Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) said that all infrastructure projects have been completed at its Vares silver mine development in Bosnia and Herzegovina with the first train arriving along the refurbished line from Podlugovi.
In its quarterly update, Adriatic added that the first concentrate production at Vares remains on schedule for this current quarter.
In total, Vares will cost US$189 million, Adriatic added, with the company fully funded for plant completion and ramp-up.
Financier Orion has provided loans of US$120 million for construction, which has now been fully drawn down with the first repayment now set for December.
Cash at the end of December was US$44.8 million.
Paul Cronin, Adriatic's chief executive, added: "We are pleased to report on the progress made over a hugely productive and busy quarter.
"The team have made substantial advancements across all areas of the Vares Silver Project, from mine development to the processing plant, and we are gearing up for the initiation of all operations in the first quarter of 2024.
“Additionally, we have been very successful in our exploration efforts, and the updated Ore Reserves at Rupice and Rupice Northwest have increased the life of mine from 10 to 18 years.
"We are aiming to increase this further with a continuation of our successful exploration programmes to date.”