Tag: Adriatic Metals

  • Criminal Charges Filed Against Canadian Miner Dundee Precious Metals as Lead Contamination Hits Over 300 Residents Near Bosnia’s Vares Mine

    Criminal Charges Filed Against Canadian Miner Dundee Precious Metals as Lead Contamination Hits Over 300 Residents Near Bosnia’s Vares Mine

    Four Bosnian environmental organisations have filed criminal charges against Canadian mining company Dundee Precious Metals following the discovery of elevated lead levels in the blood of more than 300 residents living near the Vares silver, lead and barite mine in central Bosnia — a development that has thrown the future of a community that had only recently begun to recover from decades of economic decline into serious doubt.

    The charges were filed on Wednesday with the Zenica-Doboj cantonal prosecutors’ office. Environmental group Opstanak (Survival) Vares was among those bringing the case. “We think that the situation is ripe to declare an emergency situation,” the group’s president Miroslav Pejcinovic told Reuters. “Somebody needs to take responsibility.” Charges were also filed against cantonal and regional government ministers accused of failing to act adequately to protect residents.

    The Vares mine opened in 2024 under the ownership of UK-based Adriatic Metals, which was subsequently acquired by Toronto-listed Dundee Precious Metals in September. The mine’s opening had initially brought genuine revival to the small mountain town — new roads, new houses, filled cafes and a growing population of workers and new residents. Blood testing, which DPM agreed to finance in December following an offer by the previous owner, initially covered 44 people living near the processing plant and waste depot, finding elevated lead levels in 17 of them. Subsequent testing by health institutes in Zenica and Sarajevo extended the picture substantially: more than 300 people, including some living further from the mine, were found to have lead in their blood.

    Of 238 blood tests conducted by the Zenica-based Institute for Health and Food Safety, 23% exceeded a danger threshold of 2.8 micrograms per decilitre and 13% surpassed 5 micrograms per decilitre. The Vares health centre said in March that results did not indicate acute lead poisoning but suggested long-term low-intensity exposure to environmental factors. Elevated lead levels can damage the nervous system and brain and cause learning difficulties in children, and doctors note that any level carries risk.

    A complicating factor acknowledged by local officials is that the area has a long history of mining activity, making it difficult to determine whether lead exposure stems from the current operation or from legacy contamination. DPM has joined a working group of town officials and physicians and initiated environmental testing of land, water, agricultural produce and dust around the processing plant and waste depot. The company said it took health and environmental matters seriously and believed issues should be “assessed on the basis of expert analysis, verified data and through the appropriate institutional procedures, without prejudging responsibility.”

    Among those affected is the Ahmedovic family, who live near the processing plant and have invested in cattle and crops through the town’s economic difficulties. After the family — including two children — tested positive for lead and the metal was detected in their cropland, they halted the planting of wheat, vegetables and fruit and are now considering leaving. “Life with lead is not easy,” the mother, Enisa Ahmedovic, said.

    Bosnia’s Federation Prime Minister Nermin Niksic said a government expert group was being formed. “The peoples’ health cannot be endangered because of someone’s negligence, or someone’s investment or someone’s interest,” he said.

  • Dundee Precious Metals Wins Court Approval for $1.25B Acquisition of Adriatic Metals

    Dundee Precious Metals Wins Court Approval for $1.25B Acquisition of Adriatic Metals

    Dundee Precious Metals (TSX: DPM) has received final UK court approval for its $1.25 billion cash-and-stock acquisition of Adriatic Metals (LON: ADT1), clearing the way for the deal to close this week. The High Court of Justice in England and Wales sanctioned the merger on Friday, with completion expected on Wednesday.

    Following the transaction, Dundee and Adriatic shareholders will hold 75.3% and 24.7% of the combined company respectively. Global headquarters will remain in Toronto, while Adriatic’s UK office will shut down. Dundee has also secured approval for a listing on the Australian exchange, with quotation details to follow.

    The acquisition expands Dundee’s Balkan footprint by adding Adriatic’s flagship Vareš silver-zinc mine in Bosnia and the Raška project in Serbia. The Vareš operation, which produced its first concentrate in early 2024, is Europe’s first new mine in over a decade. It has a projected 15-year life, supported by an ore reserve of 12.3 million tonnes grading 192 g/t silver and 5.7% zinc, with annual output capacity of 90,000 tonnes of zinc concentrates and 65,000 tonnes of silver-lead concentrates.

    “The Vareš is a logical fit with our portfolio, and adds near-term production growth and mine life, a highly prospective land package, and cash flow diversification,” Dundee CEO David Rae said at the time of the acquisition announcement in June.

    Adriatic acquired Vareš in 2017 with the aim of reviving a historic silver mine abandoned during the 1990s Balkan conflict. Its integration into Dundee’s portfolio positions the Canadian miner for stronger production growth and broader commodity exposure.

  • Dundee Precious Metals Shareholders Approve Adriatic Metals Acquisition and Corporate Rebranding

    Dundee Precious Metals Shareholders Approve Adriatic Metals Acquisition and Corporate Rebranding

    August 13, 2025

    Toronto, Canada – Dundee Precious Metals Inc. (TSX: DPM) has announced the results of its special meeting held on August 13, 2025, where shareholders overwhelmingly approved two key resolutions: the issuance of common shares in connection with the acquisition of Adriatic Metals plc and a name change for the company.

