TIDMADT1

RNS Number : 7793W

Adriatic Metals PLC

28 April 2021

Adriatic Metals PLC

('Adriatic Metals' or the 'Company')

QUARTERLY ACTIVITIES REPORT

For the 3 months ended 31 March 2021

HIGHLIGHTS

   --        Veovaca Exploitation Permit Received 
   --        Rupice Environmental Permit Issued a with positive Record of Decision ("RoD") 
   --        Assay results from ongoing exploration work at the Raska Project, in Serbia 

-- Acquisition completed of the remaining 90% of Ras Metals d.o.o. that the Company did not previously own for a consideration of cash and shares. The Ras Metals assets include the exploration licences for both Kizevak and Sastavci prospects that make up the Raska Project.

   --        Post quarter-end the Company provided a Vares Project Operations and Corporate Update; 

-- Optimised underground mine plan for Rupice, which targets the central higher-grade zones sooner. This has resulted in a 26% increase in silver-equivalent contained metal mined during the first 24 months.

-- Demolition of the Old Processing Plant Site is nearing completion. A geotechnical drilling program to test the structural integrity of the original concrete pad has been completed.

-- Urban Planning Permit and Exploitation Permit for Rupice are on course to be received later this quarter.

-- Exploration permit for the 32km(2) of new concession area, granted in Q3 2020, is expected within a month.

   --      Exploration drilling has now re-commenced at Rupice 

Paul Cronin, Adriatic's Managing Director and CEO commented:

"During the first quarter of 2021, two important permits for the Vares Silver Project were delivered, which is a significant step forward in the development of the Project. This gives me great confidence in the timely delivery of the Main Mining Project permit this summer.

The Company is well positioned for what will be a transformational year for the for the Vares Silver Project, with the completion of the Definitive Feasibility Study and associated Project Financing.

Adriatic Metals PLC is pleased to provide the following Quarterly Activities Report ("QAR") that summarises the progress made and reported during the three months ended 31 March 2021 ("Q1" or the "Quarter").

1. Vares Project Permitting Approvals

During the Quarter the Company received two key permits to the development of the Vares Project.

On 28 January, 2021 the company received the Veovaca Exploitation Permit from the Federal Ministry for Energy, Mining and Industry ("Exploitation Permit"). The receipt of the Exploitation Permit initiated the formal exploitation period for the project, which under the terms of the Concession Agreement is up to 30 years. As the Concession Agreement covers both the Veovaca and Rupice deposits, the security of tenure applies to both the Veovaca open pit and plant areas, as well as the Rupice underground mine area.

The receipt of the Exploitation Permit also enables Adriatic to complete the Main Mining Project permit for the Veovaca open pit mine, flotation plant, and tailings management facility at a detailed engineering level for the start of construction in Q3 2021. The Exploitation Permit for Rupice, which is expected in Q2 2021, is required before the commencement of underground development at Rupice, and the application will be made following the issue of the Urban Planning Permits for Rupice, in a process similar to what has completed for Veovaca.

On 8 February, 2021 the Federal Ministry of Environment and Tourism ("Ministry") issued a positive Record of Decision ("RoD") for the Rupice Environmental Permit - one of the key approvals required for the issue of the Exploitation Permit at Rupice. The RoD was received following the submission of an Environmental Impact Assessment, which was prepared in accordance with the Federal Mining Code and reviewed by a five-member expert committee, as well as a public hearing in August 2020.

The Environmental Permit is required to be issued within 30 days from the date of the RoD, at which point Adriatic will submit an application for an Urban Planning Permit to the Federal Ministry for Spatial Planning. Following the receipt of the Urban Planning Permit, Adriatic will apply for an Exploitation Permit, in a process similar to what was recently completed for Veovaca.

2. Vares Project Operations and Corporate Update

Post quarter end, on 19 April 2021, the Company provided a Vares Project Operations and Corporate Update. The highlights were as follows:

Vares Project Highlights

- Optimised underground mine plan for Rupice, which targets the central higher-grade zones sooner. This has resulted in a 26% increase in silver-equivalent contained metal mined during the first 24 months.

