Adriatic's PFS lives up to the hype

Adriatic keeps momentum with PFS.

Staff reporter
Adriatic Metals' Vares project in Bosnia & Herzegovina

Adriatic Metals' Vares project in Bosnia & Herzegovina

The ASX and LSE miner announced an IRR of 113% and an annual EBITDA of US$251 million over the first five years of the project's 14-year mine life.

Revenue from the polymetallic project, which consists of two main deposits - Rupice and Veovaca - will come mainly from silver and zinc. The company said revenue would be split 31% silver, 25% zinc 14% gold, 14% lead and the rest from copper and barium sulphate.

Adriatic's price assumptions are on the high side, including silver at US$24/oz and gold at US$1,900/oz.

"Despite COVID-19 hampering efforts of mining companies around the globe, I am pleased that we are able to deliver a hugely positive PFS, with improved economics in comparison to our 2019 scoping study, thus showing that Vares is indeed a world class project," said Adriatic managing director Paul Cronin.

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