Bosnia and Herzegovina, Adriatic taps funding deal to progress Vares silver mine

The funding keeps Adriatic’s flagship Vares project on the straight-and-narrow and means a convertible bonds option will not be required, freeing up a further $20m for project development.

Aside from its debt funding deal Orion has also taken an 8.9 per cent interest in Adriatic via a $50m placement to the tune of some 24.2m shares.

This is another critical step towards de-risking the Project, and we remain on track to deliver first concentrates in Q3 2023.

Orion are aligned with our commitment to responsible mining and sustainability, via a $100,000 donation to the Adriatic Foundation, which will support valued community and environmental initiatives in Vares and Kakanj

The Adriatic Foundation was formed in 2021 to support legacy projects in education, health and environment for Vares, a once-thriving and picturesque inland mountain town whose largely-Bosnian population collapsed from 22,000 to fewer than 9000 in the 1990s during the collapse of Yugoslavia.

Funds are also allocated to nearby Kakanj, an industrial town home to some 37,000 people.

The Vares project is nestled near the two towns and boasts an ore reserve in its Rupice deposit of 7.3 million tonnes going 485 g/t silver and other metals equivalent.

Breaking that figure down sees a return of 202 g/t silver, 1.9 g/t gold, 5.7 per cent zinc, 3.6 per cent lead, 0.6 per cent copper and 0.23 per cent antimony, an alloy-hardening material.