Adriatic Metals ASX:ADT Stock Report

Adriatic Metals plc Announces Recent Drilling At Rupice Northwest, an Extension to the Existing Orebody Continues to Intercept Thick, High-Grade, Massive Sulphide Mineralisation Up-Dip from Previous Intersections

Adriatic Metals PLC Reports on Recent Exploration Results at its Vares Silver Project in Bosnia & Herzegovina

Adriatic Metals PLC reported on recent exploration results at the Company's Vares Silver Project in Bosnia & Herzegovina. Recent drilling at Rupice Northwest, an extension to the existing orebody continues to intercept thick, high-grade, massive sulphide mineralisation up-dip from previous intersections. The current exploration drilling campaign at Rupice Northwest is designed to confirm whether the high-grade mineralisation at the existing Rupice Mineral Resource ("Rupice") continues along strike to the North-West. The intercepts announced are assay results from three exploration holes out of 5 exploration holes completed in the year to date. Drillholes BR-01-22, BR-02-22 and BR-03-22, located 90 metres northwest of the existing Rupice Mineral Resource and drilled up-dip of previously reported holes BR-16-21 (7.1m @ 1,123g/t AgEq) and BR-19-21 (15.8m @ 508g/t AgEq), intercepted: BR-03-22 - 30.9 metres at 851g/t AgEq, 27.4% ZnEq (233g/t Ag, 9.0% Zn, 6.1% Pb, 1.3g/t Au, 0.5% Cu, 67% BaSO4 & 0.1% Sb) from 239.5 Metres. Including 23.5 metres at 993g/t AgEq, 31.9% ZnEq (269g/t Ag, 11.0% Zn, 7.3% Pb, 1.6g/t Au, 0.6% Cu, 68% BaSO4 & 0.1% Sb) from 245.0 metres. BR-01-22 - 24.5 metres at 794g/t AgEq, 25.5% ZnEq (343g/t Ag, 5.5% Zn, 3.7% Pb, 1.4g/t Au, 0.2% Cu, 75% BaSO4, 0.1% Sb) from 250.5 metres Including 17.5 metres at 915g/t AgEq, 29.4% ZnEq (386g/t Ag, 6.8% Zn, 4.4% Pb, 1.7g/t Au, 0.3% Cu, 77% BaSO4 & 0.1% Sb) from 256.0 metres. BR-02-22 - 23.0 metres at 831g/t AgEq, 26.7% ZnEq (281g/t Ag, 8.1% Zn, 5.7% Pb, 1.3g/t Au, 0.8% Cu, 38% BaSO4, 0.1% Sb) from 229.5 metres Including 15.6 metres at 1,176g/t AgEq, 37.8% ZnEq (408g/t Ag, 11.5% Zn, 8.2% Pb, 1.8g/t Au, 1.1% Cu, 52% BaSO4 & 0.1% Sb) from 233.5 metres. BR-01-22 - 7.9 metres at 851g/t AgEq, 27.4% ZnEq (380g/t Ag, 2.9% Zn, 5.5% Pb, 1.5g/t Au, 0.6% Cu, 77% BaSO4 & 0.4% Sb) from 141.4 metres Including 5.0 metres at 1,127g/t AgEq, 36.2% ZnEq (546g/t Ag, 4.4% Zn, 7.0% Pb, 1.9g/t Au, 0.8% Cu, 76% BaSO4 & 0.5% Sb) from 144.0 metres. 2022 Exploration Works: Exploration step-out drilling is currently focused on Rupice Northwest, where additional assays are pending from recently completed holes that have intercepted massive sulphide mineralisation within the extension area. The resource definition and in-fill drilling programmes are also progressing well which, when completed, will lead to an updated Mineral Resource Estimate planned for Fourth Quarter 2022. All three drill rigs will then be available to focus on additional Rupice Northwest and other planned exploration targets within close proximity to the Rupice orebody. With the new drilling contractor delivering results with significantly improved advance rates, the Company plans to complete approximately 22,000m of exploration and infill drilling by the end of the year, with a continued focus on adding to the existing 10 years of mine life by systematically exploring around Rupice and the greater Vares project.

Independent Non-Executive Director recently sold AU$717k worth of stock

On the 1st of June, Peter Bilbe sold around 300k shares on-market at roughly AU$2.39 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of AU$9.4m more than they bought in the last 12 months.

