Adriatic Metals Operations Update webinar

00:59:55
https://www.youtube.com/watch?v=Cy4iuN5Ga8E

摘要

TLDRDurant la presentació d'Adriatic Metals PLC, es va proporcionar una actualització sobre el progrés del projecte de plata de Varish. Laura Tyler, la CEO interina, i Mike Horer, el CFO, van detallar els avanços en la producció minera, destacant la millora en els índexs de desenvolupament i producció. Es van discutir els desafiaments experimentats, incloent les variacions en la rutina esperada per al 2024, afectats per condicions del terra i la decisió del Tribunal Constitucional que va impactar el disseny de les instal·lacions d'emmagatzematge de residus. Tot i aquests desafiaments, es manté un fort suport en l'eficàcia de la planta processadora, amb augments en les taxes de recuperació, i s'espera que la producció comercial plena s'assoleixi cap al primer semestre de 2025. L'empresa continua optimitzant les operacions mineres i de processament amb un enfocament especial en la seguretat, després d'una lamentable fatalitat recent. Amb un balanç financer saludable, Adriatic Metals es posiciona per a un 2025 prosperant, amb plans per incrementar la seva capacitat i fer créixer la vida útil de la mina.

心得

  • 👥 Presentació duta a terme per Laura Tyler i Mike Horer.
  • ⚙️ Progrés significatiu al projecte Varish, capacitat augmentant.
  • 📊 Es preveu una producció de 750-800 mil tones el 2025.
  • 🏗️ Impacte de la decisió del tribunal gestionat amb nous plans.
  • 🔧 Recuperació plant és clarament superior, prop del 70%.
  • 🚧 Seguretat millorada després de la fatalitat recent.
  • ⌛ Producció comercial esperada per al primer trimestre del 2025.
  • 💡 Estratègies per optimitzar flux de caixa i operacions.
  • 🌍 Activisme ambiental i la gestió social abordats.
  • 📈 Se cerca augmentar la capacitat i la vida de la mina.

时间轴

  • 00:00:00 - 00:05:00

    Durant la presentació, els participants seguiran en mode d'escolta, però poden enviar preguntes mitjançant la pestanya de Q&A. La Laura Tyler, CEO interina, i en Mike Horer, CFO, proporcionen una actualització del progrés del projecte de plata Varish. Tot això mentre indiquen que la qualitat del projecte Varish és alta i està dissenyada per produir metalls crítics amb un impacte sostenible més enllà dels 18 anys previstos de vida de la mina.

  • 00:05:00 - 00:10:00

    La Laura Tyler explica com el projecte Varish ha millorat els ritmes de desenvolupament després d'haver superat les difícils condicions del terreny, amb un ritme de 318 metres aconseguits el mes passat. També es discuteixen les millores en la perforació de control de qualitat i la implementació dels processos necessaris per estabilitzar el terreny i incrementar el rendiment segur de la mineria. Tot això ajuda a mantenir el pla d'acció per un augment sostingut de la producció mineradora i complir amb les guies establertes pel 2024.

  • 00:10:00 - 00:15:00

    S'aborden els temes de les operacions de la planta de procés, que ja superen el 70% de recuperacions mentre es continua amb la millora dels processos de producció. Els avenços en les operacions a 24/7 s'implementaran mentre s'incrementa la resistència de l'aigua a la planta i s'optimitzen els sistemes de gestió i producció.

  • 00:15:00 - 00:20:00

    En aquest apartat, es posen en relleu els reptes de la decisió del Tribunal Constitucional sobre la ubicació i l'impacte del disseny original de la fàbrica de pasta i altres instal·lacions. Tot i així, prenent mesures ràpides, s'habilitarà una nova opció pròxima per la planta de tailing que, si es compleixen els tràmits, estarà operativa a finals de novembre.

  • 00:20:00 - 00:25:00

    Es discuteix la transició de l'empresa des de la despesa de projecte cap als ingressos del producte i es destaca la fortalesa financera de Adriatic Metals al final d'agost. Amb un flux de caixa positiu en base acrual a l'agost, l'empresa està ben situada per mantenir i superar aquest canvi financer en el futur immediat.

  • 00:25:00 - 00:30:00

    Apareixen qüestions relacionades amb la gestió de la programació de la mina i possibles objectius pel material de gran qualitat, i es descriu com s'administrarà aquest procés sense necessitar reestructuració del programa de producció global, gràcies a la gestió dels estoc.

  • 00:30:00 - 00:35:00

    Es plantegen preocupacions sobre si la mina té el suport tècnic necessari per a complir amb els requisits futurs de producció i la capacitat desenvolupada per al 2025. La descàrrega de temors reals es confirma per la confiança en la producció futura, tot indicant una qualitat sòlida en el procés de control de grau.

  • 00:35:00 - 00:40:00

    Aclariments sobre les taxes actuals de desenvolupament minera que es van reduir en la primera meitat però ara es troben alineades amb les expectatives mitjançant el compromís de 300+ metres per mesos i altres ajustaments derivats de la modelització ajustada a data.

  • 00:40:00 - 00:45:00

    S'esmenta un intercanvi sobre la situació del mercat de concentrats, on els negocis fixos s'estan beneïnt per una situació de demanda fortament atapeïda que ajuda a solidificar les oportunitats financeres per a Adriatic Metals, prediccions per costos futures dôperació alineades amb augment global de costos i mantenint quartiles de costos avantatges abans el 2025.

  • 00:45:00 - 00:50:00

    S'abordaven preguntes sobre l'impacte del recent accident mortal en l'operativa diària i el que s'ha après de l'esdeveniment, incloent-hi implementacions noves per millorar la gestió dels contractistes. L'empresa es compromet a augmentar el control crític i la claredat de missatges de seguretat.

  • 00:50:00 - 00:59:55

    L'última part de la sessió destaca la confiança de l'equip de direcció en les seves decisions futures quant a M&A, marcades per una recerca activa d'oportunitats mentre se centra primerament en l'aixecament de càrrega i l'estabilitzar les línies de producció existents per al 2025.

显示更多

思维导图

Mind Map

视频问答

  • Quin és l'objectiu principal de la presentació d'Adriatic Metals PLC?

    Proporcionar una actualització sobre el progrés del projecte de plata de Varish i discutir la transició cap a la producció completa.

  • Qui va presentar la informació sobre Adriatic Metals?

    Laura Tyler, CEO interina, i Mike Horer, CFO, van presentar la informació.

  • Quina és la previsió de volums de producció per a 2025?

    S'espera que la producció sigui de 750.000 a 800.000 tones per any.

  • Hi ha alguna preocupació respecte al finançament del projecte?

    El 2024, esperen ser en posició segura tant operativa com financera, preparats per a la transició a operar plenament.

  • Quin impacte va tenir la decisió del Tribunal Constitucional?

    Va afectar el disseny i ubicació de l'emmagatzematge de residus i facilitats relacionades, però ja s'han dut a terme mesures per afrontar-ho.

  • Es van veure afectades les taxes de recuperació de la planta processadora?

    Les taxes de recuperació han millorat a mesura que arriben al 70% cap al final del mes i a l'inici de Q4.

  • Com s'ha tractat la fatalitat recent en el lloc?

    S'han implementat millores en la gestió de contractistes, missatges de seguretat i verificacions de controls crítics.

  • Quan es preveu assolir la producció comercial?

    S'espera aconseguir les taxes de producció comercial per al final del primer trimestre de 2025.

  • Quin és el consens d'avaluació del flux de caixa per a l'any que ve?

    S'espera un rendiment del 30% al 40% en el flux de caixa lliure per al proper any.