    Shareholder Approval for Acquisition and Name Change

    Shareholders voted to approve the issuance of DPM common shares as part of its proposed acquisition of Adriatic Metals plc, to be effected by a scheme of arrangement under Part 26 of the Companies Act. Additionally, shareholders approved an amendment to the company’s articles to change its name to “DPM Metals Inc.” or another name as approved by the board of directors, subject to regulatory approval.

    The voting results were as follows:

    Share Issuance: 121,852,918 votes in favor (99.73% of votes cast), 329,765 votes against (0.27%).
    Name Change: 125,346,665 votes in favor (99.81% of votes cast), 236,902 votes against (0.19%).
    A total of 122,182,683 shares were voted for the share issuance, representing approximately 73.19% of the issued and outstanding DPM shares. For the name change, 125,583,567 shares were voted, representing approximately 75.23% of the issued and outstanding DPM shares.

    Adriatic Shareholder Approval

    DPM also confirmed that Adriatic Metals plc has received the requisite shareholder approvals for the scheme of arrangement at its Court Meeting and General Meeting, both held earlier today.

    Next Steps and Completion of Acquisition

    The completion of the acquisition remains subject to the sanctioning of the scheme by the High Court of Justice in England and Wales, the delivery of a copy of the Court’s order to the Registrar of Companies in England and Wales, and the satisfaction or waiver of other conditions set out in the scheme document. The hearing for the Court’s sanction is currently scheduled for August 29, 2025. As announced by Adriatic, the scheme is expected to become effective on September 3, 2025.

  • Adriatic Metals Boosts Q2 Output But Lowers Full-Year Forecast Amid Dundee Takeover

    Adriatic Metals Boosts Q2 Output But Lowers Full-Year Forecast Amid Dundee Takeover

    Adriatic Metals (ASX, LON: ADT) reported notable gains in silver and gold production for the second quarter of 2025, while trimming its full-year production outlook ahead of its acquisition by Canada’s Dundee Precious Metals (TSX: DPM).

    The company, which operates the Vareš silver-zinc-lead project in Bosnia and Herzegovina, said silver equivalent output reached 1.7 million ounces in Q2—up 23% from the previous quarter. This included 720,449 ounces of silver and 4,840 ounces of gold, reflecting strong performance gains compared to Q1.

    Zinc and lead output also increased, and Adriatic confirmed that commercial production officially began at the Vareš operation on July 1. The Veovača tailings facility, completed in March, started receiving tailings in April, with a newly constructed connecting road going operational in June.

    Despite the operational momentum, Adriatic revised its full-year silver equivalent production forecast downward to 9.5–10.5 million ounces, compared to the earlier estimate of 12–13 million ounces. The company attributed the revision to operational and logistical ramp-up adjustments, while noting that the new range still reflects year-on-year growth.

    Adriatic ended the quarter with a cash balance of $59 million, down from $76 million at the end of March.

    The quarterly update follows Adriatic’s acceptance of a $1.25 billion acquisition offer from Dundee Precious Metals. The merger will see the combined entity headquartered in Toronto, with Adriatic’s UK office set to close.

    “Following the board’s recommendation to accept the proposed acquisition of Adriatic by Dundee Precious Metals, we remain committed to maintaining positive operational momentum throughout this transactional period,” said CEO Laura Tyler.

    Dundee’s acquisition of Adriatic is expected to strengthen its asset base in Eastern Europe and support long-term growth in gold and silver output across the region.

  • Adriatic Metals Reaches Commercial Production at Vareš Silver Mine in Bosnia

    Adriatic Metals Reaches Commercial Production at Vareš Silver Mine in Bosnia

    Adriatic Metals has officially achieved commercial production at its Vareš silver operation in Bosnia and Herzegovina, marking a major operational milestone for the company. The announcement follows the successful ramp-up of the processing plant, which reached sustained throughput levels of 75% over 14 days, including 80% over the last seven days, and hit 90% of nameplate capacity (2,000 tonnes per day) in late June.

    Key to unlocking production was the resolution of tailings-related challenges. Adriatic completed the construction of the Veovača tailings storage facility in March, with tailings deposition starting on April 2. A newly completed access road between the Vareš processing plant and the storage site has been operational for the past month.

    Underground development at the Rupice mine, the project’s high-grade core, is also progressing well. The company reported 900 metres of development in Q2, a new quarterly record.

    “We are proud to announce the achievement of commercial production at the Vareš silver operation, marking a significant milestone that demonstrates our ability to operate at production levels that support strong cash generation,” said Adriatic CEO Laura Tyler. She credited the company’s team and management for their dedication in bringing the project across the finish line.

    All critical permits, equipment, and personnel are now in place, ensuring the operation is positioned for continued success and consistent output.

