Adriatic Metals is listed on the US Financial Market


London-based Balkan precious and base metals developer Adriatic Metals has been given the green light to start trading on OTC Markets Group’s first “OTCQX Best Market”. New York-headquartered OTC Markets says upgrading to the OTCQX marketplace is a big step for companies looking to offer seamless trading for U.S. investors.

Adriatic qualified to switch to the OTCQX after trading on the OTC Markets Pink Open Market for just over a year.

OTC Markets operates the OTCQX Best Market, the OTCQB Venture Market and the Pink Open Market for 11,000 US and global securities.

North America represents about one-fifth of Adriatic’s investor base, according to Adriatic management.

The company, which is also listed on the Australian Securities Exchange and the London Stock Exchange under the codes ADT and ADT1, respectively, began trading on the OTCQX this week under the code ADMLF.

Adriatic management says the upgrade to the OTCQX provides its existing and potential US shareholders with better market visibility, increased transaction liquidity and the latest information not found on the pink market .

OTC Markets asserts that companies eligible to trade OTCQX must adhere to high financial standards, follow best practices in corporate governance, and demonstrate compliance with applicable securities laws.

The ADMLF code will coincide with the listing of Adriatic’s CHESS depository interests on the ASX, which means that the trading volume in the ADMLF on the OTCQX will be reflected as the traded volume of its shares on the ASX.

Adriatic, which has a current market value of around $ 580 million, also passed a significant regulatory approval milestone this week after obtaining a mining or mining license for the key Rupice underground deposit under of its development project of the Vares silver-zinc-lead project in Bosnia. and Herzegovina.

Rupice being a pristine site, it took Adriatic a few more months to obtain the operating permit for the underground deposit from the country’s Federal Ministry of Energy, Mines and Industry compared to the green light for its wastelands. neighboring industrial plants Veovaca open – pit depot.

The operating permit for Veovaca, received six months ago, includes the green light for the Vares processing plant project.

Rupice is the cornerstone of the Vares project, with probable ore reserves of 8.41 million tonnes at average grades of 179 grams per tonne silver, 1.66 g / t gold, 5.04 percent of zinc, 3.18 percent lead and 0.55 percent copper for 48.4 million ounces of silver, 450,000 ounces of gold, 420,000 tonnes of zinc, 270,000 t of lead and 50 000 t of copper, respectively.

Adriatic hopes to start the main construction phase in Vares in the December quarter of this year after the planned publication of a final feasibility study and an environmental and social impact assessment in the coming weeks.

The pre-production capital cost forecast for Vares is currently US $ 173 million, based on the pre-feasibility study or “PFS” filed by the company in October of last year.

The economic highlights of the PFS were an estimated EBITDA of US $ 251 million per year for the first five years of metal concentrate production, a net present value for the project of US $ 1.04 billion and a rate of return internal by 113%.

In the PFS, reserves were to support production at Vares for an initial mine life of 14 years, with average concentrate production for the first five years of mining and processing operations estimated at $ 15.3 million. ounces of silver equivalent per year.

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