Adriatic Metals PLC
("Adriatic Metals" or the "Company")
Appointment of CFO
Adriatic Metals PLC (ASX:ADT, LSE:ADT1, OTCQX:ADMLF) ("Adriatic" or the "Company") announces the appointment of experienced mining executive, Mike Norris, as the Company´s Chief Financial Officer ("CFO"), with immediate effect.
Mr. Norris is a qualified Chartered Accountant with over 30 years of commercial and operational experience in the mining industry. Mr. Norris was most recently CFO at ASX-listed Highfield Resources, based in Spain. Prior to that, he was Finance Director for London-listed, African gold producer Avocet Mining PLC, where he oversaw the construction and commissioning of the Inata mine. He has also held the positions of Head of Business Performance at Anglo American and CFO of Kennecott Greens Creek Mining Co., an underground silver-zinc mine, when it was then owned by Rio Tinto.
Mr. Eyre will stand down after a short transition period. Mr. Norris will be based out of the Company's UK office.
Paul Cronin, Adriatic's Managing Director and CEO, commented: "I am delighted with the appointment of Mike to the team as he has an impressive commercial, operational and managerial track record with listed-companies on both the LSE and ASX. His extensive experience will be especially valuable over the coming 12 months as the Vares Silver Project advances towards production in Q2 2023.
I would like to thank Geoff for his contributions to Adriatic, including his involvement in the US$244.5 million project finance package secured last year. I wish him well in his future endeavours."
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For further information please visit www.adriaticmetals.com; @AdriaticMetals on Twitter; or contact:
| Adriatic Metals PLC | |
| Paul Cronin / Thomas Horton | Tel: +44 (0) 7866 913207 |
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| Canaccord Genuity Limited (Joint Corporate Broker) | |
| 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) | |
| Marcus Jackson / Jamil Miah | Tel: +44 (0) 20 7653 4000 |
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| Stifel Nicolaus Europe Limited (Joint Corporate Broker) | |
| Ashton Clanfield / Callum Stewart | Tel: +44 (0) 20 7710 7600 |
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| Buchanan | |
| Bobby Morse / Ariadna Peretz | Tel: +44 (0) 20 7466 5124 |
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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 Vares Silver Project is fully-funded to production, which is expected in Q2 2023. 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. Concurrent with ongoing construction activities, the Company continues to explore across its highly prospective 41km2 concession package.
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 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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