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  • 00:00:08
    good morning ladies and gentlemen
  • 00:00:09
    welcome to the Adriatic Metals PLC
  • 00:00:11
    presentation throughout this recorded
  • 00:00:13
    presentation attendees online will be in
  • 00:00:15
    listen only mode questions are
  • 00:00:17
    encouraged they can be submitted at any
  • 00:00:18
    time via the Q&A tab that's just
  • 00:00:20
    situated on the right hand corner of
  • 00:00:21
    your screen please just simply type in
  • 00:00:23
    your questions and press send the
  • 00:00:25
    company may not be in a position to
  • 00:00:27
    answer every question it receives during
  • 00:00:28
    the meeting itself however thean can
  • 00:00:30
    review all questions submitted today and
  • 00:00:32
    we'll publish those responses where it
  • 00:00:33
    it's appropriate to do so and before we
  • 00:00:36
    begin we would just like to submit the
  • 00:00:37
    following poll and if you could give
  • 00:00:38
    that your kind attention I'm sure the
  • 00:00:40
    company would be most grateful and I
  • 00:00:42
    would now like to hand you over to the
  • 00:00:43
    management team from Adriatic Metals
  • 00:00:45
    Laura Michael good
  • 00:00:47
    morning good morning good afternoon good
  • 00:00:50
    evening thank you to everybody who is
  • 00:00:52
    joining us today and has made the time
  • 00:00:54
    to make this call um I'm Laura Tyler I'm
  • 00:00:57
    the interim CEO of Adriatic medals and
  • 00:01:00
    I'm joined today on the call by uh Mike
  • 00:01:03
    horer who is our CFO our purpose today
  • 00:01:06
    is to provide you all with an update on
  • 00:01:08
    the progress that has been made at the
  • 00:01:10
    varish silver project over the past few
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    months this will be followed by a
  • 00:01:15
    question and answer session that will
  • 00:01:17
    include questions lodged ahead of this
  • 00:01:19
    call as well as those asked during the
  • 00:01:21
    course of this presentation um you've
  • 00:01:24
    just been given a heads up on how to uh
  • 00:01:25
    on how to do that this webinar is being
  • 00:01:28
    recorded as we noted and we'll post the
  • 00:01:30
    recording on our website after we are
  • 00:01:33
    finished
  • 00:01:34
    today um there is a disclaimer as you
  • 00:01:36
    would expect I'm not going to go through
  • 00:01:38
    this line by line um but I would urge
  • 00:01:40
    you to all read it at your leisure once
  • 00:01:42
    you have um finished this
  • 00:01:46
    meeting despite the OB newness of myself
  • 00:01:49
    um as CEO interim CEO and Mike as CFO
  • 00:01:53
    we're part of an established team that
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    will take varas through to commercial
  • 00:01:57
    production and Beyond the team front of
  • 00:02:00
    view today combines my Technical and
  • 00:02:02
    asset leadership expertise in poly
  • 00:02:04
    metallic and underground operations as
  • 00:02:06
    well as Michael's financial and capital
  • 00:02:08
    markets experience having joined
  • 00:02:11
    Adriatic in 2022 as head of Business
  • 00:02:14
    Development the information in this pack
  • 00:02:17
    is presented based on the significant
  • 00:02:19
    amount of work I and the team at
  • 00:02:21
    Adriatic have completed over the last
  • 00:02:23
    two months we've assessed the many
  • 00:02:25
    bottlenecks or the challenges between
  • 00:02:27
    the various project as it stands today
  • 00:02:30
    and those that need to and have what we
  • 00:02:31
    need to complete in order to be able to
  • 00:02:33
    deliver the significant returns which
  • 00:02:35
    you as patient shareholders um expect in
  • 00:02:39
    my short term at Adriatic the quality of
  • 00:02:41
    the people I have met the understanding
  • 00:02:43
    I now have of the ruch or body the Mind
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    design and extraction sequences
  • 00:02:47
    including dealing with ground conditions
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    the various um processing plant its
  • 00:02:52
    commissioning and all of the other
  • 00:02:53
    elements of this extraordinary project
  • 00:02:55
    have been reviewed I've spent the time
  • 00:02:58
    working through all of this and I seen
  • 00:02:59
    no fatal
  • 00:03:01
    flaws quite the opposite in fact Baris
  • 00:03:04
    is built and we're working to simplify
  • 00:03:06
    the value chain improve safety and
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    deliver operating discipline that will
  • 00:03:10
    see delivery of quality product to
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    Market routinely and
  • 00:03:14
    consistently Adriatic Metals will soon
  • 00:03:17
    be a leading mining operation in Europe
  • 00:03:19
    producing critical metals and based on
  • 00:03:21
    what I've seen to date will be doing so
  • 00:03:23
    for a long time potentially in excess of
  • 00:03:26
    the 18-year mine life we currently have
  • 00:03:31
    those whove been following Adriatic will
  • 00:03:32
    be well aware of our simple strategy to
  • 00:03:35
    maximize significant cash flows from
  • 00:03:37
    varish which when in commercial
  • 00:03:38
    production will remain firmly in the
  • 00:03:40
    first quartile of the cost code globally
  • 00:03:42
    for the silver mining
  • 00:03:44
    industry our Capital allocation policy
  • 00:03:46
    will be formally presented to the market
  • 00:03:48
    soon after we have reached um commercial
  • 00:03:51
    production yet we will clearly aim to
  • 00:03:53
    maximize shareholder returns through a
  • 00:03:55
    consistent deleveraging strategy
  • 00:03:57
    balanced with the requirement to
  • 00:03:59
    continue to invest in our assets to
  • 00:04:01
    further grow barish's life of mine as
  • 00:04:04
    well as generate returns to the benefit
  • 00:04:06
    of all of Adriatic
  • 00:04:08
    stakeholders the longer term strategy is
  • 00:04:11
    to go beyond our existing asset
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    portfolio but the short-term Mission
  • 00:04:15
    remains to complete the exceptional
  • 00:04:17
    progress made at barish deleverage the
  • 00:04:20
    balance sheet and generate sustainable
  • 00:04:22
    cash flows from the barish
  • 00:04:24
    operation this is our transition stage
  • 00:04:27
    we move from Project spend to revenue
  • 00:04:29
    income it's exciting and we feel very
  • 00:04:32
    positive about the future we have a
  • 00:04:34
    couple of slides to take you through a
  • 00:04:36
    few key points um and let me expand on
  • 00:04:38
    the work um some of the work completed
  • 00:04:40
    underway or planned and its impact on
  • 00:04:43
    guidance and what I've seen for the next
  • 00:04:45
    for over the last couple of
  • 00:04:47
    months so we'll start with M production
  • 00:04:50
    the varis project has built a has built
  • 00:04:52
    a modern operation utilizing technology
  • 00:04:55
    to minimize people exposure and maximize
  • 00:04:57
    production it is a fully mechanized mine
  • 00:05:00
    with a small footprint it's technically
  • 00:05:02
    very similar if not almost identical to
  • 00:05:05
    many underground stoping operations in
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    advanced mining jurisdictions just as
  • 00:05:09
    such as Australia Canada uh the US
  • 00:05:12
    Etc development rates with the shift to
  • 00:05:15
    owner to the shift to owner operator and
  • 00:05:18
    an increase in available headings after
  • 00:05:20
    we've accessed through the poor ground
  • 00:05:21
    conditions have dramatically improved we
  • 00:05:24
    are now consistently meeting forecast
  • 00:05:27
    forecast rates of 300 meters per month
  • 00:05:30
    last month achieving 318 meters which
  • 00:05:33
    was a record for the
  • 00:05:34
    team however the below budget
  • 00:05:37
    performance in half one has impacted
  • 00:05:39
    significantly on the schedule to bring
  • 00:05:41
    sto or into production more on that
  • 00:05:44
    later with our first Stope last in
  • 00:05:47
    August and the second Stope commencing
  • 00:05:49
    in September including the the use of
  • 00:05:52
    electronic debts just last week which is
  • 00:05:53
    a first for Bosnia and Herzegovina
  • 00:05:55
    mining industry we're ramping up
  • 00:05:57
    production and improving material
  • 00:05:59
    fragmentation for the crushing andage
  • 00:06:02
    teams the first Stope had a few issues
  • 00:06:04
    pulling through the slot against the
  • 00:06:05
    fault boundary of the or body but a
  • 00:06:07
    tweak to the to the design has
  • 00:06:09
    eliminated that issue for the second
  • 00:06:11
    Stope the grade control drilling is
  • 00:06:14
    underway at PACE and continues to more
  • 00:06:16
    closely Define the or body shape and
  • 00:06:18
    grade for design and scheduling while
  • 00:06:21
    we've seen the expected variations
  • 00:06:23
    within the geostatistical um uh
  • 00:06:25
    variation the geological model remains
  • 00:06:28
    strong and only increases confidence in
  • 00:06:30
    future Year's production and
  • 00:06:32
    forecasts there are good reconciliation
  • 00:06:34
    processes being implemented and used
  • 00:06:36
    routinely to manage blending and mil
  • 00:06:38
    feed
  • 00:06:40
    grades we did encounter poor ground
  • 00:06:42
    conditions in the first half of the year
  • 00:06:44
    and these have been resolved with the
  • 00:06:46
    inative use of Weber injection foam that
  • 00:06:48
    stabilized the ground to allow
  • 00:06:50
    development to recommence on the 950
  • 00:06:53
    level this opened up a whole sede of
  • 00:06:55
    other of other um development areas and
  • 00:06:58
    allowed us to to start to push the rates
  • 00:07:00
    up the technical team have developed the
  • 00:07:03
    necessary predictive ground support
  • 00:07:05
    criteria now to maximize development
  • 00:07:07
    rates while ensuring safe Mining and
  • 00:07:10
    progress I'm really pleased to have seen
  • 00:07:13
    the interactive relationship between
  • 00:07:14
    both Technical and operational experts
  • 00:07:17
    because this is necessary to underpin
  • 00:07:19
    the strong performance we've seen to
  • 00:07:21
    date the team are working well together
  • 00:07:24
    to learn to challenge to implement
  • 00:07:26
    changes quickly and safely it's really
  • 00:07:28
    really good to see see that interaction
  • 00:07:30
    happening and making a difference on the
  • 00:07:32
    ground but today I have to reset the
  • 00:07:35
    Mind tonnage guidance for 2024 based on
  • 00:07:38
    our half one development performance and
  • 00:07:40
    the delayed um access to the production
  • 00:07:42
    sequence we're going to we're going to
  • 00:07:44
    reset the guidance to 180,000 tons for
  • 00:07:47
    the year I do however want to restate
  • 00:07:50
    the 2025 guidance of 750 to 800,000 tons
