Company Announcements

20 April 2023

 Adriatic Metals PLC 

("Adriatic Metals" or the "Company")

 Exercise of Options

Adriatic Metals PLC (ASX:ADT, LSE:ADT1, OTCQX:ADMLF) announces that following the exercise of 4,000,000 founder's options over ordinary shares in the Company at an exercise price of A$0.20 per share, it has today allotted 4,000,000 new ordinary shares of £0.013355 each ("New Ordinary Shares") for total exercise proceeds of A$800,000.

Applications will be made to the Financial Conduct Authority ("FCA") for admission of the New Ordinary Shares to ‎the standard segment of the FCA's Official List and to the London Stock Exchange for admission of the New Ordinary Shares to trading on the Main Market of the London Stock Exchange's Main Market for listed securities ("Admission"). Admission of the New Ordinary Shares is expected to take place on or around 28 April 2023.

The Company confirms that as at the date of this announcement, the Company's issued share capital comprises ‎277,863,593 ordinary shares of £0.013355 each, with each share carrying the right to one vote. The Company does not hold any ordinary shares in treasury. The above figure of ‎277,863,593 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.

The New Ordinary Shares allotted rank pari passu in all respects with the existing ordinary shares of the Company.

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.

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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, 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 production, which is expected in Q4 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.