(Alliance News) - Adriatic Metals PLC on Wednesday reported it is moving towards generating revenue as it reported a widened loss for the first half of 2023.
Adriatic Metals is a precious and base metals explorer and developer that owns the Vares silver project in Bosnia & Herzegovina and the Raska zinc deposit in Serbia.
The company said pretax loss in the first half of 2023 widened to USD9.3 million from USD8.8 million a year prior.
Its Vares project in Bosnia & Herzegovina is 88% complete, with a final project cost estimate of USD182 million, Adriatic Metals said.
It does not yet generate revenue. Adriatic Metals said it is currently moving into operation and beginning revenue generation and long-term sustainable growth.
Looking ahead, Chair Michael Rawlinson said: "Adriatic remains firmly on track to deliver the first new strategic metals mine for many years in mainland Europe. The environment in Europe is now changing with the publishing of the European Critical Minerals Act in March 2023 which set targets for the exploitation, refinement, recycling and stockpiling of specific strategic and critical raw materials.
"Our offtakers and customers recognise that Europe will need to source more of its raw materials from Europe and from responsible and transparent suppliers. This provides the board with confidence as Adriatic is well positioned to take advantage of this shift in European resource strategy and strengthens the longer-term strategy to develop a European focused multi-asset, mid-tier diversified miner."
Adriatic Metals shares fell 2.0% to 183.00 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News reporter
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Adriatic Metal. (ADT1)