  • 00:07:55
    as the fundamental quality of the or
  • 00:07:57
    body and grade profile remains strong
  • 00:08:01
    the timing of extraction has changed
  • 00:08:03
    with material previously expected in Q4
  • 00:08:06
    now to be mined in q1
  • 00:08:10
    2025 so the mission for the mine is is
  • 00:08:13
    to safely ramp up production to
  • 00:08:15
    commercial rates by the end of
  • 00:08:17
    2024 and put in place the development
  • 00:08:20
    needed for stable production in 2025 and
  • 00:08:24
    Beyond the assumptions and schedules
  • 00:08:26
    supporting these guidance figures have
  • 00:08:28
    been reviewed compared with actuals or
  • 00:08:30
    benchmarks and actions put in place to
  • 00:08:32
    to improve where needed this is an
  • 00:08:35
    achievable plan and I'm confident in the
  • 00:08:38
    team to deliver the stated
  • 00:08:41
    outcomes of course the performance of
  • 00:08:43
    the process plant is key to delivering
  • 00:08:45
    the value from the or to Market you can
  • 00:08:48
    see on the slide the figures we've
  • 00:08:50
    achieved with some excellent results
  • 00:08:51
    over a relatively short time with good
  • 00:08:54
    head grades continuing the feed to
  • 00:08:56
    September we're improving recoveries as
  • 00:08:58
    we head towards exceeding 70% um towards
  • 00:09:01
    the end of the month and into the start
  • 00:09:03
    of
  • 00:09:04
    Q4 the process plant continues to
  • 00:09:07
    campaign throughput and debottleneck the
  • 00:09:10
    processes but as the tonnage increases
  • 00:09:12
    from the mine especially with the
  • 00:09:14
    addition of stoping or we're better able
  • 00:09:16
    to manage the feed grade stability and
  • 00:09:19
    Achieve improved recoveries this will
  • 00:09:21
    continue as we ramp up to 247 operations
  • 00:09:25
    as the V or feed volumes
  • 00:09:28
    increase this run time is what we need
  • 00:09:30
    to iron out the final bumps and continue
  • 00:09:33
    to improve recoveries I will remind that
  • 00:09:36
    we didn't actually run run a pilot plant
  • 00:09:39
    so a lot of the work that we're doing
  • 00:09:40
    now is is is sort of work you would do
  • 00:09:43
    through a pilot plant and we're actually
  • 00:09:45
    seeing some amazing results compared to
  • 00:09:47
    what could have been
  • 00:09:49
    possible current work underway in the
  • 00:09:51
    plant includes Recruitment and training
  • 00:09:52
    to run the 247 operations increasing
  • 00:09:56
    water resilience through additional
  • 00:09:57
    storage and development of an on-site we
  • 00:10:00
    and implementation of DCs improvements
  • 00:10:03
    all of which will be in place through
  • 00:10:05
    the well apart from the development well
  • 00:10:07
    but all the rest will be will be working
  • 00:10:09
    on through quarter
  • 00:10:10
    4 the H Team or the glue that holds the
  • 00:10:13
    value chain together they deliver the
  • 00:10:16
    ore to the plant and they deliver the
  • 00:10:17
    concentrate to the rail head they too
  • 00:10:20
    are ramping up with transfers of ore and
  • 00:10:22
    concentrate occurring safely and on time
  • 00:10:26
    it's exciting to see that last week we
  • 00:10:27
    had a first full train of 36 containers
  • 00:10:30
    of concentrate head out of our rail head
  • 00:10:32
    to the port for
  • 00:10:34
    export so we're now putting in place the
  • 00:10:36
    routines for production daily
  • 00:10:39
    coordination meetings stockpile control
  • 00:10:41
    for blending Excellence feedback loops
  • 00:10:43
    to generate Improvement and cross
  • 00:10:45
    Department support to enable smooth
  • 00:10:47
    running of product from mind Market
  • 00:10:49
    these are important routines and will be
  • 00:10:52
    continuing to build strong operational
  • 00:10:54
    management over the next six
  • 00:10:57
    months as you all know we have had some
  • 00:11:00
    recent headaches um you'll all be aware
  • 00:11:02
    of the Constitutional Court decision
  • 00:11:04
    that was handed down in July and had an
  • 00:11:07
    impact on the original permitted designs
  • 00:11:10
    areas of impact include long-term waste
  • 00:11:12
    waste rock storage and location of the
  • 00:11:14
    paste plant which was due for which is
  • 00:11:16
    due for completion in 2025 but the most
  • 00:11:19
    fundamental was the impact on the
  • 00:11:20
    planned tailing storage facility where
  • 00:11:23
    the location and design had to be
  • 00:11:25
    Revisited the project team were on this
  • 00:11:27
    quickly and identified the of vure pit
  • 00:11:30
    as an option over the last couple of
  • 00:11:32
    months we have completed the design
  • 00:11:34
    through from preliminary through to
  • 00:11:36
    final discuss the with the local
  • 00:11:38
    communities and regulators and progress
  • 00:11:41
    the different permits such as water
  • 00:11:42
    environment Etc required for for us to
  • 00:11:45
    get final construction permit All Is On
  • 00:11:48
    Track and as noted on the slide we
  • 00:11:51
    expect construction approval in October
  • 00:11:53
    after the elections here in Bosnia
  • 00:11:56
    preliminary works are underway including
  • 00:11:58
    ground preparation
  • 00:12:00
    access construction and contract Award
  • 00:12:02
    with the project team mobilized to lead
  • 00:12:04
    this work through to completion it's
  • 00:12:06
    about a 2 kmet um trip from the from the
  • 00:12:10
    plant up to where the the v vure um
  • 00:12:13
    turnings facility will be and although
  • 00:12:15
    it's difficult to see in the picture you
  • 00:12:17
    can actually see the plant sits um um
  • 00:12:20
    just in the uh in the in the background
  • 00:12:23
    so it's it's visible from the far end of
  • 00:12:25
    the vacher pit current tailings are
  • 00:12:29
    being stored in the temporary tsf which
  • 00:12:31
    is close to the plant and the capacity
  • 00:12:33
    here is expected to last until q1 2025
  • 00:12:37
    and the construction schedule for the
  • 00:12:38
    Vater with and with the construction
  • 00:12:40
    schedule for Vater tailings facility I
  • 00:12:43
    don't expect for there to be any Gap
  • 00:12:45
    entailing storage capacity so it will
  • 00:12:48
    not have an impact on our production
  • 00:12:52
    profile so
  • 00:12:54
    finally and importantly I'd like to make
  • 00:12:56
    a short comment on liquidity we've not
  • 00:12:59
    included a slide here but it's in the
  • 00:13:00
    accompanying release this is a time of
  • 00:13:03
    transition for Adriatic medals as we
  • 00:13:05
    switch from Project spend to product
  • 00:13:07
    Revenue as our primary funding model at
  • 00:13:10
    the end of August we had approximately
  • 00:13:14
    35.6 million cash on hand we have a 25
  • 00:13:17
    million undrawn facility from Orion with
  • 00:13:20
    obviously with some conditions and we
  • 00:13:22
    have stock pile value of about 20
  • 00:13:24
    million in in whip plus remaining
  • 00:13:27
    Revenue generation through Q4
  • 00:13:29
    before we have our first debt repayment
  • 00:13:31
    in December of $18
  • 00:13:33
    million so I believe we are in a good
  • 00:13:36
    position both operationally and
  • 00:13:38
    financially as we transition to
  • 00:13:40
    operations and enter our first full year
  • 00:13:43
    of production in
  • 00:13:45
    20125 it's an exciting time for all the
  • 00:13:48
    people of Adriatic and they should all
  • 00:13:50
    be really proud of what they've achieved
  • 00:13:52
    there been some outstanding work
  • 00:13:53
    completed over the last seven years and
  • 00:13:56
    I think we're in great stead for 2025
  • 00:13:58
    and
  • 00:13:59
    Beyond and now I think it's good to we
  • 00:14:02
    go to questions so we can see what
  • 00:14:03
    you're interested in hearing more about
  • 00:14:05
    and I'm going to hand over to Clara who
  • 00:14:07
    will share the questions between myself
  • 00:14:09
    and
  • 00:14:11
    Mike perfect Laura and Michael if I may
  • 00:14:13
    just jump back in there and thank you
  • 00:14:14
    very much indeed uh for your
  • 00:14:16
    presentation this morning um ladies and
  • 00:14:18
    Gentlemen please do continue to submit
  • 00:14:19
    your questions just by using the Q&A tab
  • 00:14:21
    that's situated on the top right hand
  • 00:14:23
    corner of your screen uh but just while
  • 00:14:25
    the team take a few moments to review
  • 00:14:26
    those questions that were submitted
  • 00:14:28
    already I'll just i' like to remind you
  • 00:14:29
    that a recording of this presentation
  • 00:14:31
    along with the copy of the slides and
  • 00:14:32
    the published Q&A can all be accessed
  • 00:14:34
    through the platform um Laura Michael as
  • 00:14:37
    you can see we have received a number of
  • 00:14:38
    questions um throughout your
  • 00:14:39
    presentation this morning and thank you
  • 00:14:41
    to all of those on the call for taking
  • 00:14:42
    the time to submit their questions um
  • 00:14:45
    but clar at this point if I may hand
  • 00:14:46
    over to you just to chair the Q&A with
  • 00:14:47
    the team and if I pick up from you at
  • 00:14:49
    the end that'll be great thank
  • 00:14:52
    you thank you Jake the first question
  • 00:14:55
    that's com in is in regards to mind
  • 00:14:58
    scheduling and whether we the
  • 00:15:01
    possibility is there to Target the
  • 00:15:02
    higher grade material and whether
  • 00:15:05
    modeling has been done to determine
  • 00:15:07
    those stress changes and whether the
  • 00:15:09
    ground stability is good enough to hold
  • 00:15:12
    up such a
  • 00:15:15
    change so so um thanks Clara um so uh in
  • 00:15:20
    a previous um um set of information we
  • 00:15:23
    actually stated that we would be looking
  • 00:15:25
    to how did we manage the grade that was
  • 00:15:28
    flowing through to the mill in order to
  • 00:15:31
    manage the amount of tailings that were
  • 00:15:32
    being produced so we referenced that we
  • 00:15:34
    would be tackling we would be kind of
  • 00:15:36
    focusing on high grade the high grade
  • 00:15:39
    that the way that we've been managing
  • 00:15:41
    that is through stockpile management so
  • 00:15:43
    is around how do we um manage the grade
  • 00:15:46
    itself that goes through the plant so
  • 00:15:49
    focusing on the higher grade material
  • 00:15:50
    rather than the lower grade material
  • 00:15:52
    coming out of the mine what we have not
  • 00:15:54
    done is reschedule the mine um
  • 00:15:57
    production in order to high GR the or
  • 00:15:59
    body so we haven't needed to carry out
  • 00:16:02
    that um modeling that would that would
  • 00:16:04
    have been required should we have taken
  • 00:16:06
    that route so a great question um and
  • 00:16:09
    something that obviously any mind that
  • 00:16:11
    looks to highgrade its or body should be
  • 00:16:14
    doing um but we haven't seen the need to
