Company Announcements

Adriatic Metals PLC 

('Adriatic Metals' or the 'Company')

ALLOTMENT OF SHARES

Adriatic Metals PLC (ASX:ADT, LSE:ADT1) confirms that is has completed the allotment of 232,440 Ordinary shares of £0.013355 each ("Shares"), in the form of Chess Depository Interests, to Sandfire Resources Limited ("Sandfire") pursuant to Sandfire's anti-dilution right under the Collaboration and Strategic Partnership Deed between the Company and Sandfire.

Application will be made to the Financial Conduct Authority and the London Stock Exchange for the Shares to be admitted to the standard segment of the Official List and to trading on the Main Market of the London Stock Exchange ("Admission").

The Shares rank pari passu with the existing Ordinary shares. Admission of the Shares is expected to take place on or around 11 June 2021.

The Company confirms that as at the date of this announcement, the Company's issued share capital comprises 210,645,909 ordinary shares of £0.013355 each, with each share carrying the right to one vote. The Company does not hold any ordinary shasres in treasury.

The above figure of 210,645,909 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or of a change to their interest in the Company under the FCA's Disclosure and Transparency Rules.

A cleansing notice and Appendix 2A (Application for quotation of securities) in relation to the allotment of the Shares has also been filed with the Australian Securities Exchange (ASX) and is available on the Company's website: https://www.adriaticmetals.com/investors/asx-announcements/

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For further information please visit www.adriaticmetals.com; @AdriaticMetals on Twitter; or contact:

ABOUT ADRIATIC METALS

Adriatic Metals Plc (ASX:ADT, LSE:ADT1) is a precious and base metals explorer and developer that owns the world-class Vares Silver Project in Bosnia & Herzegovina and holds licences across the Raska District in Serbia.

The Vares project's captivating economics and impressive resource inventory have attracted Adriatic's highly experienced team, which is expediting exploration efforts to expand the current JORC resource. Results of a recent pre-feasibility study announced on 15 October 2020 indicate a post-tax NPV₈% of US$1,040 million and IRR of 113%. Leveraging its first-mover advantage, Adriatic is rapidly advancing the project into the development phase and through to production with significant cornerstone investment of US$28 million from Queen's Road Capital Investment and EBRD.

There have been no material changes to the assumptions underpinning the forecast financial information derived from the production target in the 15 October 2020 announcement and these assumptions continue to apply. There have been no material changes to the assumptions and technical parameters on the updated Mineral Resource Estimate announced on 1 September 2020 and these assumptions continue to apply.

Adriatic Metals acquired TSX-V listed Tethyan Resource Corp in 2020, to advance the former Kizevak and Sastavci polymetallic mines in the Raska District, southern Serbia.