Demolition of the Old Processing Plant Site is nearing completion. A geotechnical drilling program to test the structural integrity of the original concrete pad has been completed.

- Urban Planning Permit and Exploitation Permit for Rupice are on course to be received later this quarter.

- Exploration permit for the 32km(2) of new concession area, granted in Q3 2020, is expected within a month.

   -     Exploration drilling has now re-commenced at Rupice. 

- Adriatic Metals Chief Geologist, Phil Fox, hosted a Vares Project Geology Webinar on Tuesday, 20 April 2021. A recording of the webinar is available, see link: https://www.adriaticmetals.com/news/the-vares-project-geology-presentation/

- The webinar's Vares Project Geology Presentation is available on the ASX announcements page of the Company's website , see link: https://www.adriaticmetals.com/investors/asx-announcements/

   -     The Company has received several non-binding term sheets for the Vares Project Financing. 

Corporate Highlights

   -     Appointment of Thomas Horton as Head of Corporate Development & Investor Relations. 

- Appointment of RBC Capital Markets as the Company's Joint Corporate Broker, effective 30 March 2021.

3. Raska Project Drill Results

In the Quarter, the Company reported on two sets of assay results from ongoing exploration work at the Raska Project, in Serbia.

On 27 January, 2021 Adriatic reported assay results from 16 diamond core holes at the Kizevak Prospect and 3 drill holes at the Sastavci Prospect. The Drilling at the Kizevak Prospect confirmed the down dip continuity of a high grade lens in the central-northwest part of the deposit, beneath the limits of historic drilling, where mineralisation remains open. Drill hole KZDD-030 intercepted thick mineralisation down dip from the previously reported drill hole KZDD-014, demonstrating excellent continuity as well as elevated gold grade. This thick, high-grade lens remains open to depth. Mineralisation in the central-south eastern part of the Kizevak Prospect licence has been identified, occurring as an array of sub-parallel, near-surface vein zones with some high-grade parts in several holes. Drilling at the Sastavci Prospect has continued to deliver excellent intercepts of wide, high grade mineralisation from surface at the base of the historic Sastavci open pit. Thicker zones of mineralisation than historically reported have been encountered, and mineralisation is open in all directions.

Subsequently on 22 March 2021, Adriatic reported further exploration results, as well as providing plans for an expansion of the Company's exploration plans at the Raska Project in Serbia. At the Kizevak Prospect, near-surface, high grade mineralisation continues to be identified, confirmed by drill hole KZDD-051, which was located up-dip from a thick, deeper lens. In addition, drill hole KZDD-042 also extended mineralisation down dip and southeast from the historically defined limits of mineralisation. At Sastavci, drill hole SSDD-006 intercepted two thick zones of mineralisation that are both sub-parallel to the historically mined vein zone and are open to the northwest. Drill hole SSDD-007 intercepted a broad, well mineralised zone from surface that continues to demonstrate much thicker zones of mineralisation are present than historically interpreted. As part of the 25,000 metres of diamond drilling planned at the Raska Project for 2021, a third drill rig will be deployed to focus on more regional exploration targets.

4. Completion of Ras Metals Acquisition

On 23 February 2021, the Company announced that it has completed the acquisition of the entire share capital of Ras Metals d.o.o ("Ras Metals") under an agreement held by Tethyan Resource Corp ("Tethyan"), now a wholly owned subsidiary of Adriatic.

The Ras Metals assets include the exploration licences for both Kizevak and Sastavci prospects (together, the "Raska Project"). The consideration paid for the remaining 90% of the shares in Ras Metals that the Company did not already hold was EUR 1,365,000, plus the allotment of 166,000 Ordinary shares of 0.013355p each in the Company ("Shares"). Additionally, there is deferred consideration of EUR 500,000, payable on 14 May 2022, and 498,000 Ordinary shares in the Company that will be allotted in three equal tranches on or around 22 August 2021, 22 February 2022 & 22 August 2022.

