ASX- and LSE-listed silver developer Adriatic Metals has launched a charitable trust in Bosnia to support communities around its Vares project, investing in initiatives designed to create a long-term legacy.
The foundation, managed by a board of trustees who represents the local communities surrounding the project, will focus on improving education, healthcare, and environmental protection.
Adriatic will provide an initial €100 000 in funding, as well as an ongoing commitment of 0.25% of profits.
CEO Paul Cronin has pledged to give 250 000 of his personal shares in the company, while Adriatic nonexecutive director Sanela Karic has pledged her directors’ fees from March to June 2021.
The foundation will also seek contributions from individuals, companies and institutions and has, to date, received €400 000 in soft commitments.
Adriatic is advancing a definitive feasibility study for the $173-million Vares project, which according to a prefeasibility study has an aftertax net present value of $1.04-billion and an internal rate of return of 113%.