The SALE OF FIRST CONCENTRATES
announcement released on May 28 2024 at 7.01 under RNS No 9595 has
been reformatted and a date change.
All material details remain
unchanged.
The full text is shown
below.
28 May 2024
Adriatic
Metals PLC
("Adriatic" or the "Company")
SALE OF
FIRST CONCENTRATES
Adriatic Metals PLC (ASX:ADT,
LSE:ADT1, OTCQX:ADMLF) is pleased to announce that it has agreed a
sale of on-specification grade concentrates from its world-class
Vares Silver Operation, and the first shipment has left site for
the Port of Plocê.
The Vares Processing Plant has been
fully commissioned and is operating as expected. The plant is now
producing concentrates at saleable grades of over 2,500g/t Ag and
close to 50% Zn, confirming the Company's ability to produce
commercial spec products.
Plant operations will continue to
process higher grade feed material and ramp-up production over the
coming months. Initial metal recovery rates have exceeded
expectations, based on grades recorded in the stock tanks, and the
processing team is working on further improvements and optimization
of the plant.
Underground development rates, after
reaching a record high of 250 metres of development in March,
completed 256 metres in April and are well on track to exceed that
amount in May, with close to 300 metres of development
expected.
With increasing feed tonnage of
development ore available, the processing plant will now transition
to 24-hour operations in anticipation of first stopes in July and
ramp up completion in Q4 this year.
Please see the link to a video update
of recent progress: https://www.adriaticmetals.com/news/project-update-may-2024/
Paul
Cronin, Adriatic's Managing Director and CEO,
commented:
"The production of saleable
concentrates from the Vares Silver Operation represents a major
milestone for the Company and I am very pleased with the progress
made by the processing team with the plant producing concentrates
with recoveries as expected.
High silver, gold and zinc prices and
low treatment charges due to a tight concentrate market are
providing positive tailwinds for Adriatic's free cash flow
generation, as we progress towards full production capacity in Q4
of this year."
Figure 1: Processing at the
Vares Processing Plant and stockpiled concentrate
Figure 2: Processing of
concentrate at the Vares Processing Plant
Figure 3: Vares Processing
Plant
Figure 4: Loading of the
concentrates onto trucks to travel to Ploce Port at the Vares
Processing Plant
Figure 5: Vares Processing
Plant
Figure 6: Weighing of
trucks
Figure 7: Trucks transporting
ore along the constructed road from Rupice Mine to the Vares
Processing Plant
MARKET ABUSE REGULATION
DISCLOSURE
The information contained within
this announcement is deemed by the Company (LEI:
549300OHAH2GL1DP0L61) to constitute inside information for the
purpose of Article 7 of EU Market Abuse Regulation (EU) No.
596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) ACT 2018, as amended. The person
responsible for arranging and authorising the release of this
announcement on behalf of the Company is Paul Cronin, Managing
Director and CEO.
Authorised by Paul Cronin, Managing
Director & CEO
For further information please
visit: www.adriaticmetals.com;
email: info@adriaticmetals.com,
@AdriaticMetals
on Twitter; or contact:
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Adriatic Metals PLC
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Paul Cronin / Klara
Kaczmarek
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Via Buchanan
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Buchanan
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Tel: +44 (0) 20 7466 5000
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Bobby Morse / Oonagh
Reidy
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adriatic@buchanan.uk.com
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Morgans Corporate Limited
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Rob Douglas / Sam Warriner / Mitch
Duffy
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Tel: +61 7 3334 4888
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RBC
Capital Markets
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Farid Dadashev / James Agnew / Jamil
Miah
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Tel: +44 (0) 20 7653 4000
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Stifel Nicolaus Europe Limited
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Ashton Clanfield / Callum Stewart /
Varun Talwar
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Tel: +44 (0) 20 7710 7600
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Citadel Magnus
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Cameron Gilenko
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Tel: +61 2 8234 0100
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ABOUT ADRIATIC METALS
Adriatic Metals PLC (ASX:ADT,
LSE:ADT1, OTCQX:ADMLF) is a precious and base metals mining company
that is advancing the world-class Vares Silver Operation in Bosnia
& Herzegovina, as well as the Raska Zinc-Silver Project in
Serbia. First concentrate production took place in February 2024
and the Vares Silver Operation is fully funded to nameplate
production, which is expected in Q4 2024. Concurrent with ongoing
operational activities, the Company continues to explore across its
highly prospective 44km2 concession package.