The Shares rank pari passu with the existing Ordinary shares and application has been made to the Financial Conduct Authority and the London Stock Exchange for the Shares to be admitted to the standard segment of the Official List of the London Stock Exchange. Admission of the Shares is expected on 2 March 2021.

Since the Tethyan acquisition last year, 11,000m of diamond core ("DC") drilling has been completed on the Raska licenses. Drilling has been focussed around the area South East of the Kizevak Prospect, where under the prior ownership of Tethyan, thick intersections of high-grade mineralisation were drilled. See Tethyan announcement dated 04 September 2018 on SEDAR for more information. Adriatic has a further 25,000m of step-out DC drilling planned across the Raska Project during 2021.

5. Summary of Expenditure

A summary of operating and investing expenditure made by Adriatic on a consolidated basis during the Quarter in relation to operating and investing activities reported in the Appendix 5B Cash Flow Report is as follows:

 
                                                       GBP'000 
 
       Exploration & Evaluation (capitalised)             1,313 
       Exploration & Evaluation (expensed)                  491 
       Staff costs                                          497 
       Administration and corporate 
        costs                                             1,340 
       Property, plant and equipment 
        acquisitions                                        138 
       Interest paid                                        411 
       Payments to acquire entities                       1,189 
       Other - VAT Refunds                                 (24) 
 
       Total                                          GBP 5,355 
 
 
 

6. Payments to Related Parties

During the Quarter, Adriatic paid an aggregate total of GBP146k to Directors, or companies controlled by them, comprised of salaries, fees and reimbursement / recharge of corporate office facilities & associated services used / provided by the Company. This is disclosed in Item 6 of the accompanying Appendix 5B Cash Flow Report.

7. Tenement Holdings

In accordance with ASX Listing Rule 5.3.3 please find below the Company's tenements as at 31 March 2021. The Company holds a 100% interest in all concession agreements and licences via its wholly owned subsidiaries, with the exception of the Raska (Suva Ruda) licence held by Deep Research d.o.o.. The Company has an option agreement to acquire 100% ownership of Deep Research d.o.o. but has no equity interest in that entity at present.

