Final Key Permit For Vares Silver Project
Adriatic Metals PLC
('Adriatic Metals' or the 'Company')
ADRIATIC METALS RECEIVES FINAL KEY PERMIT FOR VARES SILVER PROJECT
Adriatic Metals PLC (ASX:ADT, LSE:ADT1) is pleased to announce that it has received the Exploitation Permit for the Rupice underground deposit ("Rupice Exploitation Permit") from the Federal Ministry for Energy, Mining and Industry. The Rupice Exploitation Permit is the final permitting requirement for construction of the Vares Silver Project.
The Vares Silver Project required permitting for both the Rupice underground deposit and the Veovaca open pit deposit (which also included permitting for the Vares Processing Plant). The Veovaca Exploitation Permit was received on 28 January 2021 and initiated the formal exploitation period for the Vares Silver Project, which under the terms of the Concession Agreement, lasts for up to 30 years.
The Rupice Exploitation Permit was approved following the completion of a public hearing conducted in Vares on 7 July 2021.
The Vares Silver Project has gone from discovery to fully permitted for exploitation in just over 4 years. This is testament to the strong community and government support at every step of the permitting process.
Adriatic Metals CEO and Managing Director, Paul Cronin, commented:
"The Rupice Exploitation Permit marks the end of what has been a complex and multi-faceted permitting process. I am extremely proud of our team in Bosnia and Herzegovina for their diligence, coordination and cooperation with the many different stakeholders in the permitting process to make this happen. Without the continued support from all levels of government and our local community, we would not have been able to achieve this hugely significant milestone in such a short time frame. This is the last of the permits required before construction, which we anticipate to commence in Q4 2021. In the meantime, we expect to deliver the DFS and ESIA in the coming weeks and we look forward to developing this world class asset."
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For further information please visit www.adriaticmetals.com or @adriaticmetals visit on Twitter; or contact:
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Adriatic Metals PLC |
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Paul Cronin / Thomas Horton |
Tel: +44 (0) 7866 913207 |
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Canaccord Genuity Limited (Joint Corporate Broker) |
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Jeremy Dunlop (Australia) |
Tel: +61 2 9263 2700 |
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James Asensio (UK) |
Tel: +44 (0) 207 523 8000 |
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RBC Capital Markets (Joint Corporate Broker) |
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Marcus Jackson / Jamil Miah |
Tel: +44 (0) 20 7653 4000 |
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Stifel Nicolaus Europe Limited (Joint Corporate Broker) |
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Ashton Clanfield / Callum Stewart |
Tel: +44 (0) 20 7710 7600 |
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Tavistock Communications Limited |
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Charles Vivian |
Tel: +44 (0) 7977 297 903 |
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The Capital Network |
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Julia Maguire / Lelde Smits |
Tel: +61 2 8999 3699 |
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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 NPV8, 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 41km2 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 99km2 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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