The initial drill results at the porphyry exhibited promise, but logistical issues were beyond the company's control. Do you agree?

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