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Adriatic Metals PLC
Summary
| Project: | Vares | |
|---|---|---|
| Deposit: | Vares | |
| Location: | Bosnia And Herzegovina | |
| Commodities: | Gold-Silver-Copper-Lead-Zinc-Antimony-Barite | |
| Date: | 11/19/2019 | |
| Report Code: | JORC | |
| Report Type: | Scoping Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 19-11-2019: Adriatic Metals PLC announces a Scoping Study report for its Vares deposit at the Vares project. Scoping study results for project. The project development schedule assumes the completion of a PFS by early 2020 and a FS by Q4 2020. | |
| Resources: | (Resource, Total): 11.9Mt @ 4.16% Zn, 2.64% Pb, 0.40% Cu, 1.2g/t Au, 143.8g/t Ag, 0.18% Sb | |
| CP/QP: | [Overall Report]: Bruce Pilcher (CSA Global Pty Ltd.) | |
| ABSTRACT: | The project development schedule assumes the completion of a PFS by early 2020 and a FS by Q4 2020. Development approvals and investment permits will all be sought from the relevant Bosnian authorities in early 2020. Delays in any one of these key activities could results in a delay to the commencement of construction (planned for Q2-2021). This could lead on to a delay to first production which is planned for Q2-2022. The Company’s stakeholder and community engagement programs will reduce the risk of project delays. To achieve the range of outcomes indicated in the Vareš Project Scoping Study, funding of in the range of US$180 million will likely be required in capital expenditure to construct the mine, grinding mill, project infrastructure and processing plant. It is anticipated that the finance will be sourced through a combination of equity and debt instruments from existing shareholders, new equity investment and debt providers from Australia and overseas. In October 2019, the Company completed an A$25 million placement of ordinary shares, with strong institutional investor participation. The Board considers that the Company has sufficient cash on hand to undertake the next stage of planned work programs, including the completion of a DFS, continued metallurgical testing and the commencement of other technical studies. | |
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