Company Announcements

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Source: RNS
RNS Number : 1984R
Adriatic Metals PLC
28 February 2023

28 February 2023


Adriatic Metals PLC 

('Adriatic Metals' or the 'Company')





Adriatic Metals PLC (ASX:ADT, LON:ADT1, OTCQX:ADMLF) announces that on 24 February 2023 it  granted and issued 314,533 unlisted performance rights ("PRs") to certain employees and consultants under the Company's Incentive Plans.

Following the grant of the abovementioned PRs, the Company's capital structure is as follows:


Unrestricted ordinary shares in issue


Unlisted Options


Unlisted Performance Rights


Unlisted Warrants


Convertible debentures*


Fully diluted share capital



* Convertible debentures based on an exchange rate of 1 USD : 1.3222 AUD

Appendix 3G has also been issued to the Australian Securities Exchange (ASX) and is available on the Company's website:

The Company confirms that, in accordance with the FCA's Disclosure and Transparency Rule 5.6.1(R), as at 28 February 2023 the Company's issued share capital comprises 273,863,593 ordinary shares of £0.013355 par value per share, with each share carrying the right to one vote. The Company does not hold any ordinary shares in treasury.

The above figure of 273,863,593 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 under the FCA's Disclosure and Transparency Rules.




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 contact or visit; @AdriaticMetals on Twitter

Adriatic Metals PLC

Paul Cronin / Klara Kaczmarek

Via Buchanan


Tel: +44 (0) 20 7466 5000

Bobby Morse/ Oonagh Reidy 

Citadel Magnus

Cameron Gilenko


Tel: +61 2 8234 0100


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



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 first concentrate 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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