Statement re Escrow Securities Update

RNS Number : 7315L

Adriatic Metals PLC

04 May 2020

 

ESCROW SECURITIES UPDATE

Adriatic Metals PLC (ASX:ADT, LON:ADT1) ("Adriatic" or "the Company"), confirms that in accordance with ASX Listing Rule 2.8.5, and further to the announcement on 22 April 2020, a total of 47,846,088 shares in the form of CDIs and 14,500,000 unlisted options have been released from their 24 month escrow restriction.

The Company has also issued an Appendix 2A to the ASX reflecting this change which is available on the Company's website:

https://www.adriaticmetals.com/investors/asx-announcements/

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ABOUT ADRIATIC METALS

Adriatic Metals PLC (ASX:ADT, LON:ADT1) ("Adriatic" or the "Company") is a dual listed (ASX and LSE) precious and base metals explorer and developer via its 100% interest in the world class Vares Project (the "Project") in Bosnia & Herzegovina. The Project comprises a historic open cut mine at Veovaca and brownfield exploration at Rupice, an advanced proximal deposit which exhibits exceptionally high grades of base and precious metals.

The Company announced the results of a Scoping Study on 19 November 2019 which indicated an NPV8 of US$917 million and IRR of 107%, following the release of a Maiden Resource Estimate earlier the year on 23 July 2019. There have been no material adverse changes in the assumptions underpinning the forecast financial information or material assumptions and technical parameters underpinning the Maiden Resource Estimate since the original relevant market announcements which continue to apply.

Adriatic has attracted a world class team to both expedite its exploration efforts to expand the current JORC resource at the high-grade Rupice deposit and to rapidly advance the Project into the development phase utilising its first mover advantage and strategic position in Bosnia.

 

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