Adriatic Metals PLC
OTC:ADMLF
Adriatic Metals PLC
Adriatic Metals PLC is a GB-based company operating in Metals & Mining industry. The company is headquartered in Cheltenham, Gloucestershire and currently employs 109 full-time employees. The company went IPO on 2018-05-01. Adriatic Metals Plc is a United Kingdom-based mining exploration and development company that is focused on the precious and base metals explorer and developer and owns the Vares silver project in Bosnia & Herzegovina and the Raska zinc deposit in Serbia. The firm is focused on the development of polymetallic projects in the Balkans. The Company’s projects include Vares Project and Raska Project. The primary focus of the Company is the Vares Silver Project located approximately 50 kilometers north of the Bosnia and Herzegovina capital, Sarajevo, in the district of Vares. The Raska Project consists of two brownfield polymetallic prospects called Kizevak and Sastavci, as well as various other greenfield targets across its approximately 92 square kilometers of landholding.
Adriatic Metals PLC is a GB-based company operating in Metals & Mining industry. The company is headquartered in Cheltenham, Gloucestershire and currently employs 109 full-time employees. The company went IPO on 2018-05-01. Adriatic Metals Plc is a United Kingdom-based mining exploration and development company that is focused on the precious and base metals explorer and developer and owns the Vares silver project in Bosnia & Herzegovina and the Raska zinc deposit in Serbia. The firm is focused on the development of polymetallic projects in the Balkans. The Company’s projects include Vares Project and Raska Project. The primary focus of the Company is the Vares Silver Project located approximately 50 kilometers north of the Bosnia and Herzegovina capital, Sarajevo, in the district of Vares. The Raska Project consists of two brownfield polymetallic prospects called Kizevak and Sastavci, as well as various other greenfield targets across its approximately 92 square kilometers of landholding.
Production Ramp-up: Q4 silver equivalent output jumped 2.5x over Q3 to 934,000 ounces, with concentrate sales of around $27 million as ramp-up at the Vares operation accelerated.
Weather Impacts: Severe floods and heavy snowfall caused operational disruptions in Q4, slowing mining and milling, but these challenges were overcome by early January.
Financial Position: Ended 2024 with $21 million in cash and $3 million in concentrate; after a $25 million prepay from Trafigura, current cash stands at $46 million, and management says liquidity is solid.
2025 Guidance: Targeting 625,000–675,000 tonnes of ore milled and 12–13 million silver equivalent ounces; commercial production expected in Q1 with stronger output in the second half.
Cost Control: All-in sustaining cost for 2025 guided at $120 million, equating to $9–10 per silver equivalent ounce, positioning the operation in the first quartile of the cost curve.
Expansion Potential: Studies show the Vares plant could be increased to 1 million tonnes per annum with no extra capex and up to 1.3 million tonnes for $25 million.
Recovery Improvements: Recoveries for precious metals are ahead of expectations; lead and zinc recoveries are improving each quarter, with continued work to optimize results.
No Additional Capital Needed: Management expects positive free cash flow in 2025 and no need for further capital raises.
