TIDMADT1
RNS Number : 7279A
Adriatic Metals PLC
03 June 2021
Adriatic Metals PLC
('Adriatic Metals' or the 'Company')
SIGNIFICANT PERMITTING DEVELOPMENT AT VARES PROJECT
HIGHLIGHTS
-- The Company has received the Urban Planning Permit ("UPP")
for the Rupice underground deposit from the Bosnian Federal
Ministry of Spatial Planning.
-- Receipt of the Rupice deposit UPP is a major milestone
towards completing the Vares Project's permitting requirements
-- The Rupice deposit UPP was received within the timeline expected by the Company
-- The granting of the UPP establishes the conditions for
obtaining the Rupice Exploitation Permit
-- The UPP and Exploitation Permit for the Veovaca deposit were
received in November 2020 and January 2021, respectively
-- The Company maintains its expectation to receive the Rupice
Exploitation, Permit within the coming weeks
Adriatic's CEO and Managing Director, Paul Cronin, commented
"The award of the UPP represents the last major step before
obtaining the Rupice Exploitation Permit, which I remain confident
it will be received within the coming weeks. Since Adriatic's
incorporation in March 2017, the Company has worked very hard with
the local community and the various levels of Government to work
through the project permitting process. This award demonstrates the
level of expertise in our team, as well as the support and
cooperation from the local community and Government in building the
Vares Project."
Adriatic Metals PLC (ASX:ADT & LSE:ADT1) is pleased to
announce that it has received the Urban Planning Permit for the
Rupice underground deposit ("Rupice") from the Bosnian Federal
Ministry of Spatial Planning. The approval reflects the strong
support for the Company's flagship Vares Project ("Vares Project")
from both Government and local stakeholders, which were actively
engaged during the application process.
Requirements for Urban Planning Permit
The application process involved seeking and receiving positive
opinions on the Vares Project from all significant government
stakeholders (such as electricity, forestry, water, cantonal
ministries, and all neighbouring municipalities), in addition to
all relevant local commercial service providers (such as utilities,
telecoms, etc.). This was a complex, multi-faceted process with
diligence conducted on all sides.
In line with EBRD's Performance Requirement 9 (2019), the
Company completed a Land Acquisition Compensation and Livelihood
Restoration Plan, which included the acquisition of a number of
private land plots around Rupice for the key infrastructure items,
such as the underground portal, crushing circuit, run-of-mine
stockpiles, administration / changeroom / warehousing buildings and
backfill paste plant.
Integration with the UPP & Exploitation Licence for
Veovaca
The Vares Project consists of the two deposits; Rupice and
Veovaca. The Company ran a parallel process for permitting the
Vares Project. The receipt of the Veovaca UPP was announced on 19
November 2020 and the subsequent award of the Veovaca Exploitation
Licence was announced on 28 January 2021, thereby completing the
permitting requirements for Veovaca. The issuance of the Veovaca
Exploitation Permit initiated the formal exploitation period for
the whole of the Vares Project (including Rupice), which under the
terms of the Concession Agreement, is up to 30 years. The speed of
permitting the two deposits varied because Veovaca is a brownfield
open pit deposit and Rupice is a greenfield underground
deposit.
Route to Completing Project Permitting
The Rupice Exploitation Permit is now the last remaining permit
required for construction to commence and gives Eastern Mining, the
Company's wholly owned Bosnian subsidiary, the right to mine and
process ore, from Rupice and Veovaca, in accordance with the
Concession Agreement and Elaborate of Ore Reserves. The route to
permitting the Vares Project has involved successfully receiving
several prior permits, as shown in Figure 1.
Having now received the Urban Planning Permit, the Company will
now immediately apply to the Federal Ministry of Energy, Mines and
Infrastructure ("FMERI") for the Exploitation Permit, which is a
technically focussed procedure.
To view Figure 1. Vares Project Pathway to Exploitation
Permitting, please click here:
http://www.rns-pdf.londonstockexchange.com/rns/7279A_1-2021-6-3.pdf
Authorised by, and for further information please contact:
Paul Cronin
Managing Director & CEO
info@adriaticmetals.com
** ENDS **
Market Abuse Regulation Disclosure
The information contained within this announcement is deemed by
Adriatic (LEI: 549300OHAH2GL1DP0L61) to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014. The person responsible for arranging and authorising
the release of this announcement on behalf of Adriatic is Paul
Cronin, Managing Director and CEO.
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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END
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