Adriatic Metals (ASX:ADT) reported a 23% increase in production to 17 million ounces of silver equivalent in the June quarter, up from 1.4Moz silver equivalent in the previous quarter, with ore milled rising 50% to 99,000 tonnes and mine development up 24% to 904 meters, according to a Monday filing to the Australian bourse.
The company has revised its production guidance for the year to 475,000 tonnes to 525,000 tonnes of ore milled, down from 625,000 tonnes to 675,000 tonnes, and 9.5Moz to 10.5Moz of silver equivalent produced, reduced from the previous range of 12Moz to 13Moz, the filing said.
The company repaid AU$19 million to Orion Mine Finance on June 30 and AU$6 million to Trafigura in the second quarter, with AU$3 million monthly payments ongoing, the filing added.
The cash balance as of June 30 was AU$59 million, down from AU$76 million in the previous quarter.
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