Adriatic Metals Reaches Agreement on Acquisition of Tethyan Resource Corp

The UK-based company Adriatic Metals, which owns the exploration and development company Eastern Mining from Bosnia and Herzegovina, has reached an agreement on the acquisition of Tethyan Resource Corp, which is currently active in Serbia with two precious metals sites in Kizevak and Sastavci.

As the company announced, the transaction will confirm the enlarged company as the leading Balkan polymetallic explorer and developer with four key projects (Rupice, Veovaca, Kizevak and Sastavci), covering a total land package in excess of 301 km2 across Bosnia and Herzegovina and Serbia.

Paul Cronin, Adriatic’s Managing Director and CEO commented that, in a short time, Adriatic had built a significant presence in the region, by developing its assets with a very competent team at the helm.

– The acquisition presents a unique opportunity for Adriatic to add assets to our portfolio that have the potential, over time, to match the quality of our exceptional Vares Project in Bosnia. These are past producing mines, and the historical data we have reviewed provide sample confidence that we are adding significant value to our portfolio with minimal outlay and dilution to our existing shareholders – Cronin said and added that the transaction was expected to be finalized by the end of August, after all the formal and legal requirements are met.

– We are excited that our assets will soon be part of the Adriatic story. Adriatic Metals has built an excellent reputation in the Balkans based on their development capability and positive engagement with local stakeholders. We are confident that the combined assets and team will go forward to bring high quality assets to production in a timely and sustainable manner, ensuring lasting benefits for both our shareholders and the communities in which we operate – Fabian Baker, Tethyan’s President and CEO, commented.

Eastern Mining d.o.o.

Adriatic Metals Great Britain

Tethyan Resource Corp

Paul Cronin

Fabian Baker

Kizevak

Sastavci

Rupice

Veovača

acquisition

mines

precious metal sites