Last checked at 9 Jun 2021 07:00
Adriatic Metals PLC
('Adriatic Metals' or the 'Company')
ADRIATIC METALS LAUNCHES INDEPENDENT
CHARITABLE FOUNDATION IN BOSNIA AND PROVIDES SEED FUNDING
Adriatic Metals PLC (ASX:ADT, LSE:ADT1) is pleased to announce the incorporation of a charitable trust registered in the Federation of Bosnia and Herzegovina called the Adriatic Foundation (the "Foundation").
Objective of the Foundation
The Foundation has been set up with the objective of supporting the communities around the Vares Project through initiatives designed to create a positive long-term legacy, as well as alignment between the Company and the communities that the Foundation supports. The initiatives are specifically focussed on improving education, healthcare and environmental protection (collectively, the "Foundation Objectives").
Education
The Foundation will support local youth education programmes with courses and activities to support further education, as well as developing the broader set of skills required for the job market and professional development.
Healthcare
The Foundation will promote the awareness of disease prevention and improve local primary healthcare.
Environment
The Foundation will improve awareness of the importance of conservation and environmental protection. It will do this by supporting initiatives focussed on the transition to technologies and renewable energy resources that reduce pollution, as well as support projects that address key environmental issues of common interest.
Management of the Foundation
The Foundation's management is independent of Adriatic Metals and the Company's Flagship Vares Silver Project ("Vares Project"). The Foundation will be managed by a Board of Trustees, who are representatives of the local communities surrounding the Company's Vares Project and are independent of Adriatic Metals. The Trustees will each have a tenure of 4 years. The Board of Trustees will meet quarterly to discuss and approve submitted proposals that meet the Foundation Objectives.
Funding of the Foundation
The Foundation's programme funding will be primarily received through grants - i.e. non-repayable funding. Adriatic Metals will provide an initial sum of €100,000 to the Foundation, as well as an ongoing commitment of 0.25% of profits from its operations in Bosnia & Herzegovina. Sanela Karic, Non-Executive Director of Adriatic Metals, as referred to in Adriatic Metal's 2020 Annual Report, has pledged her Directors fees from March to June 2021, and Paul Cronin, CEO and MD of Adriatic has also pledged to give 250,000 of his personal shares in Adriatic Metals to the Foundation. The Foundation will seek contributions from other individuals, companies and institutions to co-fund programmes that support the Foundations Objectives. To date, the Foundation has received additional soft commitments of over €400,000.
Adriatic Metals CEO and Managing Director, Paul Cronin, commented: "I am proud to announce the launch of the Adriatic Foundation. One of our key values at Adriatic Metals is to align the Company with the aspirations of our communities. The establishment of the Adriatic Foundation shows a strong commitment to those values by our Board, management and staff. We hope that the Foundation will draw support from our key partners in-country and global suppliers to promote development across our communities."
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For further information please visit www.adriaticmetals.com or @adriaticmetals visit on Twitter; or contact:
Adriatic Metals PLC | |
Paul Cronin / Thomas Horton | Tel: +44 (0) 7866 913207 |
Canaccord Genuity Limited (Joint Corporate Broker) | |
Jeremy Dunlop (Australia) | Tel: +61 2 9263 2700 |
James Asensio (UK) | Tel: +44 (0) 207 523 8000 |
RBC Capital Markets (Joint Corporate Broker) | |
Marcus Jackson / Jamil Miah | Tel: +44 (0) 20 7653 4000 |
Stifel Nicolaus Europe Limited (Joint Corporate Broker) | |
Ashton Clanfield / Callum Stewart | Tel: +44 (0) 20 7710 7600 |
Tavistock Communications Limited | |
Charles Vivian | Tel: +44 (0) 7977 297 903 |
The Capital Network | |
Julia Maguire / Lelde Smits | Tel: +61 2 8999 3699 |
ABOUT ADRIATIC METALS
Adriatic Metals PLC (ASX:ADT, LSE:ADT1) is a precious and base metals developer that is advancing the world-class Vares Silver Project in Bosnia & Herzegovina, as well as the Raska Zinc-Silver Project in Serbia.
The Vares Project Pre-Feasibility Study boasts robust economics of US$1,040 million post-tax NPV8, 113% post-tax IRR and a capex of US$173 million. Adriatic is the only publicly listed mining company exploring in Bosnia and is leveraging its first-mover advantage. The Company is well-funded and concurrent with the advancing Definitive Feasibility Study, continues to explore across its large, highly prospective 41km2 concession package.
Adriatic Metals completed the acquisition TSX-listed Tethyan Resource Corp. in Q4 2020, which contained the Raska Zinc-Silver Project in southern Serbia. The Company is exploring across its 99km2 highly prospective concession area, which includes around the formerly operating Kizevak and Sastavci polymetallic mines.
There have been no material changes to the assumptions underpinning the forecast financial information derived from the production target in the 15 October 2020 announcement and these assumptions continue to apply and have not materially changed. Adriatic Metals is not aware of any new information or data that materially affects the information included in the announcement of the updated Mineral Resource Estimate announced on 1 September 2020 and all material assumptions and technical parameters underpinning the Mineral Resource Estimate continue to apply and have not materially changed.