[Adriatic Metals Confirms Takeover Talks With Dundee Precious Metals, Valuation May Reach £700 Million]
On May 21, UK-listed Adriatic Metals (LON: ADT1) confirmed it is in discussions with Canadian miner Dundee Precious Metals (TSX: DPM) regarding a potential acquisition. According to banking sources cited by Sky News, the deal could value Adriatic at approximately £700 million (US$935 million). Under UK takeover rules, Dundee has until June 17 to either make a formal offer or walk away. Adriatic has granted Dundee limited access to due diligence materials. If a deal proceeds, Dundee would acquire the Vares silver-zinc mine in central Bosnia, Adriatic’s flagship asset. Following the announcement, Adriatic’s share price surged nearly 30%, closing at 230p and lifting its market capitalization to about £790 million (US$1 billion). Adriatic is led by CEO Laura Tyler, a former senior executive at BHP and one of the few women leading a global mining company. The Vares mine is expected to produce 28,000–32,000 tonnes of zinc concentrate in 2025.