Adriatic Metals boss Laura Tyler said the company is keen to further build on its performance, despite achieving a series of notable outcomes in recent months.
Adriatic Metals boss Laura Tyler said the company is keen to further build on its performance, despite achieving a series of notable outcomes in recent months.
Bosnia and Herzegovina-focused Adriatic, which is pushing for initial commercial production at its Vares silver operation, milled 68,000 tonnes of ore during its first quarter of the 2025 calendar year, which was a record for the company.
Despite this, the company told the market that its milled tonnage was lower than anticipated, citing multiple factors, including tailings filtration cycle time-based issues – which it said were being addressed by debottlenecking modifications along with additional filter plates.
Aside from generating $33 million in sales for the quarter, up by 23 per cent from December 2024, the company made its first debt repayment of $20 million to Orion Mine Finance.
Presently, Adriatic has a debt balance of $135 million to Orion, with $75 million in the till.
Overall, its net debt regressed from $129 million to $85 million during the first quarter.
Last month, Adriatic also tapped investors for $80 million in order accelerate operations at Vares.
“Our focus over the next few months is to actively debottleneck and optimise our operations and continue to improve our performance,” Ms Tyler said.
“The process of ramping up production to nameplate capacity of 0.8 million tonnes per annum remains on track for the second half of 2025.”
As of 11.47am AWST, Adriatic shares were down 10 per cent to $4.14.
