Adriatic Metals is hitting its milestones as Vares continues to advance

Adriatic Metals PLC is a precious and base metals explorer and developer that owns the world-class Vares silver project in Bosnia & Herzegovina and the Raska zinc deposit in Serbia.

Bosnia & Herzegovina and Serbia are located in south-eastern Europe and both boast a rich mining history, a pro-mining environment, a highly skilled workforce as well as extensive existing infrastructure.

Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) highlighted ‘a period of progress’ at the Vares Silver Mine, as it reported on its first quarter.

The junior miner reported a 46% increase in silver equivalent production to 1.4 million ounces in the quarter. Ore milled rose by 40% to 66,000 tonnes.

Quarterly sales reached $34 million, up 26% on the prior period.

Meanwhile, it highlighted that April saw record performance, with 35,000 tonnes milled and 0.80 million silver equivalent ounces produced, with a shipment value of $21 million.

Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) reported a record quarter for processing at its Vareš Silver mine in Bosnia and Herzegovina, with 68,000 tonnes of ore milled in the first quarter, up 43% on the preceding three months.

Production for the period reached 1.3 million ounces of silver equivalent, up from 0.9 million ounces in the fourth quarter of 2024.

Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) has confirmed the completion of its A$80 million equity raise.

The institutional placing saw the company issue 20.5 million CHESS Depositary Interests (CDIs) over new ordinary shares at A$3.90 per CDI.

A site trip to Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) Vares mine has reassured about the potential of potential of this tier 1 asset, said broker RBC, though it has reduced its price target to 300p from 310p.

FTSE 250 member Adriatic has had a difficult year marked with delays, legal issues and management changes, notes RBC, but the trip to Vares highlighted the progress made to date by the miner.

“The underground mine is now operating in areas with more stable ground conditions which should allow for continued improvement in development and mining rates.

Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) CEO Laura Tyler talked with Proactive's Stephen Gunnion about the company's recent developments, particularly the ramp-up towards commercial production at the Vares Silver Project.

Tyler, who recently took over the leadership role, shared insights on her extensive experience in polymetallic mining, including roles at BHP, and how it is shaping her vision for Adriatic Metals.

She discussed the key milestones at Vares, noting the company's successful stope blasts in August and September, and its preparations to reach full production by December. She emphasised how despite some weather-related challenges, Adriatic Metals remains on track to achieve its goals with a motivated workforce and well-established infrastructure.