Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) said commercial production at its Vares mine in Bosnia has been pushed back into this quarter after heavy flooding and snowfall in the most recent quarter.
Around 934,000 oz of silver equivalent was produced in the fourth quarter with a total of 1.335m oz in 2024, while US$27 million in sales was generated.
Operations currently are running 24/7 added the miner, with the Veovaca Tailing Storage Facility (TSF) also set for completion this quarter.
For 2025, Adriatic is guiding for 12-13 million silver equivalent ounces, which rises in 2026 to 13-14m oz equivalent with an average life of mine production of 11.5m oz.
Of that LoM average, silver will account for 4.4m oz with gold 20,000oz, lead 33,000t, zinc 33,000t and
Boosting production to 13m oz will require spending of US$25m with current cash holdings at US$46 million. A first debt repayment of US$19m to Orion Mine Finance is scheduled for 31 March 2025.
Laura Tyler, Adriatic’s chief executive, said: “The quarter presented significant challenges due to extreme weather.
“These events disrupted mining operations and delayed the start of commercial production, which is now anticipated in the first quarter of 2025."
Tyler added that production will be weighted towards the second half of 2025.
“Additionally, we have released production guidance for 2026 and the LOM average, highlighting the remarkable potential of the Vares Silver Operation.
“Our expansion plans remain a priority, with the Ausenco study demonstrating the ability to increase current nameplate production capacity at the Vares Processing Plant from 0.8Mtpa to 1.3Mtpa.”