 
                                                                                                             Area 
                                   Concession                              License                         (km(2)           Date           Expiry 
                                   document        Registration number      holder      Concession name         )        granted             date 
------------------------------  --------------  ----------------------  ----------  -------------------  --------  -------------  --------------- 
                  Bosnia and      Concession      No.:04-18-21389-1/13     Eastern             Veovaca1      1.08    12-Mar-2013      11-Mar-2038 
                  Herzegovina     Agreement                                 Mining 
                                                                            d.o.o. 
                                --------------  ----------------------  ----------  -------------------  --------  -------------  --------------- 
                                                                                              Veovaca 2      0.91    12-Mar-2013      11-Mar-2038 
                                --------------  ----------------------  ----------  -------------------  --------  -------------  --------------- 
                                                                                      Rupice-Jurasevac,      0.83    12-Mar-2013      13-Mar-2038 
                                                                                                Brestic 
                                --------------  ----------------------  ----------  -------------------  --------  -------------  --------------- 
                                  Annex 3 -                       No.:     Eastern    Rupice - Borovica      4.52    14-Nov-2018      13-Nov-2038 
                                  Area                04-18-21389-3/18      Mining 
                                  Extension                                 d.o.o. 
                                --------------  ----------------------  ----------  -------------------  --------  -------------  --------------- 
                                                                                       Veovaca - Orti -      1.32    14-Nov-2018      13-Nov-2038 
                                                                                       Seliste - Mekuse 
                                --------------  ----------------------  ----------  -------------------  --------  -------------  --------------- 
                                  Annex 5 -       No: 04-18-14461-1/20     Eastern     Barice- Smajlova     19.45    03-Dec-2020      03-Dec-2050 
                                  Area                                      Mining           Suma-Macak 
                                  Extension                                 d.o.o. 
                                --------------  ----------------------  ----------  -------------------  --------  -------------  --------------- 
                                                                                            Droskovac -      2.88    03-Dec-2020      03-Dec-2050 
                                                                                                 Brezik 
                                --------------  ----------------------  ----------  -------------------  --------  -------------  --------------- 
                                                                                             Borovica -      9.91    03-Dec-2020      03-Dec-2050 
                                                                                       Semizova Ponikva 
                                --------------  ----------------------  ----------  -------------------  --------  -------------  --------------- 
                                                                               Ras 
                                  Exploration                               Metals 
               Serbia              License         310-02-1721/2018-02      d.o.o.              Kizevak      1.84    03-Oct-2019      03-Oct-2022 
                                --------------  ----------------------  ----------  -------------------  --------  -------------  --------------- 
                                                                               Ras 
                                                                            Metals 
   Exploration License                             310-02-1722/2018-02      d.o.o.             Sastavci      1.44    12-Mar-2013      03-Oct-2022 
 ---------------------------------------------  ----------------------  ----------  -------------------  --------  -------------  --------------- 
                                                                              Taor 
   Exploration License                             310-02-1114/2015-02      d.o.o.              Kremice      8.54    21-Apr-2016    21-April-2022 
 ---------------------------------------------  ----------------------  ----------  -------------------  --------  -------------  --------------- 
                                                                              Deep 
                                                                          Research 
   Exploration License                            310-02-00060/2015-02      d.o.o.    Raska (Suva Ruda)     87.17    28-Dec-2015      18-Feb-2022 
 ---------------------------------------------  ----------------------  ----------  -------------------  --------  -------------  --------------- 
 

Authorised by, and for further information please contact:

Paul Cronin

Managing Director & CEO

info@adriaticmetals.com

-ends-

For further information please visit www.adriaticmetals.com , @AdriaticMetals 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.

COMPETENT PERSONS' REPORT

The information in this report which relates to Exploration Results is based on, and fairly represents, information compiled by Mr Philip Fox, who is a member of the Australian Institute of Geoscientists (AIG). Mr Fox is a consultant to Adriatic Metals PLC, and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Fox consents to the inclusion in this report of the matters based on that information in the form and context in which it appears.

The information in this report which relates to Metallurgical Results is based on, and fairly represents, information compiled by Mr Philip King of Wardell Armstrong. Mr King and Wardell Armstrong are consultants to Adriatic Metals plc and Mr King has sufficient experience in metallurgical processing of the type of deposits under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr King is a Fellow of the Institute of Materials, Minerals & Mining (which is a Recognised Professional Organisation (RPO) included in a list that is posted on the ASX website from time to time), and consents to the inclusion in this report of the matters based on that information in the form and context in which it appears.

Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity

quarterly cash flow report

 
 Name of entity 
-------------------------------------------------- 
 ADRIATIC METALS PLC 
 ABN             Quarter ended ("current quarter") 
------------    ---------------------------------- 
 624 403 163     31 MARCH 2021 
                ---------------------------------- 
 
 
 Consolidated statement of cash              (a) Current     (b) Year to 
  flows                                        quarter      date (3 months) 
                                               GBP'000          GBP'000 
 1.     Cash flows from operating 
         activities 
 1.1    Receipts from customers                        0                  0 
 1.2    Payments for 
        (a) exploration & evaluation 
         (if expensed)                             (491)              (491) 
        (b) development                                0                  0 
        (c) production                                 0                  0 
        (d) staff costs                            (497)              (497) 
        (e) administration and corporate 
         costs                                   (1,340)            (1,340) 
        Dividends received (see note 
 1.3     3)                                            0                  0 
 1.4    Interest received                              0                  0 
        Interest and other costs of 
 1.5     finance paid                              (411)              (411) 
 1.6    Income taxes paid                              0                  0 
        Government grants and tax 
 1.7     incentives                                    0                  0 
 1.8    Other - VAT refund                            24                 24 
                                            ------------  ----------------- 
        Net cash from / (used in) 
 1.9     operating activities                    (2,715)            (2,715) 
-----  -----------------------------------  ------------  ----------------- 
 
