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.
Operationally, key progress was seen with the completion of the Veovača Tailings Storage Facility, which subsequently went live in early April.
“Despite a slower than expected ramp-up, production increased by over 40% quarter-on-quarter and operations were cash generative,” chief executive Laura Tyler said.
“The successful commissioning of the Veovača TSF represents a critical milestone, significantly reducing risk as we advance toward steady-state operations.”
Laura Tyler added: “While production fell short of expectations in Q1 - by approximately 40kt, or 6% of mid-point 2025 guidance - this was primarily due to adverse weather conditions and tailings management challenges.”
The Adriatic chief, meanwhile, told investors that management remained confident in our strategy to drive long-term value for shareholders through sustained production growth and strong cash flow generation.