Company Announcements

Exercise of Options, Director Dealing and TVR

Source: RNS
RNS Number : 3536P
Adriatic Metals PLC
08 February 2023

8 February 2023


 Adriatic Metals PLC 

("Adriatic Metals" or the "Company")


Exercise of Options, Director Dealing and Total Voting Rights

Adriatic Metals PLC (ASX:ADT, LSE:ADT1, OTCQX:ADMLF) announces that it has received notice that on 3 February 2023 an eligible Director exercised options over ordinary shares in the Company resulting in the allotment on 8 February 2023 of 326,216 ordinary shares of £0.013355 each  ("Shares"), as follows:

·      Sanela Karic, Non-Executive Director, exercised 1,000,000 options at the exercise price of A$2.20 per Share by cashless exercise (with 673,784 Shares being withheld as part of the net settlement of the exercise price). As a result, 326,216 Shares were issued and allotted to Ms Karic.

·      As a result of the above transactions, the total exercise proceeds received by the Company was £4,357, representing the nominal value of the Shares acquired by Ms Karic pursuant to the cashless exercise.

·      This transaction completes the exercise of all outstanding options held by Ms Karic. As previously announced, the Company does not plan to issue more options to Non-Executive Directors.

·      Following the above exercise, the number and approximate percentage of Ms Karic's interest in shares in the Company held (directly and indirectly) is as shown below:


Number of Shares Issued

Aggregate interest in ordinary shares

Approximate % of issued share capital

Sanela Karic




The Shares allotted rank pari passu in all respects with the existing ordinary shares of the Company.

Admission of the 326,216 Shares allotted on the exercise of Ms Karic's options takes place pursuant to the Company's existing block listing.

The Company confirms that as at the date of this announcement, the Company's issued share capital comprises 273,079,833 ordinary shares of £0.013355 each, with each share carrying the right to one vote. The Company does not hold any ordinary shares in treasury. The above figure of 273,079,833 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or of a change to their interest in, the Company.

Market Abuse Regulation Disclosure

The information contained within this announcement is deemed by Adriatic (LEI: 549300OHAH2GL1DP0L61) to constitute inside ‎information as stipulated under Article 7 of the Market Abuse Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended ("UK Market Abuse Regulation").

The person ‎responsible for arranging and authorising the release of this announcement on behalf of Adriatic is Paul Cronin, Managing Director and CEO.





For further information please visit; @AdriaticMetals on Twitter; or contact:


Adriatic Metals PLC

Paul Cronin / Klara Kaczmarek

Via Buchanan


Tel: +44 (0) 20 7466 5000

Bobby Morse/ Oonagh Reidy 

Canaccord Genuity Limited (Joint Corporate Broker)


Jeremy Dunlop (Australia)

Tel: +61 2 9263 2700

James Asensio (UK)

Tel: +44 (0) 207 523 8000

RBC Capital Markets (Joint Corporate Broker)


James Agnew / Jamil Miah

Tel: +44 (0) 20 7653 4000

Stifel Nicolaus Europe Limited (Joint Corporate Broker)

Ashton Clanfield / Callum Stewart

Tel: +44 (0) 20 7710 7600

Citadel Magnus

Cameron Gilenko

Tel: +61 2 8234 0100



Adriatic Metals PLC (ASX:ADT, LSE:ADT1, OTCQX:ADMLF) is a precious and base metals developer that is advancing the world-class Vares Project in Bosnia & Herzegovina, as well as the Raska Project in Serbia.

The Vares Project is fully-funded to production, which is expected in Q3 2023. The 2021 Project Definitive Feasibility Study boasts robust economics of US$1,062 million post-tax NPV8, 134% IRR and a capex of US$168 million. Concurrent with ongoing construction activities, the Company continues to explore across its highly prospective 42km2 concession package.

There have been no material changes to the assumptions underpinning the forecast financial information derived from the production target in the 19 August 2021 DFS announcement and these assumptions continue to apply and have not materially changed. Adriatic Metals is not aware of any new information or data that materially affects the information included in the announcement of the updated Mineral Resource Estimate announced on 1 September 2020 and all material assumptions and technical parameters underpinning the Mineral Resource Estimate continue to apply and have not materially changed.

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