Adriatic Metals Q1 2024 Activities Report

Adriatic Metals Plc (ASX: $ADT) has achieved significant milestones in the first quarter of 2024, including the production of first concentrates and the official opening of the Vares Silver Operation in Bosnia & Herzegovina. The company reported a cash balance of $46.7m as of 31 March 2024 and secured an additional debt facility of $25m from Orion. Furthermore, Adriatic signed an agreement with its mining contractor Nova to transition to owner-operator of Rupice Mine, with the first sale of concentrate expected in Q2 2024.

Executive Commentary on Q1 2024 Activities

The first quarter saw Adriatic evolve into a polymetallic producer after only seven years since exploration began in Vares. We have delivered on crucial milestones; the production of first concentrates and the official opening of the Vares Silver Operation, significantly de-risking the project. We look ahead to the first sale of concentrate and remain firmly on track to hit nameplate production in the fourth quarter of 2024. As we ramp up production and continue our exciting exploration programme, we demonstrate our commitment to provide critical metals to Europe and build a sustainable modern mining company that will benefit all our stakeholders for many years to come.

Summary of Q1 2024 Activities and Outlook

Adriatic Metals has made substantial progress in the first quarter of 2024, achieving key milestones in the development and construction activities at the Vares Silver Operation in Bosnia and Herzegovina. The company's cash balance of $46.7m and the secured additional debt facility of $25m from Orion provide a strong financial foundation for the company's operations. The transition to owner-operator at Rupice Mine and the first sale of concentrate expected in Q2 2024 indicate a positive outlook for the company's production and revenue generation. Adriatic's commitment to sustainability, community relations, and responsible resource management further strengthens its position in the industry. With a focus on exploration, operational enhancements, and financial stability, Adriatic Metals is well-positioned to achieve its production targets and contribute to the supply of critical metals to Europe.