  • 00:16:16
    do that at this time mostly because it's
  • 00:16:18
    stock pound management that we've been
  • 00:16:20
    using to produce the high push higher
  • 00:16:22
    grade through the
  • 00:16:23
    milk thanks
  • 00:16:25
    Clara thanks the next question is
  • 00:16:28
    whether we have enough support
  • 00:16:30
    underground for the mining and whether
  • 00:16:32
    we need to spend money and upgrade these
  • 00:16:35
    support so the so the support is
  • 00:16:38
    designed as we have a we have a detailed
  • 00:16:40
    ground support management plan that's
  • 00:16:42
    been put in place that identifies four
  • 00:16:45
    different categories of ground but also
  • 00:16:47
    identifies the different types of
  • 00:16:49
    development that we're putting in place
  • 00:16:51
    so where development is is required for
  • 00:16:53
    the long term so that's major kind of
  • 00:16:56
    infrastructure access ways we have the
  • 00:16:58
    we have the long-term ground support
  • 00:17:00
    that is required to make sure we have
  • 00:17:02
    the stability that we need for the long
  • 00:17:04
    term obviously where we have development
  • 00:17:06
    that goes into stoping is only required
  • 00:17:08
    for a um a six to 12 month period then
  • 00:17:12
    we you know we we have a different um
  • 00:17:14
    ground support regime however um all of
  • 00:17:17
    those things are continually being
  • 00:17:19
    monitored and made sure that we've got
  • 00:17:20
    the right ground support for the right
  • 00:17:22
    length of kind of like the length of
  • 00:17:24
    time that we're going to need the the um
  • 00:17:26
    the development um and make sure that we
  • 00:17:28
    we um are are are not going to have
  • 00:17:31
    instability um in the in the short term
  • 00:17:34
    so what that means is you know longterm
  • 00:17:36
    there will always be a requirement for
  • 00:17:38
    rehab in certain areas but we don't see
  • 00:17:40
    a requirement to go through and do we
  • 00:17:42
    shouldn't see a requirement to go
  • 00:17:44
    through in the near term to do a whole
  • 00:17:46
    scale upgrade of
  • 00:17:49
    support thanks next question is compared
  • 00:17:52
    to the DFS um development meters were
  • 00:17:55
    600 meters per month currently rates um
  • 00:17:59
    half that number how will this impact
  • 00:18:02
    future oil production Beyond
  • 00:18:05
    2025 and what measures are being done to
  • 00:18:08
    increase development rates yeah great
  • 00:18:11
    question so the the um so with the
  • 00:18:14
    development originally the schedule for
  • 00:18:16
    development to bring production in
  • 00:18:19
    required a much higher rate than was
  • 00:18:21
    achieved like a significantly higher
  • 00:18:23
    rate than was being achieved so that
  • 00:18:24
    development has been now basically
  • 00:18:26
    achieved over a longer time period um
  • 00:18:29
    what it does mean though is we need to
  • 00:18:31
    be at 300 plus going forwards the rest
  • 00:18:34
    of 24 and then into 25 and Beyond um in
  • 00:18:38
    some instances where we're opening
  • 00:18:40
    opening up um brand new um kind of
  • 00:18:43
    access through the through the decline
  • 00:18:45
    we might have you know slight
  • 00:18:47
    variability from one month to the next
  • 00:18:50
    um but that 600 meters is is no longer
  • 00:18:53
    required that was the initial
  • 00:18:54
    requirement that we needed in order to
  • 00:18:56
    to start the the um the um stoping up
  • 00:19:01
    we've now got stoping in place and we
  • 00:19:03
    we're looking at the schedule we believe
  • 00:19:05
    a 300 300 plus um is going to be what we
  • 00:19:08
    require going forwards to 24 the rest of
  • 00:19:10
    24 and into 25 um I don't have the fine
  • 00:19:15
    detail in front of me um right now on on
  • 00:19:17
    a kind of like the monthly rates as we
  • 00:19:19
    go forwards but looking at an average of
  • 00:19:21
    300 to 350 through 25 is is what we are
  • 00:19:25
    expecting um to see and to require to to
  • 00:19:28
    Main maintain
  • 00:19:31
    production thanks Laura the next
  • 00:19:33
    question is what payability is being
  • 00:19:36
    received on the current low grade
  • 00:19:38
    concentrate and when do we expect to
  • 00:19:40
    reach the targeted grades as per the
  • 00:19:44
    DFS yes so I can jump on that one if you
  • 00:19:46
    want Laura um so actually some of the
  • 00:19:49
    good news and we do reference it in the
  • 00:19:51
    in the press release is that basically
  • 00:19:52
    we've gotten DFS level payability so
  • 00:19:55
    there hasn't been any additional kind of
  • 00:19:58
    disc account or um penalties related to
  • 00:20:01
    the early stage you know you would have
  • 00:20:04
    seen in the Q2 you know we were kind of
  • 00:20:06
    talking about uh you know 30 to 40% PB
  • 00:20:10
    and Z end you know those grades have
  • 00:20:12
    come up you know we're now actually
  • 00:20:14
    pretty close to DFS so if you go back to
  • 00:20:16
    the DFS grades there were 50 to 55% zinc
  • 00:20:20
    45% lead life of mine average about
  • 00:20:23
    1,800 gr per ton silver we're basically
  • 00:20:26
    a little bit lower on the zinc right now
  • 00:20:28
    right in line on the lead and actually
  • 00:20:31
    higher on the silver so even with these
  • 00:20:33
    initial you know kind of trickier
  • 00:20:36
    concentrates that we've produced as the
  • 00:20:39
    mail is just kind of getting ramped up
  • 00:20:40
    we've actually been getting like 100%
  • 00:20:42
    normal payability so no real difference
  • 00:20:45
    from the DFS um and I think that's quite
  • 00:20:48
    encouraging because again it's it's it's
  • 00:20:50
    quite common for you know poly metallic
  • 00:20:52
    processing plants they take a little bit
  • 00:20:54
    of time to get going and concentrate
  • 00:20:56
    quality is not always exactly there but
  • 00:20:59
    basically we're getting what we did
  • 00:21:00
    expect um good quality concentrates full
  • 00:21:03
    payability we've actually been selling a
  • 00:21:05
    little bit more into China than we
  • 00:21:08
    expected because the grades have been
  • 00:21:09
    actually quite positive and the
  • 00:21:11
    concentrate Market is incredibly tight
  • 00:21:13
    right now so that's one area that I
  • 00:21:14
    think uh has really been a bright spot
  • 00:21:16
    for us in the early
  • 00:21:21
    days thanks Mike another one um on costs
  • 00:21:25
    um questions are how a cost track
  • 00:21:28
    relative to the
  • 00:21:29
    DFS and you know there's some
  • 00:21:32
    assumptions that operating costs will be
  • 00:21:34
    approximately 20% higher what are your
  • 00:21:37
    thoughts on those
  • 00:21:38
    assumptions yeah so we obviously haven't
  • 00:21:41
    guided on Opex yet uh and we only plan
  • 00:21:44
    to do that after we reach commercial
  • 00:21:47
    production which is you know pretty
  • 00:21:49
    typical for sort of a single asset ramp
  • 00:21:51
    up um but I think you know people can
  • 00:21:54
    infer from the fact that you know the
  • 00:21:57
    capex came in about you know 15% is
  • 00:22:00
    higher than the 2021 DFS um inflation in
  • 00:22:04
    Bosnia also peaked I think it was about
  • 00:22:07
    you know 15 to 17% as well in late 2022
  • 00:22:11
    so I think yeah if people want to you
  • 00:22:13
    know guess at 20 plus that's probably
  • 00:22:15
    the right sort of order of magnitude for
  • 00:22:18
    now uh again we will give proper sort of
  • 00:22:21
    cost guidance after we reach commercial
  • 00:22:23
    production but I think you know one of
  • 00:22:25
    the things to step back and and keep in
  • 00:22:27
    mind is that you know the DFS showed
  • 00:22:29
    that this was going to be a first
  • 00:22:31
    quartile cost you know producer even if
  • 00:22:34
    our Opex does come in a little bit
  • 00:22:36
    higher than the DFS if you look across
  • 00:22:39
    the mining industry the past four or
  • 00:22:41
    five years everybody's had quite a lot
  • 00:22:43
    of Opex inflation so we would expect to
  • 00:22:46
    still be in the first quartile which at
  • 00:22:48
    the end of the day is is all that kind
  • 00:22:49
    of really matters um and that's really
  • 00:22:52
    the advantage of of operating in a place
  • 00:22:53
    like Bosnia like I've worked in the past
  • 00:22:56
    in you know Canada Laura's worked in
  • 00:22:58
    austr Australia um a lot higher cost
  • 00:23:00
    jurisdictions but you know the beauty of
  • 00:23:03
    Bosnia and the Balkans is you've got
  • 00:23:05
    very cheap power you know 7 cents 8
  • 00:23:08
    cents a kilowatt hour which we're
  • 00:23:09
    connected to in the grid not raing not
  • 00:23:12
    raing on uh you know diesel gen sets um
  • 00:23:15
    good infrastructure paved roads rail you
  • 00:23:18
    know we're in the middle of Europe and
  • 00:23:19
    you know low tax rate at 10% so yeah
  • 00:23:23
    we're not we're going to be higher than
  • 00:23:25
    DFS Opex um but it's still going to be
  • 00:23:27
    quite a high margin
  • 00:23:31
    operation thanks Mike another um
  • 00:23:34
    question is what's your monthly burn
  • 00:23:37
    rate
  • 00:23:40
    currently yeah so um yeah I mean you you
  • 00:23:44
    kind of be able to calculate that from
  • 00:23:46
    the quarterlies and we've just given
  • 00:23:48
    this cash figure of
  • 00:23:49
    35.6 at the end of August so roughly
  • 00:23:52
    speaking from January the average is 10
  • 00:23:55
    to 11 million a month um and that
  • 00:23:57
    includes UD everything so that's that's
  • 00:24:00
    site cost that's capex that's GNA
  • 00:24:04
    corporate even expiration um so you know
  • 00:24:07
    we spent Circa seven eight million you
  • 00:24:10
    know year to date on expiration so call
  • 00:24:12
    it a million a month um you know capex
  • 00:24:15
    is winding down uh in a big way but then
  • 00:24:19
    obviously your variable operating costs
  • 00:24:21
    like processing and Hol are starting to
  • 00:24:23
    come up a little bit so they're kind of
  • 00:24:24
    evening out and I'd say that yeah like
  • 00:24:27
    you know 10 million a month is is
  • 00:24:30
    basically a steady state burn rate for
  • 00:24:32
    us at the moment uh we do think that by
  • 00:24:35
    25 that will go down even a little bit
  • 00:24:37
    lower just in terms of you know probably
  • 00:24:40
    a little bit less expiration spend and
  • 00:24:42
    and less capex you know as well um but
  • 00:24:45
    that's something to kind of use for now
  • 00:24:46
    until we give that formal cost guidance
  • 00:24:49
    uh after we reach commercial
  • 00:24:53
    production uh do you believe you will um
  • 00:24:55
    need to draw down the Orion facility
  • 00:25:01
    yeah look I I think you know at this
  • 00:25:03
    point in time um you know given the cash
  • 00:25:05
    balance it really depends on how the
  • 00:25:07
    next couple of weeks and months go it's
