Project Overview
The Vareš Silver Mine (“Vareš”) is one of the largest investments in Bosnia and Herzegovina, bringing significant economic and social benefits to the country. The project consists of 41 km2 of concession area, centered around the town of Vareš. It is wholly owned and operated by Adriatic Metals (“Adriatic”).
Adriatic acquired the project in 2017 through its acquisition of Tethyan Resources and immediately began the initial exploration of the Vareš property. By 2018 the exploration program was expanded, and in 2019 Adriatic published a Maiden Mineral Resource Estimate. During 2020 and 2021, Adriatic released technical studies which supported the construction of the mine, followed by debt and equity raises to commence construction.
In February 2024, Adriatic began initial production at Vareš and is currently ramping-up throughput to nameplate capacity of 0.8 ktpa, which it expects to achieve in the second half of 2025. Adriatic has also released production guidance for 2025 of 625-675kt ore milled and 12,000-13,000koz AgEq produced.
Looking ahead, Adriatic plans to further increase plant capacity to 1.3 ktpa by 2027, representing a 63% increase in throughput. From an exploration potential standpoint, the main deposit, Rupice, remains open at depth and along strike where exploration is currently focused.