Adriatic Metals PLC Provides Update on Construction Activities and Drilling at its Vares Silver Project

Adriatic Metals PLC provided an update on the construction activities and drilling at its Vares Silver Project in Bosnia & Herzegovina. Construction activities are advancing on time as planned. Activities are split across the following three sites: 1. Rupice Surface Infrastructure Site /Rupice Underground Mine: Ground support installation around the lower portal to the Rupice underground mine has been completed and decline development is expected to commence in the coming weeks. Excavation of the upper portal is ongoing and ground support installation is expected to start in the coming weeks, with decline development ready to start at the end of the quarter. The imminent start of construction of the lower decline will mark the start of the three phases of mining at Rupice. The first phase is the concurrent construction of the two declines from the upper and the lower portal, down to the two parallel production levels of the Rupice orebody. The first phase is expected to be completed during Fourth Quarter 2022. Phase two of mining will start at the beginning of First Quarter 2023, with the construction of the production levels, cross cuts, ore development drives and installation of underground infrastructure ready for production mining. Phase two will be when the majority of the underground equipment mining fleet is mobilised, as there will be the multiple simultaneous headings under development. There will be just two concurrent development headings in phase 1. The final and third phase of mining, will be production mining in ore as well as backfilling. This is expected to commence in Second Quarter 2023. Phase three will also have additional underground mobilised, albeit in smaller incremental increase than that for phase 2. Çiftay naat Taahhüt ve Ticaret A. ("Ciftay"), the Company's appointed underground mining contractor, has started its initial mobilisation of mining equipment and workshop facilities to site. By the end of this quarter, the initial phase of mobilisation will have been completed. This includes the mobilisation of equipment for the first phase of mining, as well as the installation of temporary surface facilities (offices, warehouse and workshops). Over the next 12 months further supplementary equipment will be mobilised, as required for the subsequent second and third phase of mining. The installation of utilities (water, telecommunications, compressed air, ventilation fans and generators) for the underground development has started. The ventilation fans and compressors for compressed air will be delivered within the next 2 weeks, and the installation of the surface water distribution system is also nearing completion. A telecommunications mast providing 4G network coverage across the site has also been installed. 2. Haul Road: The first section of the haul road's construction commenced earlier this month. The 25km haul road construction is phased into 5 lots of approximately 5km each in length. Roadworks have started on Lot 1, with Lot 5 expected to commence in early June. Lot 1 is the first 5km of road from Rupice Surface Infrastructure site towards the Vares Processing Plant site, and Lot 5 is last 5km. Permitting for Lots 2, 3 and 4 is underway and completion of the haul road is expected in First Quarter 2023. The haul road is being constructed by the Vares Municipality, but with funding and technical assistance from the Company. 3. Vares Processing Plant Site The contract for the preparation of the foundations for the Vares Processing Plant has been signed and work is expected to start in the coming weeks. Following the demolition in 2021 of the buildings that were formerly on the site, a number of shallow subterrain cavities and channels remained. Building of the foundations will require these shallow voids to be filled and in addition some of the remaining concrete removed. The new Vares Processing Plant buildings will be constructed on the existing concrete infrastructure from the historical processing facilities, which saves a substantial amount of time, engineering and expense. The contract for the construction of the Vares Processing Plant buildings is expected to be awarded imminently. Drilling performance has improved since the appointment of Drillex, the new drilling contractor, as announced on 28 February 2022. Compared to the prior performance, there has been a marked improvement in productivity. Advancement rates have dramatically increased with 4,450 metres already completed within the past 7.5 weeks. Of the three rigs that Drillex have mobilised to the Vares Project site, two rigs are currently deployed for resource definition drilling within the central part of the Rupice deposit, and one rig is stepping out along the northwest extension of the Rupice deposit.

Adriatic Metals PLC, Annual General Meeting, May 30, 2022

Adriatic Metals PLC, Annual General Meeting, May 30, 2022, at 09:00 Coordinated Universal Time. Location: Ground Floor, Regent House, 65 Rodney Road Cheltenahm United Kingdom Agenda: To receive the Company's Annual Report and Financial Statements (the "Annual Report and Financial Statements") and the Auditor's and Directors' reports thereon for the twelve months ended 31 December 2021; to approve the Annual Report on Remuneration set out on pages 80 to 97 of the Annual Report and Financial Statements for the twelve months ended 31 December 2021;to re-elect Paul Cronin as a Director of the Company, who retires by rotation in accordance with the articles of association of the Company ("Articles") and is eligible for re-appointment; to re-elect Sandra Bates as a Director of the Company, who retires by rotation in accordance with the Articles and is eligible for re-appointment; to re-appoint BDO LLP as Auditor of the Company to hold office from the conclusion of the Meeting to the conclusion of the next meeting at which accounts are laid before the Company and to consider other matters.