  • 00:25:09
    it's always a tricky one with you know
  • 00:25:11
    sort of projects like this where uh
  • 00:25:14
    working capital is is always a bit of a
  • 00:25:16
    a lag so we've had some extremely good
  • 00:25:19
    months on the mining side um you know
  • 00:25:22
    record in in August 25,000 tons we've
  • 00:25:25
    already exceeded that already in
  • 00:25:26
    September so there's quite a lot of
  • 00:25:28
    material that's going to be processed
  • 00:25:30
    and going to be sold and that's great um
  • 00:25:32
    but people can see I we've put the
  • 00:25:35
    figure for a stockpile in there about
  • 00:25:37
    36,000 tons if you do the rough math we
  • 00:25:41
    haven't included the figure but that's
  • 00:25:43
    basically 20 million of Revenue sitting
  • 00:25:45
    on the or stock pile that takes a little
  • 00:25:47
    bit of time to work its way through so
  • 00:25:49
    it really depends on how quickly we kind
  • 00:25:52
    of get that Revenue in in um but
  • 00:25:55
    generally speaking with the cash we have
  • 00:25:56
    on hand that's stockpile the revenue for
  • 00:25:59
    the rest of the year we feel quite
  • 00:26:01
    confident well we feel more confident um
  • 00:26:03
    to make the the main debt repayment at
  • 00:26:06
    the end of this year so that's the 18
  • 00:26:07
    million us roughly to irion we've got
  • 00:26:11
    more than enough Headroom for that um so
  • 00:26:13
    you know if we are drawing on the 25
  • 00:26:15
    it's purely just like a timing
  • 00:26:17
    sequencing thing to get through you know
  • 00:26:20
    you're pretty typical kind of working
  • 00:26:22
    capital um you know inflection point but
  • 00:26:26
    keep in mind that's only a six-month
  • 00:26:27
    facility so obviously if we're taking it
  • 00:26:29
    it means that we feel good that we only
  • 00:26:31
    really need it for a very short period
  • 00:26:33
    of time
  • 00:26:35
    so thank you uh we have obviously
  • 00:26:38
    referenced um changes to production
  • 00:26:41
    guidance in 2024 however there's been no
  • 00:26:44
    reference to
  • 00:26:45
    grades uh what should we expect on on
  • 00:26:48
    that side what's what was previously
  • 00:26:50
    published in
  • 00:26:53
    January you want to say that one Laura
  • 00:26:56
    yeah so so I think the you know um what
  • 00:26:59
    we I mean obviously the guidance was was
  • 00:27:01
    based on the the tonnage and that's the
  • 00:27:03
    change that we've made um the grades
  • 00:27:05
    that we're seeing at the moment coming
  • 00:27:06
    through um are the grades we're kind of
  • 00:27:09
    really expecting to see as we go
  • 00:27:11
    forwards they will kind of hopefully
  • 00:27:13
    kind of like level out towards um the
  • 00:27:16
    the the average grade that we're
  • 00:27:17
    expecting for 24 and 25 um which has
  • 00:27:21
    been previously provided so don't see
  • 00:27:23
    any any drastic shift in what we've
  • 00:27:26
    indicated um the grade control drilling
  • 00:27:29
    that we're doing as a routine um is
  • 00:27:31
    confirming the geological model um
  • 00:27:34
    obviously there's there's a little bit
  • 00:27:35
    of kind of give and take around the
  • 00:27:37
    edges of the your body that you expect
  • 00:27:38
    to see just based on the kind of the
  • 00:27:41
    accuracy of the geostatistical model and
  • 00:27:43
    and when you put those additional um
  • 00:27:45
    grade control holes in you start to get
  • 00:27:47
    that kind of fine nuancing of the of
  • 00:27:49
    where the your body is and isn't but
  • 00:27:51
    we're seeing it basically overall
  • 00:27:53
    confirming the quality of the your body
  • 00:27:55
    um and its distribution so um we haven't
  • 00:27:58
    guided on on grades specifically but
  • 00:28:01
    they will continue within the the vein
  • 00:28:03
    that we're seeing uh that we're
  • 00:28:05
    currently seeing so um yeah it's it's
  • 00:28:09
    it's probably broadly aligned with what
  • 00:28:11
    we were expecting in q1 from a grade
  • 00:28:13
    perspective um sorry in Q4 on a grade
  • 00:28:16
    perspective
  • 00:28:18
    anyway uh we've had another question
  • 00:28:21
    regarding the term commercial production
  • 00:28:24
    and when will this be met
  • 00:28:28
    and does this have an impact on Project
  • 00:28:33
    financing well I'll take the first bit
  • 00:28:35
    and then might can take the second half
  • 00:28:37
    of that one so so the um you know as
  • 00:28:40
    we're ramping up in Q4 we are expecting
  • 00:28:44
    to be able to um basically get to the
  • 00:28:47
    rates that we require um for commercial
  • 00:28:50
    production um which is um you know
  • 00:28:53
    percentage of the of the total of kind
  • 00:28:56
    of of the of the the full um 800,000 per
  • 00:28:59
    year rate um but but we're expecting to
  • 00:29:02
    to see quarter one um as being the first
  • 00:29:05
    time when we will actually be able to
  • 00:29:07
    run at that rate for long periods of
  • 00:29:09
    time I.E months at a time so we are um
  • 00:29:12
    you know continuing to to ramp up
  • 00:29:14
    through quarter 4 so we won't see
  • 00:29:16
    quarter 4 as a full production rate um
  • 00:29:18
    or the full kind of commercial
  • 00:29:19
    production rate but we will intending to
  • 00:29:22
    to aim to bring that rate through in
  • 00:29:24
    quarter one and then quarter two three
  • 00:29:27
    and four
  • 00:29:28
    um will be then running the the intent
  • 00:29:32
    is they will then be running at um at
  • 00:29:34
    800,000 tons per anom rate um through
  • 00:29:37
    those the second half of of
  • 00:29:40
    25 Mike anything to add yeah and on the
  • 00:29:43
    other points um commercial production is
  • 00:29:46
    is kind of a key point for a few things
  • 00:29:49
    as for us as a company one with our debt
  • 00:29:52
    financing with Orion and and also just
  • 00:29:54
    other things like insurance it's
  • 00:29:55
    obviously a pretty typical thing that uh
  • 00:29:58
    counterparties look for you to ramp up
  • 00:30:00
    uh we do expect to hit those metrics
  • 00:30:03
    that we need specifically for those kind
  • 00:30:05
    of items um by the end of the year so so
  • 00:30:09
    let's say you know in December the end
  • 00:30:10
    of Q4 because it's over sort of a
  • 00:30:12
    shorter time frame that we need to be
  • 00:30:14
    able to reach those levels to take those
  • 00:30:17
    boxes compared to what's Laura is
  • 00:30:19
    talking about is really like a whole
  • 00:30:20
    quarter uh we don't need that to reach
  • 00:30:23
    what you would almost call statutory
  • 00:30:25
    commercial production so we do expect
  • 00:30:27
    that to Happ happen by the end of this
  • 00:30:31
    year thank you both we've had a number
  • 00:30:33
    of questions on the vivat tailing
  • 00:30:36
    storage
  • 00:30:37
    facility what are the kind of what's the
  • 00:30:40
    critical path and what are the sort of
  • 00:30:42
    key engineering milestones for that
  • 00:30:44
    completion and also regarding the road
  • 00:30:49
    from um the VPP to the v v tailing
  • 00:30:53
    facility will this require the use of
  • 00:30:55
    public roads um and will that have to go
  • 00:30:58
    through neighboring
  • 00:31:01
    Villages thanks good good questions on
  • 00:31:04
    the on the on the vouer tailings
  • 00:31:05
    facility so um the key Milestones have
  • 00:31:09
    always been permitting um we have the um
  • 00:31:12
    we put in place all of the contracts um
  • 00:31:14
    and so so that has always been the key
  • 00:31:16
    Milestone that we've that we've needed
  • 00:31:18
    to to deal with um that is in progress
  • 00:31:21
    as I said um in the the kind of like the
  • 00:31:24
    overview we've got um we've been talking
  • 00:31:27
    with the very Rel itive Regulators we
  • 00:31:29
    have all the paperwork um in front of
  • 00:31:31
    the ministers for environment and water
  • 00:31:35
    Regulators that need to provide
  • 00:31:37
    paperwork their sign off before it goes
  • 00:31:39
    to the um Ministry of mining for a
  • 00:31:42
    formal construction approval and we
  • 00:31:45
    expect that construction approval in in
  • 00:31:48
    October and that's for the main um the
  • 00:31:51
    main construction piece however we own
  • 00:31:53
    the land we have to own the surface
  • 00:31:55
    rights to the to Via V tailing facility
  • 00:31:58
    area so we are able to start to do some
  • 00:32:01
    of the clearance and and and preparation
  • 00:32:04
    work ahead of that that includes um that
  • 00:32:07
    includes preparation of the access road
  • 00:32:09
    the access road will go from the plant
  • 00:32:12
    go up the bottom of the valley so when
  • 00:32:14
    you look at that picture that's on the
  • 00:32:15
    on the piece you'll see there's a valley
  • 00:32:18
    kind of down the bottom that's where the
  • 00:32:20
    access road will come up so we won't be
  • 00:32:22
    going through the villages around the
  • 00:32:24
    outside um of of you know um or kind of
  • 00:32:27
    like the that are accessed on the road
  • 00:32:30
    around the outside of the old pit um and
  • 00:32:33
    we'll be move we'll be coming through
  • 00:32:35
    the through the through the main um
  • 00:32:37
    through the bottom of the valley the the
  • 00:32:38
    work that we have to do there is we are
  • 00:32:40
    looking to improve the road through
  • 00:32:42
    there it's an old uh old um you know
  • 00:32:45
    Access Road um so that needs to be
  • 00:32:47
    improved so there's some work going on
  • 00:32:50
    there we've had approvals to start that
  • 00:32:52
    um cleanup and construction work and so
  • 00:32:54
    that is um that is underway even as we
  • 00:32:57
    speak
  • 00:32:58
    um all of the land access um ownership
  • 00:33:02
    is is is resolved and and is in um
  • 00:33:06
    adriatic's um ownership so so that means
  • 00:33:10
    then that we um that we have full access
  • 00:33:12
    to that road and to the and to the to
  • 00:33:15
    the pit so it's looking good the the
  • 00:33:18
    main um the main Milestone I guess to is
  • 00:33:21
    getting that you know getting that final
  • 00:33:23
    stamp in October after the elections um
  • 00:33:26
    and then you know the main engineering
  • 00:33:28
    Milestones um are kind of basically
  • 00:33:31
    getting the the ground prepped the
  • 00:33:33
    liners put in um and then we can start
  • 00:33:35
    placing placing material and that is
  • 00:33:38
    envisaged to be completed by the um end
  • 00:33:41
    of
  • 00:33:43
    November um another question on the
  • 00:33:46
    Vater tailing storage facility what life
  • 00:33:50
    how long is that facility available and
  • 00:33:52
    how long for and will this be dry stack
  • 00:33:55
    and then on the original tailing storage
  • 00:33:58
    facility do you believe that that will
  • 00:34:00
    potentially be viable in the
  • 00:34:02
    future um so the so the the V tailings
