MINEX Forum

Region: Europe

  • Urban mining is putting Poland on the path to a greener future

    Urban mining is putting Poland on the path to a greener future

    A paradigm shift is underway in Poland. Traditionally one of the European Union’s heaviest polluters and lowest recyclers, Poland now has the second-highest increase in recycling rates among EU countries over the last decade— new data shows. This is down in part to the work of Pawel Jarski, CEO and Founder of Elemental Holding, and his team. The company’s work is repositioning Poland at the forefront of Europe’s circular economy, a sector that puts eliminating pollution as one of its foundation principles.

    Elemental’s hub of operations lies 40km southwest of Poland’s capital Warsaw. The site is one of energy and contrast. A modern office of floor-to-ceiling glass sits adjacent to a bustling urban mining operation processing electronic waste. A hum of workers busily sort through metal, plastic and cables from massive bags. An assembly line dismantles aging refrigerators, methodically stripping away layers to reveal valuable raw materials. Amidst the ordered chaos, trucks unload circuit boards, adding to the growing heaps.

    It is this well-coordinated mix of hands-on labor and mechanical processing that has powered Elemental’s growth. Founded in Poland in 2010, the company expand into an urban mining and recycling trailblazer with a footprint extending across 15 nations, spanning three continents: Europe, Asia, and North America. They are at the forefront of a new industry dedicated to extracting value from the metal components in disposed electronics and other waste – urban mining.

    IFC is investing $90 million to ramp up the firm’s ability to extract valuable materials from electronic waste while also expanding the firm’s scope to refine them for resale and reuse. At its most fundamental, urban mining seeks to harness electronic materials of untapped and overlooked value – the aluminum, cobalt, and gold in your old mobile phones for example – and transform them back into raw valuable resources. This can quickly add up. A new study in Switzerland puts an estimated $10 million worth of embedded gold in the country’s seven million unused phones. The US throws out $60 million in gold and silver contained in used phones every year based on e-waste disposal rates. While back in 2016, researchers at United Nations University were already estimating the raw materials contained in e-waste to be worth roughly $61 billion on a global scale.

    The financial backing will pave the way for new metal recycling and refining facilities in Poland. Elemental is building one of its most innovative and ambitious projects – a facility to recycle spent lithium-ion batteries from electric vehicles and other products – in the city of Zawiercie in southern Poland, while also employing onsite solar generation and sustainable water management.

    Transforming waste into valuable metals ripe for reuse is challenging. The process of recycling electronic scrap and lithium-ion batteries into valuable resources is still crude and does not always realize the potential recyclable amount. But Elemental’s track record and ambitious vision – environmentally sound and socially responsible mining that can catalyze long-term economic growth – goes beyond driving sustainable growth for one company. It illustrates a viable blueprint for how large businesses can integrate circular economy principles into their operations for the most impact. And it underpins the essence of circular waste management – where every waste stream is a valuable resource waiting to be harnessed.

  • State aid: Commission approves amendments to Polish scheme to support closure of coal mines

    State aid: Commission approves amendments to Polish scheme to support closure of coal mines

    The scheme was originally approved by the European Commission in November 2016 (SA.41161), after which amendments were approved in February 2018 (SA.46891) and in July 2019 (SA.52832), and is due to expire by the end of 2023. Since 2019, the aim of the scheme has been limited to cover only the exceptional social and environmental costs resulting from the closure of uncompetitive coal mines that ceased operations by the end of 2018, such as the costs of social welfare benefits or early retirement, or costs incurred in safety or in site decommissioning and rehabilitation.

