Adriatic Metals BH is the main operating entity of the Adriatic Metals PLC and holds the Vareš Project.
On June 13, 2025, Dundee Precious Metals Inc. announced that it has agreed with Adriatic Metals plc. to the terms of an acquisition of the entire issued, and to be issued, ordinary share capital of Adriatic for an implied equity value of approximately $1.3 billion. Upon completion of the Transaction, DPM will acquire 100% of the Vareš operation.
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Summary:
The Vareš Project concession area includes the mineralisation included in the Mineral Resource Estimates of Rupice and Veovaca, as well as a number of prospects and exploration targets.
The host rocks at Rupice comprise Middle Triassic limestone, dolostone, calcareous and dolomitic marl, and a range of mostly fine-grained siliciclastic rocks including cherty mudstone, mudstone, siltstone, and fine-grained sandstone. The main mineralized horizon is a brecciated dolomitic unit that dips at around 50o to the northeast and has been preferentially mineralized with base, precious and transitional metals. The Triassic and Jurassic sequences have been deformed by early-stage ductile shearing and late-stage brittle faulting.
The Rupice polymetallic mineralization consists of sphalerite, galena, barite and chalcopyrite with gold, silver, tetrahedrite, boulangerite and bournonite, with pyrite. Most of the high-grade mineralization is hosted within a brecciated dolomitic unit, which is interpreted to be cross-cut by northwest striking, westerly dipping syn-post mineral faulting. Thickening of the central portion of the deposit occurs in an area of structural complexity. Mineralized widths of up to 65 m true thickness are seen in the central portion of the deposit.
The massive sulphide mineralization at Rupice has a defined strike length of 650 m, with an average true-width thickness of around 20 m. However, recent drilling northwest of Rupice has intercepted a massive sulphide body referred to as Rupice Northwest (RNW). RNW is not connected to Rupice mineralization. RNW is at a stratigraphically lower level (footwall of Lower GYD unit) than Rupice (hanging-wall of Lower GYD unit) and is interpreted to overlap but not connect with Rupice through the area referred to as the ‘Gap’.
RNW has a strike extent of approximately 250 m with mineralization remaining open in most directions. The RNW mineralization appears mostly not impacted by deformation at the scale of drilling and compared to Rupice is a continuous tabular stratabound mineralized body. Multiple mineralized intercepts at RNW have true thicknesses of over 40 m along the centre axis of mineralization. Mineralization away from the central NW-SE strike axis tapers away at the margins to
Rupice NW mineralization is strongly associated with barite occurring as a matrix to sulphides. Barite can be up 80% of mineralized zones. Galena, sphalerite, pyrite and chalcopyrite are the most visible and identifiable sulphides during logging. The footwall zone below massive and semi-massive sulphides is pervasively silica-sericite altered with fine disseminated sulphides throughout and crosscut by base metal stringer zones and mineralized faults / shears. This alteration zone can extend 20 m to 30 m below massive and semi-massive sulphides. Overall, the footwall zone appears enriched in zinc.
On the hanging wall of Rupice NW there is a pyrite rich, low barite, high base metal content horizon of mineralization referred to as the Upper Zone. It is approximately 90 m to 100 m vertically above Rupice NW. It appears to be a mineralized zone occurring as matrix within a dolomite breccia. The mineralized Upper Zone marks the transition from Jurassic into mineralized Triassic sediments and generally occurs at the base of a major thrust zone and what is referred to as the Upper GYD unit.
Dimensions
Drilling has defined a combined Rupice and RNW mineralized system having a strike length of >900 m and an across-strike width of >350 m.
The Rupice deposit has a strike length of >600 m and an across-strike width of 300 m to 350 m. The true thickness of mineralization is from a few metres to 65 m. Mineralization is from surface to a depth of 380 m below surface. The mineralization axis strikes to the Northwest and dips 350 to 450 to the Northeast.
RNW deposit being spatially continuous over its >300 m strike length and having a 260 m to 350 m across-strike width. The true thickness of mineralization is from a few metres to 55 m. Mineralization is from 78 m to a depth of 340 m below surface. The mineralization axis strikes to the Northwest and dips 350 to 400 to the Northeast.