Dundee Precious Metals to Acquire Adriatic Metals for USD 1.3bn

Strategic Insights -

Dundee Precious Metals Inc. has agreed to acquire Adriatic Metals plc in a deal valued at approximately USD 1.3bn. The acquisition will create a premier mining business, adding a high-margin asset portfolio and a high-quality development and exploration pipeline. Shareholders of Adriatic will receive 0.1590 of a common share of DPM and 93 pence in cash for each ordinary share of Adriatic, while existing DPM shareholders will retain approximately 75% of the enlarged issued share capital. The acquisition is expected to enhance DPM's production growth and establish it as a leading player in the industry.

Key Takeaways:

  • The acquisition of Adriatic Metals will value approximately USD 1.3bn, creating a premier mining business for Dundee Precious Metals.
  • Shareholders of Adriatic will receive 0.1590 of a common share of DPM and 93 pence in cash for each ordinary share of Adriatic.
  • Existing DPM shareholders will retain approximately 75% of the enlarged issued share capital following the acquisition.
  • The deal will add a high-margin asset portfolio and a high-quality development and exploration pipeline to Dundee Precious Metals' existing operations.
  • The acquisition is expected to enhance DPM's production growth and establish it as a leading player in the industry.
  • The transaction will be implemented through a court-sanctioned scheme of arrangement under Part 26 of the UK Companies Act 2006.
  • BMO Capital Markets is acting as financial advisor to DPM, while RBC Capital Markets and Macquarie Capital (Europe) Ltd. are acting as joint financial advisors to Adriatic.
  • Multiple law firms are acting as advisors to both companies, including Bryan Cave Leighton Paisner LLP, Cassels Brock & Blackwell LLP, and Stikeman Elliott LLP.

Statistics:

  • USD 1.3bn: approximately the value of the acquisition deal.
  • 0.1590: the number of common shares of DPM that shareholders of Adriatic will receive for each ordinary share of Adriatic.
  • 93 pence: the amount of cash that shareholders of Adriatic will receive for each ordinary share of Adriatic.
  • 75%: approximately the percentage of the enlarged issued share capital that existing DPM shareholders will retain following the acquisition.
  • USD 3.61: the value per Adrianic Share in USD.
  • GBP 2.68: the value per Adrianic Share in GBP.

Sources:

  • M2 EQUITYBITES - "Dundee Precious Metals Proposes Acquisition of Adriatic Metals in Deal Valued at USD 1.3bn" (June 20, 2025)
  • TSX: DPM - Dundee Precious Metals Inc.
  • TSX: ADT - Adriatic Metals plc
  • UK Companies Act 2006, Part 26
  • M2 COMMUNICATIONS - "M2 EquityBites"