Adriatic Metals PLC on Thursday reported that its annual loss narrowed as it paid no impairments in 2023.
Adriatic Metals is a Cheltenham, England-based precious and base metals developer, with licences in Bosnia & Herzegovina and Serbia.
The firm said its pretax loss narrowed to $28.9 million in 2023 from $47.1 million the year before. This was because it did not record any exploration and evaluation impairments, compared to the $23.2 million paid in 2022.
However, general and administrative expenses rose 62% to £17.2 million from £10.6 million a year ago.
Adriatic Metals did not report any revenue for the full-year, unchanged from 2022.
Chief Executive Officer Paul Cronin said: ‘I am immensely proud of the extraordinary effort and unwavering commitment to successfully deliver the Vares silver project over the past twelve months. It has been a pivotal year for Adriatic, which has now successfully transitioned from a developer to a mining company. The significant milestones in the year have been first ore mined in July 2023 and first concentrate production in February 2024. This achievement is a true testament to the dedication and capability of our exceptional team. Their hard work and determination, in the face of significant challenges, have played a pivotal role in this transformative journey, positioning Adriatic as a dynamic force in the burgeoning European mining sector.’
Shares in Adriatic Metals rose 1.2% to 197.60 pence each in London on Thursday morning.
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