Adriatic raises cash for Bosnia exploration
KALGOORLIE (miningweekly.com) – ASX- and LSE-listed explorer Adriatic Metals this week raised $30-million to fund an expanded and accelerated exploration programme at its Rupice and Rupice Northwest deposits, at the Vares silver project in Bosnia.
The company placed more than 14.77-million new shares at £1.70 each, representing a discount of 5.1% to its ten-day volume weighted average share price on the ASX on August 7.
Some $20-million of the placement funds will be used to fund an accelerated exploration programme at Rupice and Rupice Northwest, including an additional 40 000 m of drilling, while a further $5-million will be used for working capital associated with the exploration, and $5-million for growth opportunities.
“Following a very successful exploration campaign and the recently announced mineral resource update at Rupice and Rupice Northwest, we are pleased to announce an equity placing of $30-million to fund an expanded and accelerated exploration programme in 2023 and 2024,” said Adriatic MD and CEO Paul Cronin.
“Rupice and Rupice Northwest remain open and there are numerous regional targets such as Droskovac, SP1 and SP2 that have exciting prospects. We believe this exploration programme will deliver impactful results by more aggressively testing priority targets across our emerging high-grade polymetallic district.
“The Vares project construction is nearing completion and is fully funded to first concentrate production which is expected in November 2023.”
The $168-million Vares project could produce 14.9-million ounces a year of silver equivalent during the first five years of its ten-year mine life.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
At SMS group, we have made it our mission to create a carbon-neutral and sustainable metals industry.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