  • 00:34:06
    facility that we're constructing will be
  • 00:34:07
    done like any other tailings facility is
  • 00:34:09
    done in phases of work um so we will you
  • 00:34:12
    know complete the first phase of work
  • 00:34:14
    which will take us for through for a
  • 00:34:15
    number of years and then the second
  • 00:34:17
    phase so the the total amount of
  • 00:34:19
    capacity we have in there will give us
  • 00:34:21
    um enough tailing storage for about 10
  • 00:34:24
    years of production um so give or take
  • 00:34:28
    you know a few months kind of thing
  • 00:34:30
    depending on the grades and that that we
  • 00:34:32
    have coming through so so so we're
  • 00:34:34
    expecting this to be a long-term
  • 00:34:36
    solution for us um it will be in in
  • 00:34:39
    operation for for a significant period
  • 00:34:42
    of time um and and will become a part of
  • 00:34:44
    our kind of usual operations um the the
  • 00:34:49
    previous um tailings facility um
  • 00:34:52
    location we continue to have that we'll
  • 00:34:55
    continue to work through um put that for
  • 00:34:58
    potentially for down the track for a
  • 00:35:00
    longer term solution um for tailings
  • 00:35:03
    because we obviously we've got a a um
  • 00:35:05
    kind of a multi multiple Decades of of
  • 00:35:08
    production coming through so so that
  • 00:35:10
    would be something that we would
  • 00:35:11
    consider for the future but this is very
  • 00:35:13
    typical for any operation no operation
  • 00:35:15
    has its tailing well very few have their
  • 00:35:17
    tailing facilities all designed and
  • 00:35:19
    planned out through to the end of of
  • 00:35:21
    final operation and um so so this is
  • 00:35:24
    fairly normal that you know we will
  • 00:35:26
    exhaust um the the the current tailings
  • 00:35:28
    the bach tailings facility that we're
  • 00:35:30
    constructing now over the next 10 to 12
  • 00:35:32
    years and and at the end of that we will
  • 00:35:35
    have put in place the options for the
  • 00:35:37
    next um phase of tailings deposition
  • 00:35:39
    whether that is the um existing or the
  • 00:35:42
    old the previously permitted um or
  • 00:35:45
    planned site or whether it is an
  • 00:35:46
    alternative one and we'll work with
  • 00:35:48
    Regulators to make sure that we have
  • 00:35:50
    everything in place to um to have that
  • 00:35:52
    um in place in time to replace the new
  • 00:35:56
    vat tailing facility that we're
  • 00:35:59
    constructing can you provide some
  • 00:36:01
    guidance on the expected cost of the V
  • 00:36:03
    Ved tailings
  • 00:36:06
    facility so um a bit early there and and
  • 00:36:10
    again it's something that we'll we'll
  • 00:36:11
    probably give a good update on in terms
  • 00:36:13
    of once we reach commercial production
  • 00:36:14
    so both Opex and capex life of mine um
  • 00:36:18
    but roughly speaking if you look well I
  • 00:36:20
    guess we haven't published details what
  • 00:36:21
    we spent on the first one but it's it's
  • 00:36:23
    it's not Material so kind of moving from
  • 00:36:26
    right beside the plant to 2 kilometers
  • 00:36:28
    away it's not going to be an order of
  • 00:36:30
    magnitude much higher so it's again it's
  • 00:36:32
    something that we can give a proper
  • 00:36:34
    update on uh kind of for the life of
  • 00:36:36
    mind but to get us to initial deposition
  • 00:36:40
    by the end of this year and supporting
  • 00:36:43
    2025 production you're talking single
  • 00:36:45
    digit Millions like a couple you know
  • 00:36:47
    it's it's really not something that's
  • 00:36:49
    going to affect the balance sheet or
  • 00:36:51
    really change uh you know what we do
  • 00:36:53
    moving forward compared to the original
  • 00:36:55
    site so I think that's the best way to
  • 00:36:57
    think of it there's we're not going to
  • 00:36:58
    have any major uptick because of this um
  • 00:37:01
    change and just to add to that the the
  • 00:37:04
    team on site have done some excellent
  • 00:37:06
    negotiations with the contractors that
  • 00:37:08
    would be managing this so we are seeing
  • 00:37:11
    some good long-term rates um better than
  • 00:37:14
    they were before getting locked into to
  • 00:37:16
    some of this this um contract work so
  • 00:37:19
    which is a real positive and I did miss
  • 00:37:21
    the question asked if we were still dry
  • 00:37:23
    stacking and yes we are we will continue
  • 00:37:25
    to dry stack it is the Way Forward um as
  • 00:37:28
    we make sure that all of our tailings
  • 00:37:30
    facilities will meet uh the gem or
  • 00:37:33
    Global the global um M tailings
  • 00:37:36
    management standard that is now in
  • 00:37:39
    place thank you could you provide an
  • 00:37:42
    update on the past
  • 00:37:47
    plant sure so the past plant was due to
  • 00:37:50
    be was due for construction to be
  • 00:37:53
    completed in in early
  • 00:37:55
    2025 at this point the the the the work
  • 00:37:59
    based on the um based on the
  • 00:38:01
    Constitutional Court's decision the work
  • 00:38:03
    on the pace plant has been paused U
  • 00:38:06
    while we work through kind of legal
  • 00:38:08
    options but at the same time we're
  • 00:38:09
    looking at alternative um locations we
  • 00:38:12
    do have alternative locations that that
  • 00:38:14
    we can access um to put the pace plant
  • 00:38:17
    in instead which won't be a huge um kind
  • 00:38:20
    of move to to to an alternate location
  • 00:38:23
    so so we're working through those two
  • 00:38:26
    options we always had planned to use um
  • 00:38:29
    calf or cemented aggregate fill in our
  • 00:38:32
    stopes so um the processes are in place
  • 00:38:35
    to do that um we you know we'll use
  • 00:38:37
    obviously some of our own some of our
  • 00:38:38
    waste rock as as aggregate as well as
  • 00:38:41
    import um some quality aggregate we've
  • 00:38:43
    got all those contracts in place that
  • 00:38:45
    work is already is already commencing
  • 00:38:47
    for the first Stope this was always in
  • 00:38:49
    the plan we just now have to extend the
  • 00:38:52
    calf placement for um an additional few
  • 00:38:54
    months um but we don't see it as being
  • 00:38:57
    long-term solution um we will move to
  • 00:38:59
    having uh pce plant as the long-term
  • 00:39:02
    solution F filling um all of the
  • 00:39:06
    Stokes uh there's another question
  • 00:39:08
    regarding uh local elections and these
  • 00:39:10
    are happening uh in October does this
  • 00:39:13
    impact your ability on receiving permits
  • 00:39:16
    that are
  • 00:39:18
    required uh not really other than
  • 00:39:20
    there's just a little bit of um you know
  • 00:39:22
    people waiting for elections to complete
  • 00:39:25
    um and people you know obviously people
  • 00:39:27
    who are up for election or um parts of
  • 00:39:30
    the Departments that are up for election
  • 00:39:31
    being a we bit distracted by um by um
  • 00:39:35
    you know having to go out and and and
  • 00:39:37
    attend the various rallies and whatever
  • 00:39:39
    but overall we are getting very positive
  • 00:39:41
    commentary um and we and a lot of stuff
  • 00:39:44
    is still progressing ahead of the
  • 00:39:45
    election and then we just expect to see
  • 00:39:48
    um the um the final stamp on the on the
  • 00:39:51
    construction to to occur just post the
  • 00:39:54
    election in um in mid October
  • 00:39:58
    so no real big impact on
  • 00:40:01
    that what have been the learnings from
  • 00:40:03
    the recent fatality on site and what
  • 00:40:06
    measures have been taken to avoid such
  • 00:40:08
    occurrences again yeah look the fatality
  • 00:40:11
    was something that should never have
  • 00:40:13
    happened um you know there it was it had
  • 00:40:16
    a huge impact on on our on our the
  • 00:40:19
    people of our operations it was a local
  • 00:40:23
    um
  • 00:40:24
    subcontractor um who left behind a wife
  • 00:40:26
    and three young children so you know um
  • 00:40:29
    we've made sure that we were um that
  • 00:40:32
    we've looked after that the family has
  • 00:40:33
    been looked after by by the contractor
  • 00:40:36
    and and and ourselves um it was a big
  • 00:40:39
    learning um for for the company um you
  • 00:40:42
    know we've prided ourselves on having
  • 00:40:44
    you know some really good um uh kind of
  • 00:40:48
    total recordable injury frequency
  • 00:40:50
    figures um and and how you know how we
  • 00:40:54
    manage and think about critical controls
  • 00:40:56
    but obviously
  • 00:40:57
    things weren't as going as well as we
  • 00:41:01
    thought they were and and and with all
  • 00:41:03
    these things you can never rest with
  • 00:41:05
    safety and this fatality has really
  • 00:41:07
    brought it home how we need to improve
  • 00:41:09
    our contractor management including site
  • 00:41:12
    access requirements um for everybody
  • 00:41:15
    that accesses our site um Clarity of
  • 00:41:18
    safety messaging as we move through the
  • 00:41:20
    transition from project um Project work
  • 00:41:23
    into baau and and and and regular kind
  • 00:41:26
    of operational work and how we improve
  • 00:41:29
    our um critical control management um
  • 00:41:32
    and those and and those verifications
  • 00:41:34
    and processes so we have three work
  • 00:41:37
    streams underway that are tackling um
  • 00:41:39
    those those pieces implementation of
  • 00:41:42
    improved um contractor management
  • 00:41:44
    improved safety messaging as we
  • 00:41:46
    transition so that everyone has real
  • 00:41:48
    Clarity on what is the requirements to
  • 00:41:50
    enter our site um and then that critical
  • 00:41:53
    control management which flows through
  • 00:41:54
    from Senior Management right the way
  • 00:41:56
    through to um right the way through to
  • 00:41:58
    the shop floor so working on those I
  • 00:42:02
    there should never we should never
  • 00:42:04
    accept any fatality in any operation
  • 00:42:07
    globally um and so we um are incredibly
  • 00:42:11
    saddened by this um and and we will get
  • 00:42:17
    better can you please advise uh the sort
  • 00:42:20
    of status and expected timings for
  • 00:42:22
    permanent CEO and CFO appointments and
  • 00:42:26
    do you feel but at the operational level
  • 00:42:29
    you have all the team in place that's
  • 00:42:33
    required so I'll start on the
  • 00:42:35
    operational level team um first of all
  • 00:42:37
    I've been really really impressed um
  • 00:42:40
    with the team that that is in place um
  • 00:42:43
    you know the the when I look at the
  • 00:42:46
    Quality from a technical and operational
  • 00:42:49
    skill set right the way through from the
  • 00:42:51
    mine through to the tech services
  • 00:42:53
    through to the operation superintendence
  • 00:42:56
    the process plan
  • 00:42:57