    The amendments to this scheme that were approved today include

    • its prolongation until the end of 2027
    • a budget increase by €1 billion (PLN 5 billion) to cover exceptional costs, bringing the overall budget to €3.7 billion (PLN 17 billion)
    • the inclusion of two additional mines that ceased coal production in 2020 (Ruch Jastrzębie III) and 2021 (Ruch Pokój II)

    The Commission assessed the amended scheme under EU State aid rules, and in particular Council Decision 2010/787/EU on State aid to facilitate the closure of uncompetitive coal mines. The Commission found that the amended scheme continues to be necessary and appropriate to support the closure process of mines that ceased operations, by (i) providing financial support to workers who have lost, or will lose, their jobs due to the closure of the mines, and (ii) helping to secure mine shafts and decommission mine infrastructure, repair damage to the environment caused by mining and re-cultivate land after the mine closures. Furthermore, the Commission found that the aid amounts do not exceed the exceptional social and environmental costs incurred. On this basis, the Commission approved the amended Polish scheme under EU State aid rules.

    The non-confidential version of the decision will be made available under case number SA.100533 in the State Aid Register on the Commission’s competition website once any confidentiality issues have been resolved.

  • EU already late for its 2030 raw materials targets, French experts warn

    EU already late for its 2030 raw materials targets, French experts warn

    To achieve its energy and climate goals, the European Union will need to electrify on a massive scale, which in turn, will require more raw materials for the manufacture of electricity-generating and storage equipment such as batteries, wind turbines and solar panels.

    To this end, the European Commission presented its proposal in mid-March for a Critical Raw Materials Act (CRMA), with a view to advancing the EU’s energy and ecological transition.

    Under it, EU countries must ensure that 10% of the extraction, 40% of the refining and 15% of the recycling of several dozen raw materials takes place on home turf by 2030.

    On top of that, the Commission proposes the EU should no longer be more than 65% dependent on a single non-EU country for a single raw material – a difficult task given to what extent the EU currently depends on imported minerals, notably from China, which accounts for up to 90% of the value chain for certain materials.

    Those targets have been at the centre of the debate ever since, with some lawmakers in the European Parliament opposed to their introduction and some EU countries like France and Germany prefering targets for individual minerals.

    “It would be absurd to set the same targets for cobalt, 80% of whose reserves are located in a single African country, as for lithium, for example, which can be mined in Europe,” explained French Industry Minister Roland Lescure.

    Unexplored subsoils

    The French mining industry also supports the idea of introducing sector-specific targets for individual raw materials, saying Europe “lacks sufficient production capacity and time to implement them” for certain metals listed in the CRMA, explained Christophe Poinssot, deputy director general of the French geological and mining research bureau.

    But beyond the difficulties of supplying certain minerals domestically, Poinssot also pointed to data gaps due to an unexplored geological potential in Europe.

    In France, “knowledge of subsoil resources is extremely patchy and covers only part of the country,” Poinssot said at a conference organised by the right-wing Les Républicains party in early July.

    “The inventory carried out 40 years ago was for a long time limited to the first 100 metres underground,” he explained.

    Resources in Europe’s subsoil could even be exported, the researcher also said.

    Norway, for example, recently discovered a phosphate deposit that could supply a considerable proportion of the EU’s needs. At the beginning of January, Sweden also announced the discovery a major deposit of rare earth oxides.

    Under these conditions, “we need to reinvest in learning more about our subsoil and reopening mines. To do this, we need to relaunch an inventory of the mineral resources present in all 27 EU member states,” Poinssot argues.

    Critical Raw Materials: EU countries push for more ambitious targets

    In a fresh agreement on the Critical Raw Materials Act (CRMA), EU countries want to further increase targets for domestic processing of strategic raw materials, despite public commitments that processing should be done in resource-rich partner countries.

    New mines take time

    However, new mining projects take many years to come to fruition, said Poinssot, who pointed to the average 17 years it takes to bring a mine from exploration into production, globally.

    “We need to start working now on developing mining projects,” he said. Otherwise, “a certain number of trajectories and scenarios desired by the EU will be constrained by our extraction capacities,” he warned.

    The French Atomic Energy Commission, a key player in French industrial and technological research, also shares this observation, saying EU objectives are “not very credible” because of the intrinsic delays in opening new mines.

