Interim report
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27 JANUARY 2021 ABOUT ADRIATIC METALS ( ASX : ADT , LSE : ADT1 ) Adriatic Metals Plc is focused on the development of the 100 % -owned , Vares high - grade silver project in Bosnia & Herzegovina , and exploration at the Raska base & precious metals project in Serbia . DIRECTORS Mr Michael Rawlinson NON - EXECUTIVE CHAIRMAN Mr Paul Cronin MANAGING DIRECTOR & CEO Mr Peter Bilbe NON - EXECUTIVE DIRECTOR Mr Julian Barnes NON - EXECUTIVE DIRECTOR Ms Sandra Bates NON - EXECUTIVE DIRECTOR Ms Sanela Karic NON - EXECUTIVE DIRECTOR adriaticmetals.com HIGHLIGHTS ● ● ● ● M Adriatic Metals QUARTERLY ACTIVITIES REPORT For the 3 months ended 31 December 2020 Completed Pre - Feasibility Study for the Vares Silver Project with NPV of US $ 1,040 and IRR of 113 % Closed US $ 28 million of fundraising with EBRD and Queens Road Capital Continued progress with Vares Silver Project permitting with receipt of the Urban Planning Permit for the Veovaca area of the project Completed the acquisition of Tethyan Resource Corp Settled litigation with Sandfire Cash balance at 31 December 2020 of £ 29.2m ( A $ 51.8m ) Adriatic Metals PLC ( ASX : ADT , LSE : ADT1 ) ( " Adriatic " or the " Company " ) is pleased to provide the following Quarterly Activities Report ( " QAR " ) that summarises the progress made and reported during the three months ended 31 December 2020 ( " Q4 " or the " Quarter " ) . Paul Cronin , Adriatic's Managing Director and CEO commented : " The last quarter of 2020 culminated in the successful delivery of several important workstreams including a hugely positive Pre - Feasibility Study for the Vares Silver Project with improved economics in comparison to our 2019 Scoping Study , raising US $ 28 million of funding from EBRD and Queens Road Capital and completing the acquisition of Tethyan Resource Corp. The Company is well positioned to build on these achievements during 2021 as we progress the Definitive Feasibility Study for the Vares Silver Project and associated financing and further prove up the potential of the additional exploration ground acquired from Tethyan to diversify and further strengthen the Company's asset portfolio . " Adriatic Metals PLC , Regent House , 65 Rodney Road , Cheltenham GL50 1HX United Kingdom