Dundee Precious Metals completes acquisition of Adriatic Metals

TORONTO - Dundee Precious Metals Inc. (TSX:DPM), a mining company with a market capitalization of $4.26 billion and a "GOOD" financial health rating according to InvestingPro, announced Wednesday it has completed its acquisition of Adriatic Metals Plc through a court-sanctioned scheme of arrangement under the U.K. Companies Act 2006.

The transaction, which became effective September 3, gives DPM full ownership of Adriatic Metals and its Vareš operation in Bosnia and Herzegovina, a producing silver-lead-zinc-gold underground mine. The acquisition strengthens DPM’s portfolio, which has demonstrated impressive performance with a year-to-date return of 173.67% and maintains a robust gross profit margin of 60.93%.

"Today is an exciting milestone for DPM. With the addition of the Vareš operation, DPM is a premier mining business with a peer-leading growth profile and a high-quality development and exploration pipeline," said David Rae, President and Chief Executive Officer of DPM, in the press release.

The company plans to change its name from Dundee Precious Metals Inc. to DPM Metals Inc., effective September 12. Following the name change, shares will continue trading on the Toronto Stock Exchange under the ticker symbol DPM, with trading under the new name beginning September 15.

DPM has also received approval for admission to the Official List of ASX Limited as an ASX Foreign Exempt Listing. Trading of DPM’s CHESS Depositary Interests on the Australian Stock Exchange is expected to commence September 17 under the code DPM.

The ASX listing will provide former Adriatic CDI holders continued access to trading on the ASX while enhancing liquidity and providing access to Australian capital markets for all investors.

As an ASX Foreign Exempt Listing, DPM will be exempt from most ASX Listing Rules but must provide the ASX all information provided to the TSX and continue to comply with TSX rules and policies.

Dundee Precious Metals is a Canadian-based international gold mining company with operations and projects in Bulgaria, Bosnia and Herzegovina, Serbia and Ecuador. Trading near its 52-week high of $10.76, the stock currently appears slightly overvalued according to InvestingPro analysis. For deeper insights into global mining companies and exclusive access to comprehensive Pro Research Reports covering 1,400+ stocks, consider an InvestingPro subscription.

In other recent news, Dundee Precious Metals Inc. announced that its shareholders have approved the proposed acquisition of Adriatic Metals plc. This development includes a corporate name change to DPM Metals Inc. At a special meeting, the resolutions received overwhelming support, with more than 99.7% of shareholders voting in favor of the share issuance necessary for the acquisition. Additionally, 99.8% of shareholders approved the name change. These recent developments mark a significant step forward for the company. The acquisition and subsequent rebranding reflect strategic moves that have garnered strong backing from the company’s stakeholders.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.