ADT – Adriatic Metals | Aussie Stock Forums

Hi all, this was an update released today about the approvals for both Veovaca and Rupice to continue moving ahead. I must say, I have no mining background and I know some industries have terminology that is specific to that industry. But, the headline on the release I initially thought must be an error and maybe they meant exploration? But after reading the release, it is accurate, continuing to use the word ‘exploitation’. While maybe accurate, it sits oddly with me. Anyway, it seems that things are on track and Q2 and Q3 will see construction moving ahead on plants at both locations. Craig

ADRIATIC METALS RECEIVES EXPLOITATION PERMIT FOR VEOVACA

Adriatic Metals PLC (ASX:ADT, LSE:ADT1) (“Adriatic” or the “Company”) is pleased to announce that it has received the Veovaca Exploitation Permit from the Federal Ministry for Energy, Mining and Industry (“FMERI”). The receipt of the Permit initiates the formal exploitation period for the project, which under the terms of the Concession Agreement is up to 30 years. As the Concession Agreement covers both Veovaca and Rupice the security of tenure applies to both the Veovaca open pit and plant areas, as well as the Rupice underground mine areas. The receipt of this Permit also enables Adriatic to complete the Main Mining Project for the Veovaca open pit mine, flotation plant, and tailings management facility at a detailed engineering level for the start of construction in Q3 2021. The Exploitation Permit required before the commencement of underground development at Rupice is expected in Q2 2021, and will be applied for following the issue of the Environmental & Urban Planning Permits for Rupice, in a process similar to what has recently been completed for Veovaca.

Paul Cronin, Adriatic’s Managing Director and CEO commented, “This is a major permitting achievement that has been realised through close cooperation between Adriatic’s BiH team and the significant number of governmental and commercial stakeholders involved in the process, as well as the local community in Vares. The team have worked tirelessly to compile all the required information for these submissions under difficult circumstances. Their dedication to the project and creating shareholder value is unquestionable. I would like to thank the various Ministries involved in the review of all the individual permit applications that have culminated in this significant milestone, for the company, and the BiH mining industry. We look forward to continuing our productive and cooperative relationships with the community and government as we advance the Vares project to production.“