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Adriatic Metals PLC - exploration and development company with key projects in Bosnia & Herzegovina and Serbia - Says the Vares silver project in Bosnia & Herzegovina remains on schedule with the first concentrate production planned for the third quarter of 2023. Says half of the total project construction is now complete. As at November 21, completes 277 metres of Lower Decline and 177 metres of Upper Decline.
Expects final project cost estimate to remain unchanged at USD173 million. Estimated cash balance stands at USD44.4 million as at November 25. Says it retains sufficient working capital reserves and contingency of USD10 million.
Chief Executive Officer Paul Cronin says: "I am pleased to report that the Vares Project remains on schedule and on budget with first concentrate production planned for Q3 2023. Today the project passed a significant milestone with 50% of project construction now complete. In addition, with 76% of the total construction capital committed, we will continue to address any remaining inflationary and budget concerns."
Current stock price: 165.60 pence, up 0.4% on Monday morning in London
12-month change: up 17%
By Xindi Wei; xindiwei@alliancenews.com
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