ASX- and LSE-listed explorer Adriatic Metals this week raised $30-million to fund an expanded and accelerated exploration programme at its Rupice and Rupice Northwest deposits, at the Vares silver project in Bosnia.
The company placed more than 14.77-million new shares at £1.70 each, representing a discount of 5.1% to its ten-day volume weighted average share price on the ASX on August 7.
Some $20-million of the placement funds will be used to fund an accelerated exploration programme at Rupice and Rupice Northwest, including an additional 40 000 m of drilling, while a further $5-million will be used for working capital associated with the exploration, and $5-million for growth opportunities.
“Following a very successful exploration campaign and the recently announced mineral resource update at Rupice and Rupice Northwest, we are pleased to announce an equity placing of $30-million to fund an expanded and accelerated exploration programme in 2023 and 2024,” said Adriatic MD and CEO Paul Cronin.
“Rupice and Rupice Northwest remain open and there are numerous regional targets such as Droskovac, SP1 and SP2 that have exciting prospects. We believe this exploration programme will deliver impactful results by more aggressively testing priority targets across our emerging high-grade polymetallic district.
“The Vares project construction is nearing completion and is fully funded to first concentrate production which is expected in November 2023.”
The $168-million Vares project could produce 14.9-million ounces a year of silver equivalent during the first five years of its ten-year mine life.
Source: Mining Weekly