Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) chief executive Paul Cronin speaks to Thomas Warner from Proactive after announcing that the precious and base metals developer has raised £25.1 million of new capital in a share placing aimed at funding an expanded and accelerated exploration programme at Rupice and Rupice Northwest deposits in Bosnia and Herzegovina.
The placing follows the recent news from Adriatic that it has upgraded its resource estimate for Rupice, nearly doubling the indicated tonnes and increasing the grade significantly. Cronin explains that the new funding will be put to use funding a 45,000-meter drill program, the largest to date, to commence in 2024.
He goes on to emphasise the importance of maximising the deposit's value in its early years to ensure financial capacity for future growth opportunities, and says that "a lot of work is going on, and its been a lot of work over the last six years, but its been tremendously rewarding and we're pretty excited about it."
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