On September 3, 2025, Dundee Precious Metals Inc. acquired all of the issued, and to be issued, ordinary share capital of Adriatic Metals Plc for an implied equity value of approximately US$1.3 billion. The transaction was implemented by means of a court-sanctioned scheme of arrangement under Part 26 of the UK Companies Act 2006.
As a result of the completion of the acquisition, Dundee Precious Metals has acquired 100% of the issued share capital of Adriatic Metals, which owns the Vareš operation in Bosnia and Herzegovina, a producing silver-lead-zinc-gold underground mine.
Cassels acted as Canadian legal counsel for Dundee Precious Metals.