  • Dundee Precious Metals to Acquire Adriatic Metals in $1.25 Billion Deal

    Dundee Precious Metals to Acquire Adriatic Metals in $1.25 Billion Deal

    Toronto-listed Dundee Precious Metals (DPM) is set to acquire London- and Sydney-listed Adriatic Metals in a $1.25 billion cash-and-stock transaction, expanding its portfolio with the addition of the Vareš silver project in Bosnia and Herzegovina. The deal strengthens DPM’s position in the Balkans and adds near-term production growth and cash flow diversification.

    Adriatic shareholders will receive 0.1590 new DPM shares and 93 pence in cash for each Adriatic share, valuing each share at 268 pence—a 50.5% premium to Adriatic’s LSE closing price on May 19. DPM has already secured support from Adriatic directors and shareholders holding 37.23% of shares.

    The Vareš project, Adriatic’s flagship operation, completed construction last year and began producing silver/lead and zinc concentrates. The mine is ramping up to nameplate capacity of 0.8 million tonnes per year by the second half of 2025, with expansion studies under way to increase output to 1.3 million tonnes.

    “This transaction brings together complementary strengths to create a dynamic and diversified mining company with meaningful scale,” said Adriatic CEO Laura Tyler. DPM CEO David Rae highlighted the strategic fit, citing DPM’s expertise in underground mining and financial strength to maximise Vareš’ potential.

    Analysts from SP Angel endorsed the deal, viewing it as beneficial for Adriatic shareholders and noting that the combined entity could become a key player in the Balkan mining sector. They also noted possible but unlikely interference from Zijin, which already operates in the region.

  • Adriatic Metals Confirms Takeover Talks with Dundee Precious Metals

    Adriatic Metals Confirms Takeover Talks with Dundee Precious Metals

    Adriatic Metals confirmed on Wednesday that it is in discussions with Toronto-listed Dundee Precious Metals regarding a potential takeover bid. The confirmation comes after growing media speculation and reports suggesting a possible £700-million valuation of the UK-based miner.

    To advance the talks, Adriatic has granted Dundee limited access to conduct due diligence. Despite the progress, both companies emphasized that there is no certainty a formal offer will materialize or what its terms might be. “Discussions remain ongoing and there can be no certainty that any firm offer will be made,” Adriatic stated, advising shareholders to take no action at this stage.

    Dundee echoed the sentiment, stressing that the discussions do not constitute a firm offer under the UK Takeover Code, nor do they obligate the company to proceed.

    Adriatic Metals’ main asset is the Vareš silver project in Bosnia and Herzegovina. The mine, which produces silver/lead and zinc concentrates, has gained attention due to its high-grade polymetallic resources and strategic European location.

  • Adriatic Metals PLC Reports 2024 Financial Results Amid Strategic Expansion

    Adriatic Metals PLC Reports 2024 Financial Results Amid Strategic Expansion

    Adriatic Metals PLC, a Europe-based mining company, has published its audited financial statements for the year ended December 31, 2024. The company, now transitioning from exploration to revenue generation, highlighted progress at its flagship Vareš Silver Operation in Bosnia and Herzegovina, a project boosting local employment and economic growth.

    The announcement comes amid heightened EU scrutiny of mining activities as the bloc seeks to strengthen its critical minerals supply chain. Despite global commodity price fluctuations and political risks, Adriatic Metals secured 50million in funding in May 202430 million debt drawdown from Orion, rescheduling its first repayment to March 31, 2025.

    In early 2025, the company secured a 25 million prepayment deal with  Trafigura 50 million to expand the Vareš Processing Plant to 1.3Mtpa and enhance production at the Rupice Mine.

    The financials revealed a net loss of 62.491 million for 2024, compared to a∗ restated 30.112 million loss in 2023. Cash reserves stood at $20.697 million as of year-end.

    Adriatic Metals is also evaluating a London Stock Exchange listing transfer, potentially enabling FTSE UK Index inclusion. The company’s 2025 strategy focuses on debt repaymentand achieving nameplate capacity by mid-year.

  • Adriatic Metals CFO Michael Horner Acquires 4,700 Shares

    Adriatic Metals CFO Michael Horner Acquires 4,700 Shares

    Adriatic Metals PLC (ASX:ADT, LSE:ADT1, OTCQX:ADMLF) has announced that its Chief Financial Officer, Michael Horner, has purchased 4,700 ordinary shares of the company. The transaction took place on the London Stock Exchange (LON:LSEG) on Monday, with share prices ranging between £2.01 and £2.02, totaling an investment of £9,449.

    Horner’s purchase is viewed as a positive indicator of confidence in the company’s future, as insider transactions by senior executives often signal strong internal expectations. Adriatic Metals, a key player in the mining industry, is required to publicly disclose such transactions to maintain transparency and investor trust.

    The notification marks Horner’s first reported share acquisition since assuming his role. Managing Director & CEO Laura Tyler was responsible for arranging and authorizing the announcement, ensuring compliance with regulatory requirements.

    By making this investment, Horner adds to the growing record of executive share dealings at Adriatic Metals, offering investors further insights into the leadership’s commitment to the company’s long-term success.

  • Adriatic Metals Announces $80M Equity Raising to Expand Vares Silver Operation

    Adriatic Metals Announces $80M Equity Raising to Expand Vares Silver Operation

    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.