Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF), the Central Europe-focused miner, ramped up spending on its Vares silver project in Bosnia & Herzegovina in 2022.
First concentrate is scheduled for the third quarter of this year and results for 2022 reflected the build costs.
Losses for the year rose to US$47.1mln from US$14.2mln, with US$58mln spent on equipment and property.
Vares is fully funded to completion of construction with Adriatic having net cash of US$60.6mln at the year end.
A definitive feasibility study in 2021 put a value of US$1.06bn on the project.