Adriatic Metals PLC Launch of Bosnian Charitable Foundation & Funding (2867B)
June 09 2021 - 1:00AM
UK Regulatory
TIDMADT1
RNS Number : 2867B
Adriatic Metals PLC
09 June 2021
Adriatic Metals PLC
('Adriatic Metals' or the 'Company')
ADRIATIC METALS LAUNCHES INDEPENDENT
CHARITABLE FOUNDATION IN BOSNIA AND PROVIDES SEED FUNDING
Adriatic Metals PLC (ASX:ADT, LSE:ADT1) is pleased to announce
the incorporation of a charitable trust registered in the
Federation of Bosnia and Herzegovina called the Adriatic Foundation
(the "Foundation").
Objective of the Foundation
The Foundation has been set up with the objective of supporting
the communities around the Vares Project through initiatives
designed to create a positive long-term legacy, as well as
alignment between the Company and the communities that the
Foundation supports. The initiatives are specifically focussed on
improving education, healthcare and environmental protection
(collectively, the "Foundation Objectives").
Education
The Foundation will support local youth education programmes
with courses and activities to support further education, as well
as developing the broader set of skills required for the job market
and professional development.
Healthcare
The Foundation will promote the awareness of disease prevention
and improve local primary healthcare.
Environment
The Foundation will improve awareness of the importance of
conservation and environmental protection. It will do this by
supporting initiatives focussed on the transition to technologies
and renewable energy resources that reduce pollution, as well as
support projects that address key environmental issues of common
interest.
Management of the Foundation
The Foundation's management is independent of Adriatic Metals
and the Company's Flagship Vares Silver Project ("Vares Project").
The Foundation will be managed by a Board of Trustees, who are
representatives of the local communities surrounding the Company's
Vares Project and are independent of Adriatic Metals. The Trustees
will each have a tenure of 4 years. The Board of Trustees will meet
quarterly to discuss and approve submitted proposals that meet the
Foundation Objectives.
Funding of the Foundation
The Foundation's programme funding will be primarily received
through grants - i.e. non-repayable funding. Adriatic Metals will
provide an initial sum of EUR100,000 to the Foundation, as well as
an ongoing commitment of 0.25% of profits from its operations in
Bosnia & Herzegovina. Sanela Karic, Non-Executive Director of
Adriatic Metals, as referred to in Adriatic Metal's 2020 Annual
Report, has pledged her Directors fees from March to June 2021, and
Paul Cronin, CEO and MD of Adriatic has also pledged to give
250,000 of his personal shares in Adriatic Metals to the
Foundation. The Foundation will seek contributions from other
individuals, companies and institutions to co-fund programmes that
support the Foundations Objectives. To date, the Foundation has
received additional soft commitments of over EUR400,000.
Adriatic Metals CEO and Managing Director, Paul Cronin,
commented: "I am proud to announce the launch of the Adriatic
Foundation. One of our key values at Adriatic Metals is to align
the Company with the aspirations of our communities. The
establishment of the Adriatic Foundation shows a strong commitment
to those values by our Board, management and staff. We hope that
the Foundation will draw support from our key partners in-country
and global suppliers to promote development across our
communities."
** ENDS **
For further information please visit www.adriaticmetals.com or
@adriaticmetals visit on Twitter; or contact:
Adriatic Metals PLC
Paul Cronin / Thomas Horton Tel: +44 (0) 7866
913207
Canaccord Genuity Limited (Joint Corporate Broker)
Jeremy Dunlop (Australia) Tel: +61 2 9263 2700
James Asensio (UK) Tel: +44 (0) 207
523 8000
RBC Capital Markets (Joint Corporate Broker)
Marcus Jackson / Jamil Miah Tel: +44 (0) 20 7653
4000
Stifel Nicolaus Europe Limited (Joint Corporate
Broker)
Ashton Clanfield / Callum Stewart Tel: +44 (0) 20 7710
7600
Tavistock Communications Limited
Charles Vivian Tel: +44 (0) 7977
297 903
The Capital Network
Julia Maguire / Lelde Smits Tel: +61 2 8999 3699
ABOUT ADRIATIC METALS
Adriatic Metals PLC (ASX:ADT, LSE:ADT1) is a precious and base
metals developer that is advancing the world-class Vares Silver
Project in Bosnia & Herzegovina, as well as the Raska
Zinc-Silver Project in Serbia.
The Vares Project Pre-Feasibility Study boasts robust economics
of US$1,040 million post-tax NPV(8) , 113% post-tax IRR and a capex
of US$173 million. Adriatic is the only publicly listed mining
company exploring in Bosnia and is leveraging its first-mover
advantage. The Company is well-funded and concurrent with the
advancing Definitive Feasibility Study, continues to explore across
its large, highly prospective 41km(2) concession package.
Adriatic Metals completed the acquisition TSX-listed Tethyan
Resource Corp. in Q4 2020, which contained the Raska Zinc-Silver
Project in southern Serbia. The Company is exploring across its
99km(2) highly prospective concession area, which includes around
the formerly operating Kizevak and Sastavci polymetallic mines.
There have been no material changes to the assumptions
underpinning the forecast financial information derived from the
production target in the 15 October 2020 announcement and these
assumptions continue to apply and have not materially changed.
Adriatic Metals is not aware of any new information or data that
materially affects the information included in the announcement of
the updated Mineral Resource Estimate announced on 1 September 2020
and all material assumptions and technical parameters underpinning
the Mineral Resource Estimate continue to apply and have not
materially changed.
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