Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) said it is pleased with its achievements in the fourth quarter to 31 December 2021, which saw its flagship Vares Silver Project in Bosnia & Herzegovina securing funding through to production, expected to begin in the second quarter of 2023.
During the final quarter of 2021, exploration drilling northwest of the Rupice mineral resource in Vares continued to intercept additional high-grade mineralisation, Adriatic Metals said in a statement.
It signed an engineering and procurement services contract with Ausenco for the delivery of the Vares Silver Project and released an Environmental & Social Impact Assessment (ESIA), which will enable it to commence development in accordance with best international practise.
It also began civil earth works on the Rupice Surface Infrastructure site and construction on the access road.
At the Raska Project in Serbia, Adriatic Metals was awarded a new 37 square-kilometre licence area, called Kaznovice, which is located southwest of the existing Raska Project licence area.
The company secured a US$244.5mln project finance package during the fourth quarter, which ensures funding for Vares.
Its cash balance at 31 December 2021 stood at US$112mln (£83.2mln).
"We are very pleased with our achievements during the guarter," commented Adriatic managing director and CEO Paul Cronin.
"Our flagship Vares Silver Project has now entered a new phase with the financing package in place the project is fully funded through to production. Strong exploration results have also continued indicating the potential for future growth of the resource base."