Adriatic Metals draws third $30 million tranche from financing package

By Mary-Katherine Stinson

Lexington, Ky., April 25 – Adriatic Metals plc has drawn down a third $30 million tranche of senior secured debt from Orion Mine Finance to continue the construction of Adriatic’s Vares silver project, according to a press release.

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 $22.5 million copper stream.

According to the press release, the company received the first $30 million tranche on Dec. 30. The second $30 million of the Orion package and the $22.5 million copper stream were received on Feb. 13.

A fourth $30 million tranche remains 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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