Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) said it expects to hit nameplate production in the fourth quarter at the Vares Silver Operation in Bosnia after successfully achieving key landmarks earlier this year, including the first concentrate sale in late May.
The update was provided alongside interim results, which provided a full assessment of the progress made in the first six months of the year, including the move to owner-operator of the mine.
Financially, it has taken steps to shore up its finances and provide flexibility as ramps up to full production, and its recent financing allowed it to part ways with mining services group Nova Mining and Construction, which was brought in to build and run the project.
Adriatic ended the six months to June 30 with $58.8 million on the balance sheet, leaving it in a "strong financial position with sufficient contingency ahead of reaching sustainable production".
The company posted an operating loss of $20.5 million as it invested heavily to get Vares up and running.
Chairman Michael Rawlinson said: "We look forward with excitement over the coming months as the company moves into operations and begins to fulfil its strategy of long-term sustainable growth.
"I would also like to thank our new and long-term investors for their confidence and commitment and we look forward to delivering significant returns for many years to come."