Adriatic Metals PLC on Wednesday announced a widened loss as production increased at its Vares Silver operation in Bosnia, leading to higher costs.

The Balkans-focused exploration & development company reported pretax loss ballooned to $23.8 million in the first half of 2024, from $9.3 million a year ago.

Adriatic Metals announced revenue of $242,574 compared to none.

Notably, general and administrative costs increased significantly to $17.2 million from $6.8 million.

Exploration costs increased to $2.6 million from $614,576. Adriatic Metals said expensed exploration costs were higher amid increased exploration activity in Serbia. ‘These costs were in line with budget for 2024 and management expect these to be in line with expected steady state costs once the group is at commercial production,’ it said.

The company said that production ramp up continued at the Vares silver operation in Bosnia, expecting nameplate production in the fourth quarter of 2024.

Chair Michael Rawlinson said: ‘In the first half of 2024 the company achieved several significant milestones as Adriatic ramps up production at the world-class Vares Silver operation in Bosnia and Herzegovina. I am very proud that Vares produced its first concentrates in February, thus evolving into a polymetallic metal producer after only seven years since exploration began in 2017.’

Adriatic Metals shares rose 6.2% to 147.00 pence each on Wednesday morning in London.

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