ADMLF - Adriatic Metals: Feasibility Study Confirms Exceptionality Of The Vares Project

• The Vares mine should be able to produce over 11 million toz of silver equivalent per year on average, over 10-year mine life.
• The AISC should be only $7.3/toz of silver equivalent, and the initial CAPEX was projected only at $168 million.
• At the current metals prices, the after-tax NPV(8%) is close to $1 billion, and the after-tax IRR is over 100%.
• The recent drill results confirm the high potential to expand the Vares reserves and resources further.
• The project is fully permitted and the mine construction should start in Q4, with the first production before the end of 2022.

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