Adriatic Metals PLC - Cheltenham, England-based precious and base metals developer, with licences in Bosnia & Herzegovina and Serbia - Says underground development at its Vares silver project in Bosnia increased 27% in the first quarter of 2024 from the final quarter of 2023, with cycle times reduced by 31%. It expects nameplate production, meaning full capacity, in the final quarter of 2024. Adds that the Vares processing plant is continuing to ramp up production, and expects the first sale of concentrate in the second quarter of 2024. Staff headcount is 291 at the end of March, and cash balance is USD46.7 million.
Chief Executive Officer Paul Cronin says: "The first quarter saw Adriatic evolve into a polymetallic producer after only seven years since exploration began in Vares. We have delivered on crucial milestones; the production of first concentrates and the official opening of the Vares silver operation and therefore significantly de-risking the project. We look ahead to the first sale of concentrate and remain firmly on track to hit nameplate production in the fourth quarter of 2024. As we ramp up production and continue our exciting exploration programme, we demonstrate our commitment to provide critical metals to Europe and build a sustainable modern mining company that will benefit all our stakeholders for many years to come."
Current stock price: 233.00 pence, up 3.8%
12-month change: up 24%
By Sabrina Penty, Alliance News reporter
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Adriatic Metal. (ADT1)