Summa Silver Corp. (TSXV: SSVR, OTC: SSVRF, FRA: 48X)
Silver Lives Here
Canada’s Dundee Precious Metals (TSX: DPM) has agreed to acquire UK-listed Adriatic Metals (LON: ADT1) in a $1.25 billion cash-and-stock transaction, the latest in a series of foreign takeovers targeting British mining assets. The deal will grant Dundee control of Adriatic’s high-grade Vareš silver-zinc mine in Bosnia and the Raška zinc-silver project in Serbia, reinforcing its strategic position in the Balkans.
Under the terms of the agreement, Adriatic shareholders will receive 268 pence per share, comprising 93 pence in cash and 0.1590 new Dundee shares. The offer represents a 50.5% premium over Adriatic’s closing price of 177.8 pence on May 19, the last trading day before takeover discussions were confirmed.
Upon completion, Dundee shareholders will own approximately 75.3% of the merged entity, with Adriatic investors holding 24.7%. Dundee has already secured support from Adriatic’s board and key shareholders representing 37.2% of the company’s stock.
The acquisition centers on Adriatic’s Vareš mine in Bosnia, which is on track to become a low-cost producer with a high-grade deposit, long mine life, and significant exploration potential. Dundee CEO David Rae highlighted the asset’s strategic value: “Vareš aligns perfectly with our portfolio, offering near-term production growth, extended mine life, and cash flow diversification.”
Adriatic CEO Laura Tyler, who will step down post-transaction alongside CFO Michael Horner, noted that the mine’s strong economics and exploration upside made it an attractive target. The combined company will maintain its global headquarters in Toronto, while Adriatic’s UK office will be shuttered.
News of the deal sent Adriatic’s shares up 4% to 250.5 pence in London trading, boosting its market capitalization to £862 million ($1.2 billion). The transaction follows a wave of foreign interest in UK-listed mining firms, as investors seek undervalued assets amid strong commodity prices.
Analysts suggest the acquisition underscores the growing appeal of Balkan mining projects, particularly those with high-grade deposits and stable jurisdictions. The deal, subject to shareholder and regulatory approvals, is expected to close in Q3 2025.
With this move, Dundee strengthens its position as a mid-tier diversified miner, while Adriatic shareholders gain exposure to a larger, more liquid entity with an expanded production pipeline. The transaction also highlights the continued consolidation trend in the global metals and mining sector.
