Adriatic Metals Shs Chess Deposit Interests Repr 1 Sh (AU:ADT) has released an update.
Adriatic Metals PLC reported advancements in its Vares Silver Operation with production expected to reach full capacity by Q4 2024, marking a significant ramp-up, including a 141% increase in underground development and initial concentrate sales. Financially, the company has strengthened its balance sheet through a $50 million equity raise, a $25 million secured debt facility, and a bond-to-shares conversion, positioning itself with $58.8 million in cash ahead of sustainable production. However, post-reporting period challenges include a halt in tree felling for facility expansion due to a court ruling and a change in leadership following the CEO’s resignation.
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