Adriatic Metals PLC
('Adriatic Metals' or the 'Company')
(ASX:ADT, LSE:ADT1)
DIRECTOR / PDMR DEALING
This notification is made under Article 19 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").
The Company was informed that on 24 February 2021 Paul Cronin, the Company's Managing Director and CEO, transferred 14,351,132 shares, in the form of Chess Depositary Interests, and 5,000,000 Unlisted Options to a company wholly owned and controlled by Mr Cronin. The notification form required by MAR follows.
Additionally, in accordance with the ASX Listing Rules, an Appendix 3Y, "Change of Director's Interest Notice", for Mr Paul Cronin has been issued to the Australian Securities Exchange. The Appendix 3Y is available on the Company's website: https://www.adriaticmetals.com/investors/asx-announcements/
Authorised by, and for further information please contact:
Geoffrey Eyre
Joint Company Secretary
info@adriaticmetals.com
** ENDS **
MARKET ABUSE REGULATION DISCLOSURE
The information contained within this announcement is deemed by the Company (LEI: 549300OHAH2GL1DP0L61) to constitute inside information as stipulated under the MAR. The person responsible for arranging the release of this announcement on behalf of the Company is Paul Cronin, Managing Director and CEO.
The information below, set out in accordance with the requirements of MAR, provides further detail on the grant of options to PDMRs.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Paul Cronin | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Managing Director and CEO | ||||
| b) | Initial notification/ Amendment | Initial notification | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Adriatic Metals PLC | ||||
| b) | LEI | 549300OHAH2GL1DP0L61 | ||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a) | Description of the financial instrument, type of instrument Identification code |
Adriatic Metals PLC CHESS Depositary Interests (ordinary shares) ISIN: AU0000004772 | ||||
| b) | Nature of the transaction | Transfer from Paul Cronin to Dwellstone Limited, a company controlled and wholly owned by Mr Cronin.
| ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated volume - Price |
14,351,132 Nil | ||||
| e) | Date of the transaction | 24 February 2021 | ||||
| f) | Place of the transaction | Outside a trading venue | ||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Paul Cronin | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Managing Director and CEO | ||||
| b) | Initial notification/ Amendment | Initial notification | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Adriatic Metals PLC | ||||
| b) | LEI | 549300OHAH2GL1DP0L61 | ||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a) | Description of the financial instrument, type of instrument Identification code |
Unlisted Options AUD 0.20 Expiring 1 July 2023
n/a
| ||||
| b) | Nature of the transaction | Transfer from Paul Cronin to Dwellstone Limited, a company controlled and wholly owned by Mr Cronin.
| ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated volume - Price |
5,000,000 Nil | ||||
| e) | Date of the transaction | 24 February 2021 | ||||
| f) | Place of the transaction | Outside a trading venue | ||||
ABOUT ADRIATIC METALS
Adriatic Metals Plc (ASX:ADT, LSE:ADT1) is a precious and base metals explorer and developer that owns the world-class Vares Silver Project in Bosnia & Herzegovina and holds licences across the Raska District in Serbia.
The Vares project's captivating economics and impressive resource inventory have attracted Adriatic's highly experienced team, which is expediting exploration efforts to expand the current JORC resource. Results of a recent pre-feasibility study announced on 15 October 2020 indicate a post-tax NPV8 of US$1,040 million and IRR of 113%. Leveraging its first-mover advantage, Adriatic is rapidly advancing the project into the development phase and through to production with significant cornerstone investment of US$28 million from Queen's Road Capital Investment and European Bank for Reconstruction and Development.
There have been no material changes to the assumptions underpinning the forecast financial information derived from the production target in the 15 October 2020 announcement and these assumptions continue to apply. There have been no material changes to the assumptions and technical parameters on the updated Mineral Resource Estimate announced on 1 September 2020 and these assumptions continue to apply.
Adriatic Metals acquired TSX-listed Tethyan Resource Corp in 2020, to advance the former Kizevak and Sastavci polymetallic mines in the Raska District, southern Serbia.
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