15 July 2024
Adriatic
Metals PLC
("Adriatic Metals" or the "Company")
ANNOUNCEMENT RE.
Constitutional Court PRESS Release
Adriatic Metals ('Adriatic') notes
the press release from the Constitutional Court of Bosnia &
Herzegovina, stating that the Federal BiH law permitting the
removal of state forest for temporary use should be repealed, as
the competent authority should be the State rather than the
Federation. Adriatic will review the full decision of the Court
when it is published to assess what impact, if any, this may have
on future operations at the Vares Silver Project.
Operations are continuing as planned, with
production ramp-up on schedule for Q4 2024.
Adriatic has over the past four
years made several routine applications to the Federal Ministry for
Water, Agriculture and Forestry, and these have all been granted,
given the areas contained in the applications are within permitted
concession fields and within exploitation permits. During the
course of 2023 certain routine applications were delayed, and the
Company was informed that this was a result of internal political
positioning within the governing coalition in the Federation of
BiH. To ensure continuity of the Project, in December 2023 the
Government of the Federation passed a law to allow the approval of
these routine applications, clearing unnecessary roadblocks, not
only for Adriatic, but for all major development projects in the
Federation.
Based on the limited information
contained within the Court's news release, Adriatic assumes that
this decision will delay the removal of trees on the extended
tailings storage facility, which is due to be constructed in the
coming months at the Vares Processing Plant site. As the Company
awaits the full decision of the Court to be published, Adriatic
will continue to use the current tailings storage facility, which
has capacity to continue to receive material until Q1
2025.
Adriatic will continue to engage
with all levels of Government to assess the legal and legislative
consequences of the Court's decision as every major project in the
Federation could potentially be impacted.
Adriatic is also reviewing the
possible permitting of several alternative tailings storage
facilities within the Company's concession area, however the full
decision of the Court will need to be reviewed before any
alternative options are progressed. Adriatic expects the full
decision to be published by the Constitutional Court in the coming
days.
Adriatic's CEO, Paul Cronin commented:
"Adriatic is working closely with all levels
of government to have a greater understanding of the Court's
decision and we will remain committed to complying with all the
laws of Bosnia and Herzegovina.
Operations at the Vares Silver Project are continuing as
planned and we will provide an update on production in the Q2
Quarterly Activity Report in the coming weeks."
MARKET ABUSE REGULATION
DISCLOSURE
The information contained within
this announcement is deemed by the Company (LEI:
549300OHAH2GL1DP0L61) to constitute inside information for the
purpose of Article 7 of EU Market Abuse Regulation (EU) No.
596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) ACT 2018, as amended. The person
responsible for arranging and authorising the release of this
announcement on behalf of the Company is Paul Cronin, Managing
Director and CEO.
Authorised by Paul Cronin, Managing
Director & CEO
For further information please
visit: www.adriaticmetals.com;
email: info@adriaticmetals.com,
@AdriaticMetals
on Twitter; or contact:
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Adriatic Metals PLC
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Paul Cronin / Klara
Kaczmarek
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Via Buchanan
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Burson Buchanan
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Tel: +44 (0) 20 7466 5000
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Bobby Morse / Christopher
Jones
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adriatic@buchanan.uk.com
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Morgans Corporate Limited
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Rob Douglas / Sam Warriner / Mitch
Duffy
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Tel: +61 7 3334 4888
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RBC
Capital Markets
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Farid Dadashev / James Agnew / Jamil
Miah
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Tel: +44 (0) 20 7653 4000
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Stifel Nicolaus Europe Limited
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Ashton Clanfield / Callum Stewart /
Varun Talwar
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Tel: +44 (0) 20 7710 7600
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Morrow Sodali
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Cameron Gilenko
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Tel: +61 466 984 953
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ABOUT
ADRIATIC METALS
Adriatic Metals Plc (ASX:ADT,
LSE:ADT1, OTCQX:ADMLF) is a precious and base metals developer that
is advancing the world-class Vares Silver Project in Bosnia &
Herzegovina, as well as the Raska Zinc-Silver Project in Serbia.
First concentrate production took place in February 2024 and the
Vares Silver Operation is fully funded to nameplate production,
which is expected in Q4 2024. Concurrent with ongoing operational
activities, the Company continues to explore across its highly
prospective 44km2 concession package.