Last checked at 3 May 2024 07:00
3 May 2024
Adriatic Metals PLC
("Adriatic Metals" or the "Company")
MANAGEMENT UPDATE
Adriatic Metals PLC (ASX: ADT, LSE:ADT1, OTCQX:ADMLF) announces the following management changes.
As the Company transitions from developer to a producing mining operation, Mike Norris, Chief Financial Officer, has resigned to pursue other opportunities. Michael Horner, Head of Business Development, has been appointed interim-CFO. Michael joined Adriatic in 2022 and brings over 10 years of progressive mining industry experience across M&A, capital markets, finance and operations.
Paul Cronin, AdriaticÕs Managing Director and CEO, commented:
"On behalf of the Board I would like to extend my gratitude to Mike Norris for his contributions to Adriatic over the past two years and wish him well for his future endeavours. Mike joined the team at the commencement of the construction of the Vares Silver Operation, and through solid fiscal discipline, successfully navigated that pivotal period to bring the project to completion, largely on time and on budget, despite substantial macro headwinds.
We welcome Michael Horner to the role of interim-CFO. Michael brings considerable experience in corporate finance and will lead Adriatic through its next phase as a producer, working to lower our cost of capital, and execute on new growth opportunities.
As the Company transitions to mining owner operator over the coming months, the management team will focus on increasing underground development, enhancing operational efficiencies, and bringing the Operations to nameplate production in Q4 2024.Ò
-ends-
MARKET ABUSE REGULATION DISCLOSURE
The information contained within this announcement is deemed by the Company (LEI: 549300OHAH2GL1DP0L61) to constitute inside information for the purposes of Article 7 of the EU Market Abuse Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended. The person responsible for arranging and authorising the release of this announcement on behalf of the Company is Paul Cronin, Managing Director and CEO.
Authorised by Paul Cronin, Managing Director & CEO
For further information please visit: www.adriaticmetals.com; email: info@adriaticmetals.com, @AdriaticMetals on Twitter; or contact:
Adriatic Metals PLC | |
Paul Cronin / Klara Kaczmarek | Via Buchanan |
Buchanan | Tel: +44 (0) 20 7466 5000 |
Bobby Morse / Oonagh Reidy | adriatic@buchanan.uk.com |
Morgans Corporate Limited |
|
Rob Douglas / Sam Warriner / Mitch Duffy | Tel: +61 7 3334 4888 |
RBC Capital Markets |
|
Farid Dadashev / James Agnew / Jamil Miah | Tel: +44 (0) 20 7653 4000 |
Stifel Nicolaus Europe Limited | |
Ashton Clanfield / Callum Stewart / Varun Talwar | Tel: +44 (0) 20 7710 7600 |
Citadel Magnus | |
Cameron Gilenko | Tel: +61 2 8234 0100 |
ABOUT ADRIATIC METALS
Adriatic Metals PLC (ASX:ADT, LSE:ADT1, OTCQX:ADMLF) is a precious and base metals mining company that is advancing the world-class Vares Silver Operation in Bosnia & Herzegovina, as well as the Raska Zinc-Silver Project in Serbia. First concentrate production took place in February 2024 and the Vares Silver Operation is fully funded to nameplate production, which is expected in Q4 2024. Concurrent with ongoing operational activities, the Company continues to explore across its highly prospective 44km2 concession package.