    Between now and 2030, “most of the extraction capacity that will be available in the EU […] depends on projects that are already under development,” explains the French body in its opinion on the draft CRMA.

    To address this, the French research energy body suggests that the Commission “define progressively increasing targets for the share of extraction in the EU over different time horizons”.

    In short, without opening a mine now, the EU is already behind its targets.

    “The Commission is a little too optimistic about the speed with which we will be able to deploy industrial solutions to achieve these targets,” Bertrand Boucher, the CEA’s representative to the European Commission, told EURACTIV France.

    Speeding up

    Despite these caveats, the EU has every interest in speeding up mining projects since the transformation and recycling parts of the value chain will remain “permanently insufficient to meet demand,” CEA added.

    Even if all available resources were to be extracted, “more will be needed” because of the very high demand, Bouchet explained.

    For instance, “there won’t be enough resources worldwide” to meet the electric mobility targets adopted by all countries globally, Poinssot explained, adding that “it’s not a question of resources but of timing”.

    Jean-Dominique Senard, Chairman of French carmaker Renault, painted the situation in doomsday terms, saying that “the war of the future will be the war of metals”.

    This means that CRMA targets need to match those of the Net-Zero Industry Act (NZIA), as advocated by the European Association of Research and Technology Organisations (EARTO), of which CEA is a member.

  • A look at the projects being brought forward by Great British Nuclear

    A look at the projects being brought forward by Great British Nuclear

    SMRs

    The launch of GBN saw the opening of registration for companies to participate in a competition to secure funding support to develop their products. This is mainly focused around developing small modular reactors (SMRs) in the UK. As the government explains: “Unlike conventional reactors that are built on site, SMRs are smaller, can be made in factories and could transform how power stations are built by making construction faster, and less expensive.”

    Rolls-Royce is the most advanced in developing SMRs as the leader of the UK SMR consortium, which features Atkins, Bam Nuttall, Jacobs, Laing O’Rourke, National Nuclear Laboratory, Nuclear Advanced Manufacturing Research Centre, TWI and Assystem.

    Its design for a 470MW SMR passed the first assessment hurdle in April this year. It has now moved on to Step 2 of the generic design assessment process, which is expected to take 16 months.

    Rolls-Royce is acting quickly though, having released a shortlist of three potential locations for its heavy pressure vessels factory, which will produce components for a fleet of SMRs. It has also met with stakeholders at potential sites for its first SMR in Oldbury and Berkeley. It is aiming to power up the first SMR in 2029 or early 2030s.

    Meanwhile, another UK-based nuclear start up called Newcleo is working on its own SMR design that would use nuclear waste. It is currently seeking to raise up to £1bn to fund its delivery roadmap for its SMR, known as the Mini 30MWe LFR that will be deployed in France. This will then be followed by the 200Mwe commercial unit to be deployed in the UK two years later.

    Ultra Safe Nuclear Corporation’s micro modular reactor

    GBN has granted £22.5M to Ultra Safe Nuclear Corporation (USNC) for the development of its micro modular reactor (MMR), a type of advanced modular reactor (AMR) suited to UK industrial demands including hydrogen and sustainable aviation fuel production.

    USNC has match-funded the £22.5M to enable the second phase of work toward building a UK demonstrator. It has appointed Jacobs to support the design and development of the MMR.

    Unlike other nuclear reactors, the MMR uses no water and has no need for an electrical grid or infrastructure support. It is usable in extreme climates.

    The MMR’s fully ceramic micro-encapsulated fuel provides inherent reactor safety. Industry-standard TRISO particles, which contain the radioactive byproducts of fission within layered ceramic coatings, are encased within a fully dense silicon carbide matrix. This combination provides an extremely rugged and stable fuel with extraordinary high temperature stability.

    The Seattle-based company has plans to deploy its MMRs in Poland, Finland, Canada and the USA. It has demonstration projects underway at Canadian Nuclear Laboratories and at the University of Illinios.

