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ASX: ADT - Adriatic Metals

Updated: May 6

Adriatic Metals: A multi-mineral resource with serious grades of pretty much everything!

Adriatic Metals Managing Director Paul Cronin on 3AW, 2GB & 6PR Bulls N' Bears Report

Listen to ASX-listed Adriatic Metals Managing Director Paul Cronin talk to Matt Birney on the Bulls N’ Bears Report about Adriatic’s big resource upgrade at its multi-mineral project that is literally ready to spring into production.


Adriatic Metals is a precious and base metals explorer and developer that owns the world-class Vares silver project in Bosnia & Herzegovina and the Raska zinc deposit in Serbia. The company’s Vares Project contains two advanced exploration deposits, Veovaca and Rupice, which have previously been mined for lead, zinc and barite. The deposits have been subject to extensive exploration, and contain significant quantities of lead, zinc, silver, gold, copper and barite and Adriatic has been looking to grow its resource at Rupice.


Matt Birney - Welcome to Bulls N' Bears brought to you today by Adriatic Metals

Matt Birney - ASX code: ADT

Matt Birney - I'm Matt Birney and I'm joined now by the Managing Director of Adriatic Metals, Paul Cronin.

Matt Birney - Hi Paul

Paul Cronin - Hi Matt, good to be here

Matt Birney - Okay so Adriatic Metals is tantalisingly close to monetising its world-class Vares silver-zinc-lead and gold project in Bosnia and it is also advancing its Raska zinc deposit in Serbia.  

Matt Birney - Vares has just seen a significant resource upgrade ahead of first production which is expected to happen pretty soon despite the fact the company has only been around for about 5 or 6 years.

Matt Birney - Okay Paul, what was the mineral resource that Vares prior to this upgrade and what is it now?

Paul Cronin - The mineral resource at Vares prior to the upgrade was 12.5 million tonnes of indicated and inferred.  We've now grown that to 21.1 million tonnes, most of that growth has been in the indicated category which is now 18.3 million tonnes.

Paul Cronin - Big grades about 168 grams a tonne silver, 4.6 per cent zinc, 2.9 per cent lead, 1.3 grams a tonne of gold, 0.4 per cent copper, 0.2 per cent of antimony so it's a significant resource and all of that equates to about 495 grams a tonne of silver equivalent.

Matt Birney - What were the best recent drill results that drove that resource upgrade?

Paul Cronin - Well, the best recent drill hole results we've had over the last year or so have been around 30 meters, grading it over 2,000 grams a tonne silver equivalent.

Matt Birney - Now looking at some of your material, it looks like you've pretty much built this mine already. How far off the first production are you?

Paul Cronin - We'll enter production in the first week of November and we'll start commissioning in the last week of September, so very advanced.

Matt Birney - Now I want to go through some of the definitive feasibility study numbers for Vares with some rapid-fire questions and answers, now I appreciate some of these numbers now will be out of date because you did the DFS I think back in 2021 but just to get a feel for it, what do you estimate the project will cost?

Paul Cronin - The original estimate was 168 we've now increased that to 182 so it's about an eight per cent increase.

Matt Birney - And how long do you think it'll take you to pay that capital back?

Paul Cronin - Oh only about eight months

Matt Birney - And what's the initial projected mine life?

Paul Cronin - The initial project of mine life was 10 years but with the resource upgrade it's now about 20 years

Matt Birney - And what about a Net Present Value in today's money?

Paul Cronin - NPV in US dollar terms was a little over 1 billion, which some of the analysts have got different recommendations on it but most are north of 1 billion now.

Matt Birney - It's hard to work out which is the most dominant mineral. Have you done a breakdown in terms of percentage split for income expected for each mineral?

Paul Cronin - We have, it's very predominant with gold and silver that makes up about 50 per cent and zinc lead makes up the other 50 per cent. With the increase in silver prices, we've seen that slightly shift more to the precious metals so silver is now the biggest contributor.

Matt Birney - Paul Cronin from Adriatic Metals

Matt Birney - Thanks for joining me on Bulls N' Bears and remember we're only here to give you information, not advice, which you should of course seek independently.

Matt Birney - I'm Matt Birney and this is Bulls N' Bears

Outro - For more public company interviews go to the money page on the 6PR, 2GB, 3AW and 4BC websites and click the public companies tab

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