 2.     Cash flows from investing 
         activities 
 2.1    Payments to acquire: 
        (a) entities                             (1,189)            (1,189) 
        (b) tenements                                  0                  0 
        (c) property, plant and equipment          (138)              (138) 
        (d) exploration & evaluation 
         (if capitalised)                        (1,313)            (1,313) 
        (e) investments                                0                  0 
        (f) other non-current assets                   0                  0 
 2.2    Proceeds from the disposal 
         of: 
        (a) entities                                   0                  0 
        (b) tenements                                  0                  0 
        (c) property, plant and equipment              0                  0 
        (d) investments                                0                  0 
        (e) other non-current assets                   0                  0 
        Cash flows from loans to other 
 2.3     entities                                      0                  0 
        Dividends received (see note 
 2.4     3)                                            0                  0 
 2.5    Other                                          0                  0 
                                            ------------  ----------------- 
        Net cash from / (used in) 
 2.6     investing activities                    (2,640)            (2,640) 
-----  -----------------------------------  ------------  ----------------- 
 
 3.     Cash flows from financing 
         activities 
        Proceeds from issues of equity 
         securities (excluding convertible 
 3.1     debt securities)                              0                  0 
        Proceeds from issue of convertible 
 3.2     debt securities                               0                  0 
        Proceeds from exercise of 
 3.3     options                                     486                486 
        Transaction costs related 
         to issues of equity securities 
 3.4     or convertible debt securities            (120)              (120) 
 3.5    Proceeds from borrowings                       0                  0 
 3.6    Repayment of borrowings                        0                  0 
        Transaction costs related 
 3.7     to loans and borrowings                   (143)              (143) 
 3.8    Dividends paid                                 0                  0 
        Other (Pre-acquisition loan 
 3.9     to Tethyan)                                   0                  0 
                                            ------------  ----------------- 
        Net cash from / (used in) 
 3.10    financing activities                        223                223 
-----  -----------------------------------  ------------  ----------------- 
 
 4.     Net increase / (decrease) 
         in cash and cash equivalents 
         for the period 
        Cash and cash equivalents 
 4.1     at beginning of period                   29,249             29,249 
        Net cash from / (used in) 
         operating activities (item 
 4.2     1.9 above)                              (2,715)            (2,715) 
        Net cash from / (used in) 
         investing activities (item 
 4.3     2.6 above)                              (2,640)            (2,640) 
        Net cash from / (used in) 
         financing activities (item 
 4.4     3.10 above)                                 223                223 
        Effect of movement in exchange 
 4.5     rates on cash held                         (86)               (86) 
                                            ------------  ----------------- 
        Cash and cash equivalents 
 4.6     at end of period                         24,031             24,031 
-----  -----------------------------------  ------------  ----------------- 
 5.     Reconciliation of cash and           (c) Current     (d) Previous 
         cash equivalents                      quarter          quarter 
         at the end of the quarter             GBP'000          GBP'000 
         (as shown in the consolidated 
         statement of cash flows) to 
         the related items in the accounts 
-----  -----------------------------------  ------------  ----------------- 
 5.1    Bank balances                             24,031             29,249 
 5.2    Call deposits                                  0                  0 
 5.3    Bank overdrafts                                0                  0 
 5.4    Other (provide details)                        0                  0 
                                            ------------  ----------------- 
        Cash and cash equivalents 
         at end of quarter (should 
 5.5     equal item 4.6 above)                    24,031             29,249 
-----  -----------------------------------  ------------  ----------------- 
 
