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Canadian miner Dundee Precious Metals (OTCPK: DPMLF) confirmed that it is in discussions to acquire UK-based Adriatic Metals (OTC:ADMFL), following market rumors. Dundee confirmed the speculations, although noting that "there can be no certainty that any offer will be made, nor as to the terms on which any offer might be made."
Per Sky News, the deal could value Adriatic, a firm with primary interest in the Western Balkans, at around $935 million. Two firms were the subject of similar speculations last year, but neither party publicly confirmed the matter.
Although Toronto-based, Dundee's active operations and exploration projects are in Ecuador, Bulgaria, and Serbia—the latter two overlapping with Adriatic's region of interest. The firm focuses on sustainable, responsible gold production and aims to grow into a mid-tier precious metals company through disciplined acquisitions and developments.
Adriatic Metals’ flagship asset is the Vareš Silver Operation in Bosnia and Herzegovina, a high-grade polymetallic project that began producing silver/lead and zinc concentrates in 2024. The company is also advancing the Raška zinc-silver project in Serbia. Laura Tyler, a former BHP senior executive, leads the firm and is one of the few female CEOs in the global mining sector.
Vareš is one of the most promising mining developments in its region. Situated around 50 km north of Sarajevo, the mine is ramping up to a nameplate capacity of 0.8 million tons per annum (Mtpa), with expansion studies underway to increase output to 1.3 Mtpa. The operation is fully mechanized and designed around a modern underground mine and concentrator, producing around 90,000 tons of zinc concentrate and 65,000 tons of silver-lead concentrate annually. Gold and copper by-products enhance the overall economics.
The firm developed the project from discovery to production in just seven years, becoming one of the largest private-sector investments in Bosnia and Herzegovina. Adriatic also controls a prospective 44 km² concession and is actively exploring ways to extend the mine's 15-year life and diversify its resource base.
Dundee has engaged BMO Capital Markets as its exclusive financial advisor. The deal falls under Rule 2.4 of the UK Takeover Code. Under Rule 2.6(a), Dundee now has until 5:00 p.m. London time on June 17, 2025, to either announce a firm intention to make an offer or declare that it does not intend to proceed. That deadline could be extended only with consent from the UK Takeover Panel.
Price Watch: Adriatic Metals surged 20% following the announcement, giving the firm a market cap of around $890 million.
Photo: Shutterstock
