13 June 2024
Adriatic
Metals PLC
("Adriatic" or the "Company")
BOARD
CHANGES
Adriatic Metals PLC (ASX:ADT,
LSE:ADT1, OTCQX:ADMLF) ("Adriatic" or the "Company") is pleased to
announce that it has appointed Eric Rasmussen as a Non-Executive
Director with effect from 13 June 2024.
Mr Rasmussen has significant
experience in the financing of European and global mining projects,
having most recently been Chief Advisor Structured & Project
Finance for Renewables & Mining at Rio Tinto, as well as having
been at the European Bank for Reconstruction and Development
("EBRD") for 27 years, of which he was Global Head of Natural
Resources between 2013-2022.
Mr Rasmussen led EBRD's team of 28
bankers on a portfolio of projects across Europe, FSU and MENA,
overseeing on average €1bn of investments per annum. During his
career at EBRD, Mr Rasmussen was not only a leader across many
disciplines of both finance and sustainability, but also was a
highly successful investor in multiple projects which generated
industry-leading returns for all participating
stakeholders.
In his capacity as a Non-Executive
Director, Mr Rasmussen will initially serve on the Audit and Risk,
Remuneration and Nomination Committees.
As Adriatic progresses from an
exploration and development company to a producer, the Company has
initiated a process to evolve its board to align with its future
strategic goals. Having served on the Board since February 2018,
Julian Barnes has with effect from 13 June 2024 stepped down from
his duties as a Non-Executive Director of Adriatic to pursue other
interests. His responsibilities included being on the Audit &
Risk, Remuneration and Nomination Committees.
Commenting on the Board changes, Michael Rawlinson, Chairman
of Adriatic, commented:
"I would like to thank Julian Barnes
for his considerable contribution to Adriatic's development from an
exploration company into one of the leading mining companies in
Europe. Julian's considerable experience, not only in the mining
sector but also from working in the Balkans, has been invaluable
for the Company's progress over the past six years. We wish him
well in his future endeavours.
I would also like to welcome Eric
Rasmussen to the Board of Adriatic. Eric brings an impressive blend
of commercialism and determination to get deals done, as well as a
passion for ensuring sustainability is at the core of mining
operations. His experience brings a depth of knowledge and network
across all levels of stakeholders in the European mining sector.
The Board looks forward to working with Eric as Adriatic sets out
on its next chapter of growth, with the Vares Silver Project built,
commissioned and in the process of being ramped up to nameplate
production in Q4 2024."
Mr Rasmussen is currently a board
director at the Electrum Discovery Corporation listed on TSX-v
under "ELY". Electrum is an early-stage exploration company
operating in Serbia with a focus on copper and gold licences. He
has not held other board directorships in the past five
years.
Other than as disclosed, the Company
confirms that there is no other information regarding Mr Rasmussen
that is required to be disclosed under paragraph 9.6.13 of the
Listing Rules of the UK Listing Authority.
-ends-
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:
Adriatic Metals PLC
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Paul Cronin / Klara
Kaczmarek
|
Via Buchanan
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Buchanan
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Tel: +44 (0) 20 7466 5000
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Bobby Morse / Christopher
Jones
|
adriatic@buchanan.uk.com
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Morgans Corporate Limited
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Rob Douglas / Sam Warriner / Mitch
Duffy
|
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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|
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Stifel Nicolaus Europe Limited
|
Ashton Clanfield / Callum Stewart /
Varun Talwar
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Tel: +44 (0) 20 7710 7600
|
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Morrow Sodali
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Cameron Gilenko
|
Tel: +61 466 984 953
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ABOUT
ADRIATIC METALS
Adriatic Metals Plc (ASX:ADT,
LSE:ADT1, OTCQX:ADMLF) 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.
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.