You may have heard it called poor man’s gold, but silver is up 53% over the last 12 months.
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The Adriatic Metals PLC (ASX: ADT) share price is gaining in morning trade, up 2% at time of writing.
Below we look at the ASX silver company’s latest permitting success.
What did Adriatic Metals report?
The Adriatic Metals share price is gaining after the company announced the Bosnian Federal Ministry of Spatial Planning had greenlighted the Urban Planning Permit (UPP) for its Rupice underground deposit.
The Rupice deposit makes up part of the silver explorer’s Vares silver project in Bosnia and Herzegovina. It received the UPP for the other part of the Vares silver project – called Veovaca – in November 2020, with an exploitation licence granted in January. The company said Veovaca received its permits earlier because it’s a brownfield open pit deposit, whereas Rupice is a greenfield underground deposit.
Adriatic Metals said receipt of the permits involved approval from significant government stakeholders, including neighbouring municipalities, as well as local commercial service providers.
Commenting on the permit, Adriatic Metal’s CEO, Paul Cronin, said:
The award of the UPP represents the last major step before obtaining the Rupice Exploitation Permit, which I remain confident it will be received within the coming weeks. Since Adriatic’s incorporation in March 2017, the company has worked very hard with the local community and the various levels of government to work through the project permitting process.
This award demonstrates the level of expertise in our team, as well as the support and cooperation from the local community and government in building the Vares Project.
Adriatic reported it will immediately apply for the exploitation permit, a technically focused process.
Construction can commence on receipt of the exploitation permit for Rupice, which will give Eastern Mining, Adriatic’s wholly owned Bosnian subsidiary, the right to mine and process ore at the Vares silver project.
How has the Adriatic Metals share price been performing?
Adriatic Metals’ share price is up 82% over the past 12 months. By comparison the All Ordinaries Index (ASX: XAO) has gained 23% over that same time.
Year-to-date, Adriatic shares have gained 9%.