(Alliance News) - Adriatic Metals PLC on Thursday reported that its annual loss narrowed as it paid no impairments in 2023.
Adriatic Metals is a Cheltenham, England-based precious and base metals developer, with licences in Bosnia & Herzegovina and Serbia.
The firm said its pretax loss narrowed to USD28.9 million in 2023 from USD47.1 million the year before. This was because it did not record any exploration and evaluation impairments, compared to the USD23.2 million paid in 2022.
However, general and administrative expenses rose 62% to GBP17.2 million from GBP10.6 million a year ago.
Adriatic Metals did not report any revenue for the full-year, unchanged from 2022.
Chief Executive Officer Paul Cronin said: "I am immensely proud of the extraordinary effort and unwavering commitment to successfully deliver the Vares silver project over the past twelve months. It has been a pivotal year for Adriatic, which has now successfully transitioned from a developer to a mining company. The significant milestones in the year have been first ore mined in July 2023 and first concentrate production in February 2024. This achievement is a true testament to the dedication and capability of our exceptional team. Their hard work and determination, in the face of significant challenges, have played a pivotal role in this transformative journey, positioning Adriatic as a dynamic force in the burgeoning European mining sector."
Shares in Adriatic Metals rose 1.2% to 197.60 pence each in London on Thursday morning.
By Sabrina Penty, Alliance News reporter
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Adriatic Metal. (ADT1)