    The demonstration units are scheduled for first nuclear power in 2026.

    National Nuclear Laboratory’s next generation high temperature reactor

    GBN has committed £15M to the National Nuclear Laboratory (NNL) in Warrington. It is working with the Japan Atomic Energy Authority to accelerate the development of a high temperature reactor, which has already been successful in Japan.

    The next generation high temperature gas cooled reactors have now reached design phase. This reactor delivers much higher outlet temperatures than existing technology, allowing the heat to be used directly to decarbonise industrial processes. It will enable the large-scale production of hydrogen via electrochemical or thermochemical processes.

    National Nuclear Laboratory’s sovereign coated particle fuel capability

    High-temperature reactors use coated particle fuel and GBN has committed £16M to the NNL in Preston to continue developing its sovereign coated particle fuel capability, a critical enabler for the UK’s future energy security.

    The NNL recently celebrated the casting of active fuel kernels at scale. These kernels form the tiny particles of uranium, that are subsequently coated in four layers of ceramic and carbon creating coated particle fuel. Often referred to as ‘the most robust nuclear fuel’, each coated particle is roughly the size of a poppy seed – with the uranium kernel housed inside its own miniature container vessel.

    New nuclear fuels

    GBN’s Nuclear Fuel Fund is forking out £22.3M to enable eight projects to develop new fuel production and manufacturing capabilities in the UK.

    The biggest sum has gone to Springfields Fuels in Preston, part of the Westinghouse Group, which has received £10.5M. Nuclear fuel fabrication services have taken place at the site since the mid-1940s and today Springfield Fuels designs, manufactures and delivers fuel for nuclear plants. This includes the manufacture of oxide fuels for Advanced Gas-cooled and Light Water Reactors, as well as intermediate fuel products, such as powders, granules and pellets.

    A £9.56M sum has been committed to Urenco UK in Chester, a specialist in the production of advanced fuels for nuclear reactors of tomorrow. The funds will be used for the concept design of plants and processes supporting the further development of advanced fuels. It will also look at enriching uranium to higher levels to allow for reactors to run for longer between refuelling outages.

    MoltexFLEX, a UK molten salt reactor (MSR) developer, received £1.3M. MSRs are a type of AMR that use separate molten salts as a coolant and fuel, leading to intrinsic safety compared with conventional fuels. The funds from the Nuclear Fuel Fund will be used to develop detailed technical plans for commercial-scale delivery of its low-enriched uranium fuel salt. MoltexFLEX has developed significant proprietary data on fuel design and is expecting to partner with a major fuel supplier to establish a pathway to commercial production.

    Nuclear Transport Solutions (NTS) is the recipient of over £1M for the development of a new transport package that will support a new generation of nuclear reactors. The fuel – High-Assay, Low-Enriched Uranium (HALEU) – is more energy dense and requires less fuel than current nuclear power production. HALEU requires innovative transportation solutions to ensure it can be moved safely and securely to new reactor. NTS’ new package will be versatile to allow the transport of HALEU in multiple forms, such as powder or fuel elements.

    Advanced Nuclear Business Development

    As part of the funding package announced in conjunction with the launch of GBN, the Department of Energy Security and Net Zero (DESNZ) committed up to £77.1M of funding for companies to accelerate advanced nuclear business development in the UK. This will help and support advanced nuclear designs to enter UK regulation and maximise the chance of SMRs and AMRs being built in the next Parliament.

    Hinkley Point C and Sizewell C

    While no new funds were specifically designated to the development of the UK’s in-progress large-scale nuclear power plants, the government’s announcement of GBN mentioned that it “remains committed” to them.

    Last year the government committed £700M to the development of Sizewell C, a new 3,200MWe nuclear plant in Suffolk that is currently in the design phase. Sizewell C managing director Julia Pyke has said that the launch of GBN is “another big vote of confidence in Sizewell C”.

