Adriatic Metals PLC - exploration and development company with key projects in Bosnia & Herzegovina and Serbia - Says construction at the Vares silver project in Bosnia & Herzegovina is now 45% complete, with 72% of capital expenditure awarded, pending award or quoted. Completes 207 metres of Lower Decline development and 100 metres of Upper Decline development. The final project cost estimate marginally increases to USD173 million, with the firm adding this is "well within" its contingencies. First concentrate production is on track for the third quarter of 2023, as anticipated.
"Surface infrastructure and decline development at Rupice is rapidly progressing and remains firmly on schedule, while works have finished to maintain continuous operations throughout the coming winter months," says Chief Executive Paul Cronin.
Current stock price: 136.20 pence, up 0.7% in London on Monday
12-month change: down 14%
By Heather Rydings; heatherrydings@alliancenews.com
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Adriatic Metal. (ADT1)