Vista Partners Updates Coverage on Adriana Resources Inc. (TSX-V: ADI, OTC: ANARF); Price Target U.S. $1.30 / CAD $1.58
SAN FRANCISCO, CA--(Marketwired - Apr 27, 2015) - Vista Partners announced today that it has updated coverage on Adriana Resources Inc. ( TSX VENTURE : ADI ) ( OTC : ANARF ) ("The Company," or "ADI"); with a twelve month price target of U.S. $1.30 / CAD $1.58. Ross Silver, Principal Analyst at Vista Partners, stated, "It will be interesting to see what transpires in the coming months now that the Bankable Feasibility study is complete and we know the economic specifics of the LOM Project. I wonder if WISCO , a subsidiary of Wuhan Iron and Steel Company Ltd. (the fifth largest steel producer globally) and partner with ADI in the LOM Project, is contemplating funding their portion of the LOM project as quickly possible to ensure nobody else, specifically a larger iron ore supplier such as Rio Tinto (ticker RIO), Vale (ticker VALE), BHP Billiton (ticker BHP) or others included in the SPDR S&P Metals and Mining ETF ( NYSE : XME ), takes this project from them. If this were to occur, it would seemingly dispel the notion that WISCO is seeking to secure "in-house" global iron ore supply. WISCO and other Chinese steel producers seemingly require "in-house" or company controlled sources of supply to battle against the pricing power the large iron ore suppliers may have." Mr. Silver continues, "Another factor that bodes well for ADI's success is their balance sheet, which according to management provides them with sufficient capital well into 2016. Also, ADI has a negative enterprise value, which means their current cash balance is greater than the market cap (as of 4/24/15). In other words, the Company currently has more cash per share, $0.18 cash per share per most recent quarter, on the balance sheet than the current share price of $0.11."
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