    Hinkley Point C is an under-construction 3,200MWe nuclear plant in Somerset. Its first nuclear reactor arrived on site in February and it is nearing the completion of its undersea work. However, it has faced numerous construction setbacks and is now not expected to power up until the mid 2030s.

  • Russians to shut down nine more mines in Luhansk Oblast

    Russians to shut down nine more mines in Luhansk Oblast

    Source: Luhansk Oblast Military Administration on Facebook.

    Quote: “The occupiers have declared another nine coal-mining businesses in Luhansk Oblast unpromising,” the message reads.

    The Luhansk Oblast Military Administration adds that the businesses will be transferred to the Mine Restructuring Department for further liquidation. The personnel needed for the technical maintenance of these mines will also be transferred there.

    In addition, the workers will face a significant reduction in wages and subsequent layoffs, the administration emphasises.

    Background:

    • In the temporarily occupied territories of Luhansk Oblast, Russian invaders were conducting raids to remove the hryvnia from circulation.
    • The occupiers in Luhansk Oblast prepared a list of mines that they considered unprofitable; from some mines, the Russians took out equipment every day, and 700 miners were offered to look for new work.
  • Złoty Stok historic mine, Poland

    Złoty Stok historic mine, Poland

    Visit to Złoty Stok Medieval Gold Mine near Wroclaw, Poland

    Photos>>>

    Date: 19 October 2023

    Location:  Situated approximately 100 kilometres south of Wroclaw, it lies close to the Czech border in Lower Silesia.

    Highlights:

    • This historic mine dates back over 1000 years and has been an important site for gold mining since medieval times.
    • Today, it serves as a popular tourist attraction offering guided tours through its underground tunnels and a museum exhibition showcasing the history and techniques of gold mining.
    • Tourists can explore the mine by foot or boat. The mine also offers educational programs for groups. Other attractions include a medieval village and a restaurant.

    One of the key objectives of the MINEX Europe Forum is to share best practices in mineral resources management, mining and post-mining reconciliation and redevelopment of mining areas. The MINEX Europe 2023 Forum delegates will have an opportunity to visit one of the most prominent cases of the repurposing of the old mine turned into a grand tourist attraction in Poland which has in 2022 won the prestigious European Heritage Award.

    Visit to a Medieval Gold Mining Village at Złoty Stok became an unforgettable experience showcasing post-mining reconciliation and redevelopment of mining areas, turning an abandoned mine town into a thriving tourist attraction and Polish-German heritage centre. 

    Złoty Stok is the oldest mining and metallurgical centre in Poland. Arsenic and gold deposits were mined in these areas as early as the 13th century. Mining activity flourished in the 16th century. In the golden age of mining, there could be as many as 150 small and larger mines in the area In 1962, the mine in Złoty Stok ceased its activity, and later it was completely flooded. It is estimated that during 700 years of exploitation, 16 tonnes of pure gold were obtained from local deposits.

    On May 28, 1996, the Underground Tourist Route “Gold Mine” was launched. Extremely interesting tunnels were made available: “Gertuda Adit”, and “Black Upper Adit” with the only underground waterfall in Poland (8 m high) and the newest section, open to the public since 2008, the Lower Black Adit.

  • Zinnwald Lithium is granted additional exploration licence

    Zinnwald Lithium is granted additional exploration licence

    The 5-year exploration licence was issued to Deutsche Lithium by the Saxony State Mining Authority (Sächsisches Oberbergamt) in accordance with §7 of the German Mining Act (Bundesberggesetz). As is standard practise in Germany, the granting of the licence is subject to there being confirmation of no valid objection to its granting and the Company anticipates this confirmation being received by end-July 2023.

    The Bärenstein Licence lies adjacent to, and directly to the north-east of, the Altenberg-DL licence and almost completely encloses the Falkenhain licence, both of which the company already holds (please see overview map above). By being granted this exploration licence, the Company has closed the gap between Falkenhain and Altenberg-DL licences, which also contains valuable geo-logical targets and areas for planned future development of the Zinnwald mining operation.