    um manager is has significant experience
  • 00:43:02
    in poly metallics particularly in lead
  • 00:43:04
    zinc which has its own peculiarities um
  • 00:43:07
    and and so you see that experience
  • 00:43:09
    flowing through in the way that we we
  • 00:43:11
    are pushing and challenging um the the
  • 00:43:14
    different the different issues that we
  • 00:43:16
    have the hallig and Fleet U I've got
  • 00:43:19
    some excellent depth of of expertise um
  • 00:43:22
    so not only when the when they kind of
  • 00:43:24
    like the the manager for hen Fleet
  • 00:43:26
    stepped out for a vacation his 2 I see
  • 00:43:28
    you could have almost you know you
  • 00:43:30
    wouldn't even notice there was someone
  • 00:43:32
    had gone on leave so there's some real
  • 00:43:34
    depth that we're seeing not only um
  • 00:43:36
    using expats but also some real depth
  • 00:43:39
    that we see um with um some of the
  • 00:43:41
    national uh recruits that we also have
  • 00:43:44
    and that um making sure that we're
  • 00:43:46
    bringing through and gaining the
  • 00:43:47
    experience in the mining and the
  • 00:43:49
    processing areas so that we have some
  • 00:43:51
    long-term um opportunities to bring
  • 00:43:53
    through some real talent um it's it's
  • 00:43:56
    really good to see the people that have
  • 00:43:58
    been employed here the passion that they
  • 00:44:00
    have for wanting to make a difference
  • 00:44:01
    and the real focus and being prepared to
  • 00:44:03
    be challenged um on kind of like the
  • 00:44:06
    status quo that we see throughout the
  • 00:44:09
    operations so very excited by by that um
  • 00:44:13
    on the long-term CEO um position um so
  • 00:44:17
    Adriatic has has commenced u a search
  • 00:44:20
    for a long-term permanent CEO through an
  • 00:44:22
    independent search firm um so um we as a
  • 00:44:27
    board which I was sitting on at the time
  • 00:44:30
    um we recommended that the we we made
  • 00:44:32
    sure that it was a transparent process
  • 00:44:34
    that looked for the that looked for the
  • 00:44:36
    right CEO for the long term um and at
  • 00:44:39
    that time as well that CEO will then um
  • 00:44:42
    search for um the permanent um CFO going
  • 00:44:46
    forwards um we'll see if Mike wants to
  • 00:44:48
    put his hand up for it um when when we
  • 00:44:51
    when we start the search and in the same
  • 00:44:53
    vein um you know the board has asked me
  • 00:44:55
    if I would like to put my hand up for it
  • 00:44:57
    um I'm just working through at the
  • 00:44:59
    moment making sure that we've got the
  • 00:45:00
    ramp up sorted um and I will work out
  • 00:45:03
    whether I'm going to make myself
  • 00:45:05
    available to be included in the
  • 00:45:06
    selection process but at the moment 100%
  • 00:45:09
    of my time is spent on focused on making
  • 00:45:11
    sure we get the varish operation into
  • 00:45:13
    commercial production before the end of
  • 00:45:17
    2024 great we in progress basically in
  • 00:45:21
    process basically with external search
  • 00:45:24
    firms so feel free to put your hand up
  • 00:45:26
    if you know of some put them
  • 00:45:28
    forward um question on obviously with
  • 00:45:32
    having tight concentrate markets so what
  • 00:45:34
    is the outlook for spot TCS and can you
  • 00:45:38
    lock these in for longer periods and
  • 00:45:41
    would you consider hedging metal
  • 00:45:43
    prices yeah sure so uh the good news on
  • 00:45:47
    that front is that basically this is the
  • 00:45:50
    best time to be selling lead and Zin
  • 00:45:52
    concentrates in the history of lead and
  • 00:45:53
    Zin concentrates so it's pretty good um
  • 00:45:56
    so some people who are Keen Watchers of
  • 00:45:58
    the metal markets may have seen some
  • 00:46:00
    recent headlines around uh copper
  • 00:46:02
    concentrates they've had negative
  • 00:46:04
    treatment charges so people have been
  • 00:46:06
    selling cargos into China and globally
  • 00:46:09
    um for for negative whereas normally
  • 00:46:11
    they're $80 a ton of concentrate um
  • 00:46:16
    similarly for zinc if we think back for
  • 00:46:19
    the last couple of years uh when we did
  • 00:46:21
    the DFS I think we were talking about
  • 00:46:23
    $200 to $230 a ton uh zinc treatment
  • 00:46:27
    charge which is actually quite a lot um
  • 00:46:29
    it it it does affect like a big part of
  • 00:46:31
    your bottom line it's one of the main
  • 00:46:33
    kind of costs for uh a concentrate
  • 00:46:36
    operation but currently instead of 230
  • 00:46:39
    they're they're minus 40 so smelters are
  • 00:46:42
    actually paying miners like us to sell
  • 00:46:44
    them product so that's a really good
  • 00:46:47
    sign and that does help us in some of
  • 00:46:49
    these things in terms of um you know the
  • 00:46:51
    question earlier about the low grade
  • 00:46:53
    initial concentrates have we been
  • 00:46:55
    getting the full payability and yes we
  • 00:46:57
    have I think a big part of that is that
  • 00:46:59
    not only do we have good quality even if
  • 00:47:01
    it's not perfect grade um we we are also
  • 00:47:05
    are selling into a really tight market
  • 00:47:07
    so we expect that to remain for the next
  • 00:47:09
    couple of years we are selling primarily
  • 00:47:13
    on fixed contracts which are instead at
  • 00:47:15
    The Benchmark rates which are a little
  • 00:47:17
    bit higher U but we can sell and we will
  • 00:47:20
    be selling into the spot market and
  • 00:47:22
    taking advantage of that so that's
  • 00:47:23
    mostly on the well it's entirely on the
  • 00:47:26
    lead side
  • 00:47:27
    uh and hopefully let's see how the next
  • 00:47:29
    kind of you know well l& week is coming
  • 00:47:31
    up so we're kind of negotiating longer
  • 00:47:33
    term deals with off-takers we may be
  • 00:47:35
    able to lock in some of those low rates
  • 00:47:37
    and you do see that in some of these um
  • 00:47:40
    let's say similar projects to us so uh
  • 00:47:43
    develop on the ASX they've just secured
  • 00:47:46
    some pretty good off-take agreements
  • 00:47:48
    with trafigura which is one of our
  • 00:47:50
    off-takers so yes we we do hope for the
  • 00:47:52
    next sort of let's call it three to five
  • 00:47:54
    year period we we can take advantage of
  • 00:47:56
    that so very good time for us to be
  • 00:47:58
    selling and and it probably will just
  • 00:48:00
    given the tightness of smelter plus you
  • 00:48:03
    know basically no new mines are coming
  • 00:48:05
    online that's an inherent kind of um
  • 00:48:09
    yeah tightness in the market and also
  • 00:48:10
    bullish for those metal prices right so
  • 00:48:12
    it's a good time to be producing and
  • 00:48:14
    selling zinc lead and silver and gold of
  • 00:48:17
    course all-time highs so it's a good
  • 00:48:19
    time to be selling metal I
  • 00:48:21
    guess thanks what is the planned
  • 00:48:24
    timeline for the study to increase the
  • 00:48:26
    milk production to 1.3 million tons per
  • 00:48:29
    anom so um so we are uh looking at so
  • 00:48:34
    that study itself will be completed in
  • 00:48:36
    the near future like within the next
  • 00:48:38
    sort of um few weeks um month or so um
  • 00:48:42
    that will be incorporated into a
  • 00:48:45
    basically a long-term view of how we
  • 00:48:48
    would seek to increase um basically EV
  • 00:48:51
    for the for the business what we're
  • 00:48:53
    thinking around from a from a strategy
  • 00:48:55
    perspective for the longer term um
  • 00:48:57
    increase in value um that is one of the
  • 00:49:00
    components that we will feed into um I
  • 00:49:02
    see another question on m&a that all
  • 00:49:05
    that sort of those pieces of work are
  • 00:49:06
    things that we'll be putting together
  • 00:49:08
    over the next um couple of months and
  • 00:49:10
    we'll bring back um to the markets for
  • 00:49:12
    future conversations on where we're
  • 00:49:14
    thinking um in quarter 1 2025 which will
  • 00:49:18
    kind of tie in with results and and
  • 00:49:20
    quarter four completion of quarter four
  • 00:49:22
    work so um I've been focused on the on
  • 00:49:25
    the short to medium term over the last
  • 00:49:27
    um six weeks five weeks um so going
  • 00:49:30
    forwards we'll start to make sure we
  • 00:49:32
    build out that longer term option and
  • 00:49:34
    that project or those longer term
  • 00:49:35
    options and that project will feed into
  • 00:49:37
    that as one of the one of the data
  • 00:49:39
    points that we
  • 00:49:42
    have great we've also had a couple of
  • 00:49:44
    questions on exploration can we provide
  • 00:49:47
    an update on Regional exploration both
  • 00:49:50
    in Bosnia and uh in Serbia the Serbian
  • 00:49:54
    projects yeah we' we've continued with
  • 00:49:56
    exploration both in Serbia up at rascar
  • 00:49:59
    and and and then obviously um continue
  • 00:50:02
    drilling around um the Ruchi um or body
  • 00:50:06
    including um over kind of varish East um
  • 00:50:10
    doing some initial sampling work um uh
  • 00:50:13
    on on um some potential or bodies over
  • 00:50:16
    in that area um it's all um been going
  • 00:50:19
    well it's been completed safely um with
  • 00:50:22
    a real kind of mind to some of the some
  • 00:50:24
    of the uh the slightly different um
  • 00:50:27
    safety um criteria we have to meet over
  • 00:50:29
    here including unexploded ordinance and
  • 00:50:32
    and the like so we've been working
  • 00:50:34
    through making sure we have um safe
  • 00:50:36
    processes that allows us to access the
  • 00:50:38
    ground that we that we you know that we
  • 00:50:40
    want to sample the the um Sergey and the
  • 00:50:44
    team are are basically reviewing the
  • 00:50:46
    geological models with the new data
  • 00:50:48
    that's been collected and we'll provide
  • 00:50:50
    a more fullsome update um kind of
  • 00:50:52
    basically in at the end of Q4 into q1
  • 00:50:56
    when we when we come back to the markets
  • 00:50:58
    um so so it has been progressing it's
  • 00:51:00
    been progressing well um and um Sergey
  • 00:51:04
    remains his usual enthusiasm for the um
  • 00:51:06
    for the all bodies that he is doing um
  • 00:51:09
    expiration over seeing some good results
  • 00:51:11
    but nothing that we want to put onto the
  • 00:51:13
    market um today but um watch this space
  • 00:51:16
    for the future I'm particularly excited
  • 00:51:19
    around the potential extensions local to
  • 00:51:22
    um to the varish project um which is
  • 00:51:25
    which is looking pretty
  • 00:51:30
    positive thank you um there's also been
  • 00:51:32
    a couple of questions on environment
  • 00:51:35
    related issues um increase in activism
  • 00:51:38
    for example could you provide an update
  • 00:51:40
    on that front yeah look I think um this
  • 00:51:44
    you know environmental activism is is
  • 00:51:48
