Adriatic Metals PLC, a Europe-based mining company, has published its audited financial statements for the year ended December 31, 2024. The company, now transitioning from exploration to revenue generation, highlighted progress at its flagship Vareš Silver Operation in Bosnia and Herzegovina, a project boosting local employment and economic growth.
The announcement comes amid heightened EU scrutiny of mining activities as the bloc seeks to strengthen its critical minerals supply chain. Despite global commodity price fluctuations and political risks, Adriatic Metals secured 50million in funding in May 202430 million debt drawdown from Orion, rescheduling its first repayment to March 31, 2025.
In early 2025, the company secured a 25 million prepayment deal with Trafigura 50 million to expand the Vareš Processing Plant to 1.3Mtpa and enhance production at the Rupice Mine.
The financials revealed a net loss of 62.491 million for 2024, compared to a∗ restated 30.112 million loss in 2023. Cash reserves stood at $20.697 million as of year-end.
Adriatic Metals is also evaluating a London Stock Exchange listing transfer, potentially enabling FTSE UK Index inclusion. The company’s 2025 strategy focuses on debt repaymentand achieving nameplate capacity by mid-year.