    The lithium and tin endowment of the area is tied to the presence of granitic intrusions of certain geological ages, as well as structural corridors that have carried mineralising fluids. Utilising geological knowledge Zinnwald Lithium has gained from working in the immediate area, the Company is planning to undertake further greenfield exploration on the Bärenstein Licence and expand its resource base locally. The ‘Sachsenhöhe’ area has been identified as an especially promising exploration target, as it is known for historic mining activities for tin and silver since the 15th century.

    Furthermore, the Company continues to investigate the broader Bärenstein area as a location for future mining and processing operations. To also hold the mineral rights for these areas has therefore been a priority to maintain planning flexibility as well as legal certainty.

    The Company’s key focus remains the development of its principal asset, the 100% owned advanced Zinnwald Lithium Project in Germany, where it is progressing the work for a new Bankable Feasibility Study. By consolidating mineral rights in the Zinnwald area, the Company maintains the aim to become an important supplier to Europe’s fast-growing lithium sector. One of the Company’s primary immediate goals is the completion of its on-going infill drilling campaign on the Zinnwald Licence to support the delivery of an updated MRE in 4Q23. To date, the Company has completed 61 drill holes totalling more than 20 000m of drill core.

    Deutsche Lithium plans to investigate the Bärenstein Licence over the next five years and to assess its potential to enhance the Project.

  • Tata Group to build $6-billion gigafactory in the UK

    Tata Group to build $6-billion gigafactory in the UK

    Under the plan, announced by the British government and Tata on Wednesday, the company will invest £4 billion ($6.7 billion) to build its first massive gigafactory outside of India.

    The plant is expected to create up to 4,000 jobs and produce an initial output of 40 gigawatt hours (GWh), starting in 2026. Prime Minister Rishi Sunak hailed the development, saying it would speed up the slow-moving transition of Britain’s auto industry from gas and diesel cars to electric vehicles (EVs). His office, however, has declined to say how much financial support it promised in order to secure the investment and fend off Spain, which had also lobbied to win the project.

    Muthu Krishna, Fastmarkets’ battery manufacturing cost modeller, estimated the alleged state assistance and grants to total $1.5 billion. He said the announcement represented a “crucial victory” for the U.K. automotive industry at a time when Chinese EV brands are entering western markets and companies abandon European plans to invest in the U.S.

    Tata’s EV battery plant would be the U.K.’s second. By contrast, the European Union is said to have more than 30 already operational or in the pipeline. Energy secretary Grant Shapps said the Indian firm’s decision was the “biggest investment ever” in the U.K. auto industry, as well as the most significant boost for the sector since Japanese makers moved to Britain in the 1980s.

    U.K. Business and Trade Secretary Kemi Badenoch said the multibillion-pound investment demonstrated that the government has “the right plan when it comes to the automotive sector.” The gigafactory could be built in Somerset, south-west England, but the location has not yet been confirmed. Jaguar Land Rover’s U.K. factories are located in Birmingham, in central England. Britain’s goal of phasing out new diesel and gas cars is part of its goal to achieve net zero carbon emissions by 2050 in order to help tackle climate change.

  • EBRD has agreed to invest €6 million to support the development of the Cinovec Project in the Czech Republic

    EBRD has agreed to invest €6 million to support the development of the Cinovec Project in the Czech Republic

    European Bank for Reconstruction and Development (EBRD) Strategic Investment: On July 21, 2023, European Metals Holdings Limited announced a strategic investment agreement with the European Bank for Reconstruction and Development (EBRD). EBRD has agreed to invest €6 million to support the development of the Cinovec Project in the Czech Republic.

    As part of the due diligence process, EBRD engaged an independent, international mining consultancy to undertake a technical review of the Cinovec Project. EBRD also performed a review of the Cinovec Project in respect to compliance with EBRD’s Environmental and Social Policy.