 
 6.      Payments to related parties of the entity           (e) Current 
          and their associates                                  quarter 
                                                                GBP'000 
         Aggregate amount of payments to related 
          parties and their associates included in 
 6.1      item 1                                                      146 
                                                            ------------- 
 6.2     Aggregate amount of payments to related                        0 
          parties and their associates included in 
          item 2 
------  --------------------------------------------------  ------------- 
 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly 
  activity report must include a description of, and an explanation 
  for, such payments 
 
 
 7.    Financing facilities               (f) Total facility      (g) Amount 
        Note: the term "facility'          amount at quarter    drawn at quarter 
        includes all forms of financing           end                 end 
        arrangements available to               GBP'000             GBP'000 
        the entity. 
        Add notes as necessary for 
        an understanding of the sources 
        of finance available to the 
        entity. 
 7.1   Loan facilities                                14,510              14,510 
                                         -------------------  ------------------ 
 7.2   Credit standby arrangements                         0                   0 
                                         -------------------  ------------------ 
 7.3   Other (please specify)                              0                   0 
                                         -------------------  ------------------ 
 7.4   Total financing facilities                     14,510              14,510 
                                         -------------------  ------------------ 
 
       Unused financing facilities available at 
 7.5    quarter end                                                            0 
                                                              ------------------ 
 7.6   Include in the box below a description of each facility 
        above, including the lender, interest rate, maturity date 
        and whether it is secured or unsecured. If any additional 
        financing facilities have been entered into or are proposed 
        to be entered into after quarter end, include a note providing 
        details of those facilities as well. 
----  -------------------------------------------------------------------------- 
 The loan facilities comprise USD 20 million unsecured convertible 
  debentures at 8.5% interest and a maturity date of December 
  2024 issued to Queen's Road Capital Investment Ltd. For further 
  details see announcement dated 27 October 2020. 
 
 
 8.    Estimated cash available for future operating         (h) GBP'000 
        activities 
       Net cash from / (used in) operating activities 
 8.1    (Item 1.9)                                                (2,715) 
 8.2   Capitalised exploration & evaluation (Item                 (1,313) 
        2.1(d)) 
 8.3   Total relevant outgoings (Item 8.1 + Item                  (4,028) 
        8.2) 
 8.4   Cash and cash equivalents at quarter end                    24,031 
        (Item 4.6) 
 8.5   Unused finance facilities available at quarter                   0 
        end (Item 7.5) 
 8.6   Total available funding (Item 8.4 + Item                    24,031 
        8.5) 
       Estimated quarters of funding available 
 8.7    (Item 8.6 divided by Item 8.3)                                6.0 
----  ---------------------------------------------------- 
 8.8   If Item 8.7 is less than 2 quarters, please provide answers 
        to the following questions: 
       1. Does the entity expect that it will continue to have 
        the current level of net operating cash flows for the 
        time being and, if not, why not? 
      ------------------------------------------------------------------- 
       Answer: 
      ------------------------------------------------------------------- 
       2. Has the entity taken any steps, or does it propose 
        to take any steps, to raise further cash to fund its operations 
        and, if so, what are those steps and how likely does it 
        believe that they will be successful? 
      ------------------------------------------------------------------- 
       Answer: 
      ------------------------------------------------------------------- 
       3. Does the entity expect to be able to continue its operations 
        and to meet its business objectives and, if so, on what 
        basis? 
      ------------------------------------------------------------------- 
       Answer: 
      ------------------------------------------------------------------- 
 

Compliance statement

1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

   2        This statement gives a true and fair view of the matters disclosed. 
   Date:                     27 April 2021 
   Authorised by:       Audit and Risk Committee 

(Name of body or officer authorising release - see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [name of board committee - eg Audit and Risk Committee]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee".

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDBLGDSCBDDGBR

(END) Dow Jones Newswires

April 28, 2021 02:00 ET (06:00 GMT)

Adriatic Metals (LSE:ADT1)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Adriatic Metals Charts.
Adriatic Metals (LSE:ADT1)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Adriatic Metals Charts.