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Adriatic Metals PLC shares surged on Tuesday as it confirmed it is in discussions about a possible takeover offer from Dundee Precious Metals Inc.

Adriatic operates the Rupice silver mine and Vares processing plant in Bosnia and Herzegovina.

Shares in Adriatic Metals were up 24% to 220.00 pence in London on Tuesday afternoon.

Adriatic said it has agreed to provide Toronto, Canada-based gold mining company Dundee with limited due diligence information.

The firm said discussions are ongoing and there is no certainty that any firm offer will be made.

Dundee is required to announce a firm intention to make an offer, or that it does not intend to make an offer, by June 17.