    Keith Coughlan, Executive Chairman, said: “The Company welcomes EBRD’s strategic investment, which is a strong endorsement of the Cinovec Project’s value and its commitment to the highest environmental and social standards. The EBRD investment aims to fund the project’s predevelopment work and opens a pathway to potentially securing project financing. The successful completion of the technical due diligence process is a testament to the quality of the Cinovec team, the work which has been done to date and a strong vote of confidence in the project.

    “The EBRD investment is confirmation that the Cinovec Project is a vital part of establishing a strong, sustainable European electric vehicle battery supply chain to support Europe’s accelerating transition to e-mobility.

    Natalia Lacorzana, Head of Natural Resources at EBRD said:

    “We are pleased to support the Cinovec project, the first lithium project financed by the Bank, on its path to become a responsibly mined source of battery grade lithium for Europe. EBRD is committed to supporting the global transition to a green economy, the move towards wider adoption of electric vehicles, in particular, via providing necessary funding and know-how to junior miners of critical and/or strategic raw materials.”

    The Company’s relationship with EBRD is expected to be highly strategic as the European Union charts a path towards greater lithium supply security and sustainability. Support for the Company’s lithium, tin and tungsten Cinovec Project aligns with these EU goals. The investment is to be implemented by way of a private placement of 12,315,213 shares of the Company to be issued to EBRD at a price of £0.423 per share (the “Placement”).2 Upon the closing of the Placement, EBRD will hold approximately 6% of the Company’s shares on issue (on a non-diluted basis).

    In connection with the Placement, European Metals and EBRD have an agreement whereby, subject to certain conditions, the EBRD has been granted rights that allow participation in future financings to maintain its pro rata equity interest in the Company. The agreements also provide for the Cinovec Project to be developed according to EBRD’s Environmental and Social Policy.

    The proceeds from the Placement will be used to assist in funding pre-development works and studies for the Cinovec Project including environmental works and working capital expenditures for the period up to the completion of the DFS. The Placement is subject to normal and customary conditions precedent for a transaction of this nature. The shares will be issued without shareholder approval utilising the Company’s existing placement capacity under ASX Listing Rule 7.1.

  • Adriatic Metals issues exploration update for Rupice Northwest deposit

    Adriatic Metals issues exploration update for Rupice Northwest deposit

    Paul Cronin, Adriatic’s Managing Director and CEO, commented: “Exploration in 1Q23 and 2Q23 positioned Adriatic Metals for a major Rupice mineral resource update in July 2023.

    Drilling has demonstrated narrower but higher-grade zones of mineralisation and added quality base and precious metals rich tonnes peripheral to the thick centre of RNW. Extension drilling to the west and southwest of RNW saw strong increases in copper and gold grades as mineralisation narrowed, while retaining outstanding lead, zinc and silver grades. The expansion of the narrow but extremely high grade continuous RNW Lower Zone has added further value and opportunity to an already rich RNW mineralised system. By drilling at Rupice and RNW it is now clear that the mineralisations overlap each other at their peripheries. Therefore, there is an opportunity to develop both deposits simultaneously, with minimal additional development capital. Capping-off the resource extensions was the successful infill drilling between the 2022 RNW holes. Excellent consistency of widths, equivalent high grades, mineralisation continuity on section and along strike gives us confidence that the majority of drilled mineralisation will have an Indicated resource level of confidence. This will support a further significant expansion of reserves which are to be determined in parallel to an updated mine plan incorporating RNW. The Q323 drilling schedule will turn attention back to the main Rupice orebody with a focus on growing the Rupice resource beyond the current reserve, both up-dip and down-dip, using the knowledge gained from RNW. Exploration will also be in full swing with drill testing of Rupice West, Semizova Ponikva and Droskovac prospects. Drilling has started with a regional exploration dedicated 4th diamond drill rig.”