Dundee Precious Metals Reached Agreement to Acquire Adriatic Metals

SEATTLE (Scrap Monster): Dundee Precious Metals Inc. has reached an agreement to acquire the entire issued, and to be issued, ordinary share capital of Adriatic Metals plc. for an implied equity value of approximately $1.3 billion. Upon completion of the transaction, the company will acquire 100% stake in Vares silver-lead-zinc-gold underground mine in Bosnia and Herzegovina.

The acquisition is expected to enhance Dundee’s existing high-margin asset portfolio. It will deliver near-term growth by boosting the company’s production up to 425,000 gold equivalent ounces by 2027. In addition to increasing its mineral reserve life, the transaction is also expected to deliver enhanced cash flow generation.

Commenting on the transaction, David Rae, President and Chief Executive Officer of Dundee Precious Metals noted that addition of Adriatic’s Vares operation to its strong asset portfolio will create a premier mining business. Vares is a logical fit with the company’s portfolio. The company intends to further optimize the operation and realize Vareš’ full value potential, he added.

Vares, located approximately 50 kilometres north of Sarajevo in Bosnia and Herzegovina, has an offsite processing facility and prospective 4,400-hectare land package.

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