31st Mar 2023 12:10
(Alliance News) - Adriatic Metals PLC said on Friday its loss in 2022 widened amid an increase in expenses
connected to the Vares project.
Adriatic Metals is a Cheltenham, England-based precious and base metals exploration and development company. The firm owns the Vares project in Bosnia and Herzegovina, as well as the Raska project in Serbia.
The company reported an annual pretax loss of USD47.1 million, which widened from USD14.2 million in 2021.
This was due to a 45% rise in general and administrative expenses to USD10.6 million from USD7.3 million, as well as exploration and evaluation impairments of USD23.2 million, predominantly linked to the Vares project in Serbia.
Adriatic Metals had previously stated it would focus on drill testing multiple Vares regional targets, including Droskovac, Rupice West, Semizova Ponikva and Vares East in 2023.
The company did not declare a final dividend, unchanged from last year.
Looking ahead, the company said it has sufficient funds to complete the Vares project construction and cover ongoing owner costs until production commences in the third quarter of 2023. It also noted that it aims to become self-sustaining from cash flows related to its operations.
Shares were up 0.3% at 203.06 pence in London on Friday morning.
By Sabrina Penty; Alliance News reporter
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