Adriatic Metals ramps up production at Vares silver operation
Published: 03:43 28 Oct 2024 EDT
Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) highlighted operational progress at its Vares Silver Operation in Bosnia and Herzegovina in the group’s third-quarter operational update.
Key highlights included the extraction of 63,100 tonnes of ore and a 123% quarter-over-quarter increase in milling activity.
Underground development also advanced, with an increase of 13% over the second quarter.
The company remains on track to commence commercial production by the end of 2024.
Adriatic’s cash balance was $23.8 million at the close of the third quarter, complemented by an undrawn $25 million facility from Orion Mine Finance.
Current financing is expected to support Adriatic Metals through its planned commercial production milestone.
Chief executive Laura Tyler said: "As Adriatic's new CEO, I am excited to lead our dedicated team towards the important milestone of commercial production this year.
“Having spent the last few months onsite at the Vares Silver Operation, I am proud of the significant strides made throughout the quarter."
Adriatic added there had been a fatality in August involving a subcontractor's vehicle at the Rupice mine site, which has led to upgraded contractor management protocols and safety control systems.
In October, Adriatic received all necessary permits for the initial phase of the Veovaca tailings storage facility, where construction has now commenced.
