Source - LSE Regulatory
RNS Number : 5896S
Adriatic Metals PLC
16 November 2021
 

 

Adriatic Metals PLC 

("Adriatic Metals" or the "Company")

 

 

DIRECTOR/PDMR SHARE DEALING

 

 

Adriatic Metals PLC (ASX:ADT, LSE:ADT1, OTCQX:ADMLF) advises that, as anticipated in the Company's announcement on 9 June 2021 following the launch of the Adriatic Foundation (the "Foundation"), Mr Paul Cronin, CEO and MD of Adriatic Metals, today gifted 250,000 ordinary shares he held in the Company to the Foundation for nil consideration ("Gifted Shares").

 

Background on Foundation

The Foundation was set up in June 2021 with the objective of supporting the communities around the Vares Silver Project, through initiatives designed to create a positive long-term legacy, as well as alignment between the Company and the communities that the Foundation supports. The Foundation's initiatives are specifically focussed on improving local education, healthcare and environmental protection (collectively, the "Foundation Objectives").

 

Funding of the Foundation

The donation of the Gifted Shares by Mr Cronin fulfils the last of the initial funding commitments made to the Foundation at the time of its launch. The other commitments included a €100,000 donation by the Company and a donation made by Sanela Karic, Non-Executive Director of Adriatic Metals, of her Directors' fees for the four months from March 2021.

 

The Gifted Shares held by the Foundation will be monetised as and when needed for initiatives, selected by its Board of Trustees, that meet the Foundation Objectives.

 

The Foundation continues to seek grants (non-repayable funding) from other individuals, companies and institutions to co-fund future programmes in support of the Foundation Objectives. To date, the Foundation has received additional soft commitments of over €400,000. The Company has also committed to donate 0.25% of profits from its operations in Bosnia & Herzegovina to the Foundation.

 

For more information on the Adriatic Foundation see: https://www.easternmining.co.uk/sustainability/social/the-adriatic-foundation/

 

 

 

 

 

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

Chief Executive Officer and Managing Director

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

Sale of ordinary shares

c)

Price(s) and volume(s)

Price(s)

Volume(s)

Nil consideration

250,000

 

d)

Aggregated information

-   Aggregated volume

-      Price

 

250,000

Nil consideration

e)

Date of the transaction

16 November 2021

f)

Place of the transaction

Off market

 

** ENDS **

Market Abuse Regulation Disclosure

The information contained within this announcement is deemed by Adriatic (LEI: 549300OHAH2GL1DP0L61) to constitute inside ‎information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

 

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 www.adriaticmetals.com or @adriaticmetals visit on Twitter; or contact:

 

Adriatic Metals PLC

 

Paul Cronin / Thomas Horton

Tel: +44 (0) 7866 913207

 

 

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)

 

Marcus Jackson / 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

 

 

Buchanan

 

Bobby Morse / Ariadna Peretz

 

Tel: +44 (0) 2074665151

The Capital Network

 

Julia Maguire / Lelde Smits

Tel: +61 2 8999 3699

 

 

 

ABOUT ADRIATIC METALS

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

 

The 2021 Vares Silver Project Definitive Feasibility Study boasts robust economics of US$1,062 million post-tax NPV8, 134% IRR and a capex of US$168 million. The Company is well-funded and concurrent with the advancing the Vares Silver Project into construction, it continues to explore across its highly prospective 41km2 concession package.

 

Adriatic Metals completed the acquisition of TSX-listed explorer Tethyan Resource Corp.  in Q4 2020, which contained the Raska Zinc-Silver Project in southern Serbia. The Company is exploring across its 99km2 highly prospective concession area, which includes around the formerly operating Kizevak and Sastavci polymetallic mines.

 

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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