Company Announcements

28 February 2023

Adriatic Metals PLC 

('Adriatic Metals' or the 'Company')

ISSUE OF PERFORMANCE RIGHTS

TOTAL VOTING RIGHTS

Adriatic Metals PLC (ASX:ADT, LON:ADT1, OTCQX:ADMLF) announces that on 24 February 2023 it  granted and issued 314,533 unlisted performance rights ("PRs") to certain employees and consultants under the Company's Incentive Plans.

Following the grant of the abovementioned PRs, the Company's capital structure is as follows:

* Convertible debentures based on an exchange rate of 1 USD : 1.3222 AUD

Appendix 3G has also been issued to the Australian Securities Exchange (ASX) and is available on the Company's website:  https://www.adriaticmetals.com/investors/asx-announcements/

The Company confirms that, in accordance with the FCA's Disclosure and Transparency Rule 5.6.1(R), as at 28 February 2023 the Company's issued share capital comprises 273,863,593 ordinary shares of £0.013355 par value per share, with each share carrying the right to one vote. The Company does not hold any ordinary shares in treasury.

The above figure of 273,863,593 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.

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Market Abuse Regulation Disclosure

The information contained within this announcement is deemed by Adriatic (LEI: 549300OHAH2GL1DP0L61) to constitute inside ‎information as stipulated under Article 7 of the Market Abuse Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended ("UK Market Abuse Regulation").

The person ‎responsible for arranging and authorising the release of this announcement on behalf of Adriatic is Paul Cronin, Managing Director and CEO.

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

ABOUT ADRIATIC METALS

Adriatic Metals PLC (ASX:ADT, LSE:ADT1, OTCQX:ADMLF) is a precious and base metals developer that is advancing the world-class Vares Project in Bosnia & Herzegovina, as well as the Raska Project in Serbia.

The Vares Project is fully funded to first concentrate production, which is expected in Q3 2023. The 2021 Project Definitive Feasibility Study boasts robust economics of US$1,062 million post-tax NPV₈, 134% IRR and a capex of US$168 million. Concurrent with ongoing construction activities, the Company continues to explore across its highly prospective 42km² concession package.

There have been no material changes to the assumptions underpinning the forecast financial information derived from the production target in the 19 August 2021 DFS announcement and these assumptions continue to apply and have not materially changed. Adriatic Metals is not aware of any new information or data that materially affects the information included in the announcement of the updated Mineral Resource Estimate announced on 1 September 2020 and all material assumptions and technical parameters underpinning the Mineral Resource Estimate continue to apply and have not materially changed.