Adriatic Metals PLC 

("Adriatic Metals" or the "Company")

ALLOTMENT OF SHARES

Adriatic Metals PLC (ASX:ADT, LSE:ADT1, OTCQX:ADMLF) advises that is has today completed the allotment of 166,000 ordinary shares of £0.013355 each ("Shares") at an issue price of £1.206 per Share as deferred consideration payable for the acquisition of RAS Metals d.o.o., as previously announced by the Company on 23 February 2021.

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

Applications will be made to the Financial Conduct Authority ("FCA") for admission of the Shares to the standard segment of the FCA's Official List and to the London Stock Exchange for admission of the Shares to trading on the London Stock Exchange's Main Market for listed securities ("Admission"). Admission is expected to take place on or around 25 August 2022.

The Company confirms that as at the date of this announcement, the Company's issued share capital comprises 266,545,240 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 266,545,240 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.

Authorised by, and for further information please contact:

Paul Cronin
Managing Director & CEO
info@adriaticmetals.com

** ENDS **

Market Abuse Regulation Disclosure

The information contained within this announcement is deemed by the Company (LEI: 549300OHAH2GL1DP0L61) to constitute inside ‎information for the purposes of 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. The person ‎responsible for arranging and authorising the release of this announcement on behalf of the Company is Paul Cronin, Managing Director and CEO.

For further information please visit www.adriaticmetals.com or @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 Silver Project in Bosnia & Herzegovina, as well as the Raska Zinc-Silver Project in Serbia.

The Vares Silver Project is fully-funded to production, which is expected in Q2 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 affect 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.