Adriatic Metals says half-way to completing construction of the Vares mine By Proactive Investors

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Adriatic Metals says half-way to completing construction of the Vares mine

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Adriatic Metals says half-way to completing construction of the Vares mine

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Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) has said it is making strong progress with construction of the Vares mine in Bosnia and Herzegovina.

Decline development is progressing as planned, with the lower decline currently at 277 metres and upper decline at 177 metres, as of 21 November.

All long lead items have been ordered and equipment delivery is expected on schedule.

First concentrate production is anticipated in the third quarter of 2023, following a planned resource update in the first quarter of 2023.

The final project cost estimate remains unchanged at US$173mln.

The company said it retains sufficient working capital reserves, with the estimated cash balance on 25 November standing at US$44.4mln.

"I am pleased to report that the Vares project remains on schedule and on budget with first concentrate production planned for the third quarter of 2023,” said Paul Cronin, Adriatic's managing director in a statement.

“Today the Project passed a significant milestone with 50% of project construction now complete. In addition, with 76% of the total construction capital committed, we will continue to address any remaining inflationary and budget concerns."

He added: "In addition to the successful Project development, we are also approaching completion of the year-long confirmation and definition drilling programme at Rupice with exploration drills continuing to step-out along the Rupice Northwest extension. Both programmes are anticipated to increase the life of mine, as all holes have intercepted mineable thicknesses of massive and semi-massive sulphides.”

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