Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) has drawn down on the second US$30mln tranche of senior secured debt and the US$22.5mln copper stream that has been provided by Orion Mine Finance.
The funds will be used to continue construction at Adriatic's flagship Vares silver project in Bosnia & Herzegovina.
They comprise part of a package announced on 10 January 2022, consisting of US$120mln in senior secured debt and a US$22.5mln copper stream.
The third and fourth tranches of the remaining US$60mln of senior secured debt will be drawn down in 2023 when required.
Combined with the US$102mln equity raise that closed on 13 October 2021, the debt and streaming package make up the total US$244.5mln Vares project financing package.
The project is fully funded, with first concentrate production expected in the third quarter of 2023.
"I am pleased that Adriatic has drawn down the second US$30mln tranche of senior secured debt, as well as the US$22.5mln copper stream, from Orion Mine Finance,” said Paul Cronin, Adriatic's chief executive.
“These funds will be used to continue the construction of the world-class Vares silver project, which will deliver first concentrates in Q3 2023."