Adriatic Metals draws $52.5 million from financing package

By William Gullotti

Buffalo, N.Y., Feb. 13 – Adriatic Metals plc has drawn down a second $30 million tranche of senior secured debt along with the $22.5 million copper stream from Orion Mine Finance, according to a press release on Monday.

As previously reported, Adriatic Metals closed on a $244.5 million financing package for the construction of the Vares Silver Project on Oct. 13, 2021.

The Vares Project financing package referenced above is composed of the $142.5 million Orion Debt Package and an institutional equity raise of $102 million.

The reported drawdown was specific to the Orion Debt Package, which includes $120 million of senior secured debt from Orion Resource Partners (UK) LLP as well as the aforementioned $22.5 million copper stream.

According to the press release, the company received the first $30 million tranche on Dec. 30. The third and fourth tranches are expected to be drawn, as required, before the end of 2023.

Adriatic Metals is based in the United Kingdom and is the owner of the Vares Mining Concession in Bosnia and Herzegovina.

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