Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) chief executive Paul Cronin takes Proactive's Stephen Gunnion through the company's latest quarterly activities report.
Adriatic Metals generated its first revenue from the Vares silver mine in Bosnia and Herzegovina during the June quarter, marking a significant milestone for the company. Despite the initial revenue being modest due to the early stages of processing and commissioning, the company anticipates higher production consistency and improved numbers in Q3 as it commences blasting the first stope.
Cronin highlighted that the plant is already processing saleable concentrates with improving recoveries, aligning with the plant's design expectations. Adriatic Metals aims to reach commercial production by the end of October, with a focus on meeting milestones set by their project financing agreements.
Additionally, the company has successfully begun selling silver-lead and zinc concentrates to off-takers, achieving another key milestone by transporting their first trainload of concentrate to the port of Ploče. Despite facing challenges, including a recent court ruling affecting its tailings storage facility, Cronin expressed confidence in finding a legislative solution or an alternative facility by the end of October.
Cronin also discussed ongoing exploration drilling efforts, with five rigs currently operating to extend the Rupice deposit and explore new areas on existing licenses, as well as continuing activities in Serbia.