Adriatic Metals an exploration and development company based in U.K., was up 21% to A$1.31 this week after announcing its scoping study for its Vareš Project in Bosnia and Herzegovina.
The company estimates that about $180 million will be needed to construct a mine, grinding mill, project
infrastructure and processing plant.
The net present value of the mine at an 8% cash flow discount is estimated at $916 million, and the internal rate of return is 107.4%.
After completing A$25 million placement last month, the company said it is well funded to complete a definitive feasibility study, as well as metallurgical work and other technical testing.
The Vareš Project is located 50km north from Sarajevo, the capital city of Bosnia & Herzegovina.