Adriatic Metals updated Mineral Resource estimate for the Rupice Deposit in Bosnia & Herzegovina

HIGHLIGHTS
• Indicated and Inferred Mineral Resource estimate (“MRE”) for Adriatic Metals’ 100%-owned Rupice silver-gold-zinc-lead deposit in Bosnia & Herzegovina, now stands at:
• 12.0Mt @ 149g/t Ag, 1.4g/t Au, 4.1% Zn, 2.6% Pb, 0.5% Cu, 25%
BaSO4 (reported above a cut-off grade of 50g/t AgEq)
containing 58Moz Ag, 527koz Au, 489kt Zn & 312kt Pb
• This represents a 32% increase in tonnes compared to the maiden 2019 Rupice MRE (using a 50g/t AgEq cut-off).
• 79% of the updated Mineral Resource is classified as Indicated.
• The updated MRE will provide the foundation to the PFS, which will incorporate ongoing metallurgical test work results and mining studies designed to optimise and improve the planned development configuration of the project compared with that outlined in the November 2019 Scoping Study.
• Recent drilling has also intersected high-grade massive sulphide
mineralisation at Rupice – with the system remaining open towards the north and down-dip to the south.

Adriatic Metals Plc (ASX:ADT, LSE:ADT1) (“Adriatic” or the “Company”) is pleased to announce the updated Mineral Resource estimate for the Rupice Silver Deposit in the Vares Silver Project, in Bosnia & Herzegovina, which has been completed by CSA Global Pty Ltd (“CSA Global”).

Paul Cronin, Adriatic’s Managing Director and CEO commented, “I am thrilled that we have substantially increased our resource base as we go into the next stage of project development. This updated MRE shows the world class nature of the deposit and positions the Company as one of the leading silver developers in the industry.” He also added “During the COVID-19 pandemic, I have been impressed by the resolve of our Vares based team to deliver results
in a timely and safe manner. Rupice is an exceptionally high-grade silver dominant deposit, and the increase in tonnes will expand on the results of our 2019 Scoping Study, as we seek to finalise a Pre-Feasibility Study in the coming weeks.”

RUPICE DRILLING AND SAMPLING
For the Mineral Resource estimate, a total of 167 diamond drill holes (46 historical drill holes and 121 drill holes from the Company’s drilling programmes in 2017 (8 holes), 2018 (39 holes), 2019 (52 holes) and 2020 (22 holes)) for 38,135m define the current limits of the known mineralisation. The deposit was drilled and sampled using diamond drill holes at a nominal 20m by 20m spacing.

Drill holes drilled by the Company were generally angled –50° to –80° mostly towards the southwest with dip angles set to optimally intersect the mineralised bodies. Additional drill holes were drilled from the opposite direction, and perpendicular to the mineralised trend. All the historical holes were vertical and focussed on the
up-dip portion of the Rupice mineralisation.
The drill core was sampled for assay; whole core for the historical drilling and half core (HQ and PQ) for the recent drilling. Recent assays were sent to ALS in Bor, Serbia for multi-element analyses.

ABOUT ADRIATIC METALS
Adriatic Metals Plc (ASX:ADT, LSE:ADT1) is a precious and base metals explorer and developer that owns the world-class advanced Vares Silver Project in Bosnia & Herzegovina.
The Vares Silver Project consists of two high-grade deposits, located at Rupice and Veovaca. Bosnia & Herzegovina is well-positioned in central Europe and boasts a strong mining history, pro-mining environment, highly-skilled workforce as well as extensive existing infrastructure and logistics.
The Vares Silver Project’s captivating economics and impressive resource inventory have attracted Adriatic’s highly experienced team, which is expediting efforts to fast-track the project to production. Results of from the 2019 scoping study indicate an NPV8 of US$917 million and IRR of 107%. Leveraging its first-mover advantage, Adriatic is rapidly advancing the project into the development phase and through to production. There have
been no material adverse changes in the assumptions underpinning the forecast financial information or material
assumptions and technical parameters underpinning the Maiden Mineral Resource estimate since the original
relevant market announcements which continue to apply.

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