Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) said it expects to reach ore by the end of this month at its Vares project in Bosnia and Herzegovina and produce the first concentrate in November.
It said 78% of total project construction is complete so far, with the lower decline development currently at 606m, the upper decline at 550m and all long lead items ordered.
The company remains fully funded to project completion, it said in a statement including a video update, with a cash balance at the end of Mof US$95.7mln and capital expenditure and exploration outflows of US$85.1mln expected pre-production.
First ore is on track to be mined in early July, the company said, with the development rate to date having averaged around 100m per month due to the ground for much of the decline requiring ground support implementation but with this expected to improve “substantially”.
Adriatic said it remained “on track” for at least 40,000 tonnes of ore mined prior to production, supporting the processing plant commissioning scheduled for October 2023.