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) |
| ||||
| 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 |
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| Paul Cronin / Thomas Horton | Tel: +44 (0) 7866 913207 |
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| Canaccord Genuity Limited (Joint Corporate Broker) |
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| Jeremy Dunlop (Australia) | Tel: +61 2 9263 2700 |
| James Asensio (UK) | Tel: +44 (0) 207 523 8000 |
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| RBC Capital Markets (Joint Corporate Broker) |
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| Marcus Jackson / Jamil Miah | Tel: +44 (0) 20 7653 4000 |
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| Stifel Nicolaus Europe Limited (Joint Corporate Broker) |
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| Ashton Clanfield / Callum Stewart | Tel: +44 (0) 20 7710 7600 |
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| Buchanan |
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| Bobby Morse / Ariadna Peretz
| Tel: +44 (0) 2074665151 |
| The Capital Network |
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| Julia Maguire / Lelde Smits | Tel: +61 2 8999 3699 |
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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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