    just is a part of mining um you know
  • 00:51:50
    globally we see we've seen over the last
  • 00:51:53
    what 15 years particularly stay increase
  • 00:51:57
    in the in people's awareness of their
  • 00:52:00
    environment and and and um NOS are a
  • 00:52:03
    part of that um and they won't be going
  • 00:52:06
    away anytime soon so we're you know as
  • 00:52:08
    as an industry we have to make sure
  • 00:52:10
    we're thinking around you know how are
  • 00:52:12
    we managing all of our environmental
  • 00:52:14
    commitments and recognizing that we are
  • 00:52:17
    you know many of the mistakes that we
  • 00:52:19
    made in the past we need to we need to
  • 00:52:21
    either Rectify or make sure that we
  • 00:52:23
    don't don't repeat into the future um
  • 00:52:25
    local to to um Europe you know mining is
  • 00:52:30
    is is occurring alongside highly
  • 00:52:33
    populated areas so the visibility of
  • 00:52:36
    what we do and and and how we operate is
  • 00:52:39
    always going to be at the Forefront of
  • 00:52:40
    people's minds um and and we need to
  • 00:52:43
    continue to work with all of our
  • 00:52:45
    stakeholders um employees um you know
  • 00:52:48
    local communities governments to make
  • 00:52:51
    sure that we meet the environmental
  • 00:52:53
    constraints that are put on us or
  • 00:52:55
    environmental conditions that are put on
  • 00:52:57
    us um and that includes Nos and working
  • 00:53:00
    where we can working with them um but
  • 00:53:02
    otherwise responding to them we have
  • 00:53:04
    seen you know Serbia has seen an
  • 00:53:07
    increased um uh kind of push on on on
  • 00:53:12
    environmental activism particularly
  • 00:53:14
    around the riotinto um lithium operation
  • 00:53:17
    or lithium project um uh here we just
  • 00:53:20
    need to continue to make sure we stay
  • 00:53:22
    focused on on you know minimizing our
  • 00:53:25
    environment envir mental impact
  • 00:53:27
    operating in the right way and
  • 00:53:29
    continuing to communicate with um
  • 00:53:31
    communities regulators and what we do um
  • 00:53:34
    I think each area each mine each
  • 00:53:37
    operation is different um and needs we
  • 00:53:40
    need to accept that each Community um
  • 00:53:42
    has different needs and requirements and
  • 00:53:44
    expectations of any operation that is
  • 00:53:47
    located near it so we continue to stay
  • 00:53:49
    aware we continue to work with people um
  • 00:53:53
    and um and I don't expect any of the
  • 00:53:56
    challenges from NGS to disappear anytime
  • 00:54:02
    soon thank you Laura conscious of time
  • 00:54:05
    as well um maybe apolog we haven't been
  • 00:54:07
    able to answer all the questions um one
  • 00:54:10
    to wrap up on is how are you thinking
  • 00:54:12
    about m&a in the future what's edotic
  • 00:54:15
    strategy on that
  • 00:54:17
    front I'm gonna hand this one to Mike
  • 00:54:20
    see as how his previous role was
  • 00:54:22
    Business Development he yeah I I I think
  • 00:54:25
    the easy way to think about it is that
  • 00:54:27
    um you know the core focus of the
  • 00:54:28
    company now is is ramping this asset up
  • 00:54:31
    right the highest sort of irr Roi that
  • 00:54:34
    exists for us is really getting this
  • 00:54:36
    thing into into full throughput full
  • 00:54:39
    production um I think at the same time
  • 00:54:41
    you know we have always remained a
  • 00:54:44
    pretty flexible you know kind of party
  • 00:54:46
    we we do look at a lot of stuff so
  • 00:54:49
    people will have seen you know in the
  • 00:54:50
    media there's been some sales processes
  • 00:54:52
    for some assets in Europe you know
  • 00:54:54
    that's something that we we kind of um
  • 00:54:57
    took a look at and there's a number of
  • 00:54:58
    development opportunities exploration
  • 00:55:00
    opportunities that we keep an eye on
  • 00:55:02
    kind of a watching brief so that when we
  • 00:55:05
    are sort of ramped up and and in next
  • 00:55:07
    year we can take a look at that um with
  • 00:55:09
    you know the view that if there's the
  • 00:55:12
    right deal to be done that that might
  • 00:55:14
    make sense for us you know we we've got
  • 00:55:16
    a great team here in terms of
  • 00:55:18
    construction permitting operations
  • 00:55:21
    Finance you know everything we we've got
  • 00:55:23
    I think a lot of value to bring
  • 00:55:25
    especially in this this region which is
  • 00:55:27
    not sort of as heavily invested in as
  • 00:55:29
    some of your more traditional mining
  • 00:55:31
    jurisdictions so it's something that we
  • 00:55:33
    still think a lot about again priority
  • 00:55:35
    1A is definitely the ramp up first and
  • 00:55:38
    we're not going to do anything to kind
  • 00:55:39
    of jeopardize or distract that in the
  • 00:55:41
    near term but I think as Laura said
  • 00:55:44
    around expiration it's it's not
  • 00:55:46
    something that we talk about in every
  • 00:55:48
    update but you know watch this space um
  • 00:55:50
    and at the same time yeah we we will
  • 00:55:52
    look to be a pretty active party you
  • 00:55:54
    know we're we're not here to just ort of
  • 00:55:56
    do one thing and then rest on our
  • 00:55:58
    Laurels for the next 20 years um that
  • 00:56:00
    there's probably some pretty interesting
  • 00:56:01
    opportunities out there for a team like
  • 00:56:07
    ours great I mean didn't want to take
  • 00:56:10
    one last question um someone was asking
  • 00:56:12
    about antimony do we think we might be
  • 00:56:14
    able to get some quality quantity
  • 00:56:17
    payable oh it's a fun one um yeah the
  • 00:56:20
    the price is absolutely skyrocketed and
  • 00:56:22
    we do actually produce it as a as a
  • 00:56:25
    byproduct primarily in our lead
  • 00:56:27
    concentrate um it is something that we
  • 00:56:31
    can get paid more for as we sell into
  • 00:56:33
    China which again is something that
  • 00:56:35
    we've been doing a little bit more than
  • 00:56:37
    we expected earlier on uh for a few
  • 00:56:39
    reasons one the the feed grate has been
  • 00:56:41
    a lot higher than we thought so that
  • 00:56:43
    that's giving us a high grade high
  • 00:56:45
    silver grade uh product that we can sell
  • 00:56:47
    into the Chinese market as well as yeah
  • 00:56:49
    just the general tightness so it's
  • 00:56:51
    something you know it's hard to put a
  • 00:56:53
    number on it today but we will see a
  • 00:56:55
    little bit of a lift call it I don't
  • 00:56:58
    know 5% or something like that it's it's
  • 00:57:00
    it's it's not Material just for the lead
  • 00:57:02
    stream um but it's something that yeah
  • 00:57:04
    if if antimony remains elevated for a
  • 00:57:07
    number of years due to you know China
  • 00:57:10
    versus the US kind of dynamic um we are
  • 00:57:13
    potentially able to float a slightly
  • 00:57:15
    different concentrate and it is
  • 00:57:16
    something that the processing team is
  • 00:57:18
    kind of looking at to increase that
  • 00:57:19
    payability so yeah I guess similar to
  • 00:57:22
    these other things watch this space but
  • 00:57:24
    nothing nothing right now
  • 00:57:28
    great thank
  • 00:57:29
    you uh Laura Michael clar if I may just
  • 00:57:32
    jump back in there and thank you very
  • 00:57:33
    much indeed for being so generous of
  • 00:57:35
    your time there and addressing all of
  • 00:57:36
    those questions that came in uh this
  • 00:57:38
    morning um but Laura perhaps before
  • 00:57:40
    really just looking to redirect those on
  • 00:57:42
    the C to provide you with their feedback
  • 00:57:44
    which I know is particularly important
  • 00:57:45
    to yourself and the company if I could
  • 00:57:47
    please just ask you for a few closing
  • 00:57:49
    comments just to wrap up with that'll be
  • 00:57:51
    great yeah no great thank you um thank
  • 00:57:54
    you everybody for asking some great
  • 00:57:56
    questions um so I will just I just
  • 00:57:58
    wanted to take a moment I guess just to
  • 00:58:01
    reflect on the opportunity that kind of
  • 00:58:03
    that sits here I mean Adriatic you know
  • 00:58:06
    has had bumps in the road but
  • 00:58:08
    fundamentally the project has been
  • 00:58:10
    delivered we're in transition we're
  • 00:58:11
    moving from Project spend to revenue
  • 00:58:14
    generation and on an acral basis we were
  • 00:58:16
    cash flow positive in August yet we're
  • 00:58:19
    trading at consensus of 04 to.5 now 30
  • 00:58:23
    to 40% free cash flow yield for next
  • 00:58:25
    year depending on your price deck which
  • 00:58:27
    is a deep discount to Silver peers base
  • 00:58:30
    metal peers or probably just about any
  • 00:58:32
    operating um producing Mining Company um
  • 00:58:35
    that's that's that's out there today um
  • 00:58:38
    we will finish the job in terms of ramp
  • 00:58:40
    up we will build the routines of
  • 00:58:41
    production um and revenue generation and
  • 00:58:44
    we believe as management that Adriatic
  • 00:58:47
    Metals remains a compelling opportunity
  • 00:58:49
    in the market today um I do want to
  • 00:58:52
    thank you all for your time for giving
  • 00:58:54
    us some great questions
  • 00:58:56
    um and to those of you who are heading
  • 00:58:58
    out to visit the operation on Wednesday
  • 00:59:00
    we're really looking forward to seeing
  • 00:59:02
    you and to be able to show you around
  • 00:59:04
    and that you can see um that what we've
  • 00:59:07
    been saying is is is in actuality
  • 00:59:10
    something that exists on the ground um
  • 00:59:12
    so really looking forward to seeing
  • 00:59:13
    those of you who can make it on
  • 00:59:14
    Wednesday otherwise thank you for your
  • 00:59:16
    time today and really appreciate um the
  • 00:59:19
    effort that you put into dial in thank
  • 00:59:21
    you very
  • 00:59:22
    much perfect Laura that's great and
  • 00:59:24
    thank you once again for updating attemp
  • 00:59:26
    online this morning could I please ask
  • 00:59:28
    attendees online not to close this
  • 00:59:29
    session as you'll now be automatically
  • 00:59:31
    redirected for the opportunity to
  • 00:59:32
    provide your feedback in order the
  • 00:59:34
    management team can really better
  • 00:59:35
    understand your views and expectations
  • 00:59:38
    this will only take a few moments to
  • 00:59:40
    complete but I'm sure be greatly valued
  • 00:59:41
    by the company on behalf of the
  • 00:59:43
    management team of Adriatic Metals PLC
  • 00:59:46
    we would like to thank you for attending
  • 00:59:47
    today's presentation that now concludes
  • 00:59:50
    today's session so good morning to you
  • 00:59:52
    all
标签
  • Adriatic Metals
  • Varish Projecte
  • Producció minera
  • Seguretat
  • Decisió Tribunal Constitucional
  • Recuperació planta processadora
  • Producció comercial
  • Actualització projecte
  • Estrainament financer
  • Activisme ambiental