Adriatic Metals has announced a $80 million equity raising to support the expansion of its Vares Silver operation in Bosnia & Herzegovina. The company aims to strengthen its financial flexibility and accelerate growththrough a two-tranche institutional placement.
The funds will be used to expand the processing plant and provide working capital. The equity raising is being facilitated by Canaccord Genuity, Stifel Nicolaus Europe, and RBC Europe, who are acting as joint lead managers.
CEO Laura Tyler emphasized the importance of the capital injection, stating, “This equity raising will allow us to fast track the plant expansion and provide the financial flexibility needed for the final stages of ramping up to commercial production.”
In its latest operational update, Adriatic Metals reported that ramp-up at the Vares Silver Operation is progressing, with 1,335koz silver equivalent produced in 2024. Commercial production is expected to begin in the first quarter, alongside a 63% increase in processing capacity to 1.3Mtpa.
Orders for long-lead equipment are set to commence in the first quarter following the completion of an expansion study. The expansion is expected to establish Vares as one of the world’s largest primary silver producers, reinforcing Adriatic Metals’ position as a major player in the global mining industry.
