Add-on Acquisition • Metals/Mining

Dundee Precious Metals Acquires Adriatic Metals

On June 13, 2025, Dundee Precious Metals acquired metals/mining company Adriatic Metals for 1.3B USD

Acquisition Context
  • This is Dundee Precious Metals’ 3rd transaction in the Metals/Mining sector.
  • This is Dundee Precious Metals’ largest (disclosed) transaction.
  • This is Dundee Precious Metals’ 1st transaction in the United Kingdom.

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M&A Deal Summary

Date June 13, 2025
Target Adriatic Metals
Sector Metals/Mining
Buyer(s) Dundee Precious Metals
Deal Type Add-on Acquisition
Deal Value 1.3B USD
Advisor(s) RBC Capital Markets
Macquarie Capital (Financial)
Stikeman Elliott
Herbert Smith Freehills Kramer (Legal)

Target Company

Adriatic Metals

London , United Kingdom
Adriatic Metals is a UK-based precious and base metals producer, with asset portfolio consists of its flagship Vareš Silver Operation in Bosnia and Herzegovina and the exploration-stage Raška Project in Serbia. The Vareš Silver Operation produces silver/lead and zinc concentrates. Adriatic Metals is based in London.
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Buyer Overview 1

Buyer

Dundee Precious Metals

Toronto, Ontario, Canada

Category Company
Founded 1983
Sector Metals/Mining
Revenue 607M USD (2024)
DESCRIPTION

Dundee Precious Metals is an international gold mining company engaged in the acquisition, exploration, development, mining, and processing of precious metals. The Company's principal operating assets include the Chelopech operation, which produces a copper concentrate containing gold and silver, located east of Sofia, Bulgaria; the Kapan operation, which produces a copper concentrate and a zinc concentrate, both containing gold and silver, located in southern Armenia; and the Tsumeb smelter, a concentrate processing facility located in Namibia. Dundee Precious Metals was founded in 1983 and is headquartered in Toronto, Ontario.


Deal Context for Buyer #
Overall 4 of 4
Sector: Metals/Mining 3 of 3
Type: Add-on Acquisition 3 of 3
Country: United Kingdom 1 of 1
Year: 2025 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-03 MineRP

Gauteng, South Africa

MineRP is a private company founded in 1997 and headquartered in South Africa, is an independent software vendor (“ISV”) for the mining industry. The company's platform improves productivity in planning and operations by integrating various technical and financial applications in the industry.

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