Adriatic Metals (ADT) Corporate Presentation summary

Corporate strategy and market positioning

• Focus on near-term cash generation, organic growth, and disciplined external acquisitions, with a strong operating track record and low-cost production profile.

• Positioned to benefit from Europe's drive for critical minerals, with the Vares Project producing silver, zinc, lead, copper, gold, and antimony.

• Supportive price outlook for silver and zinc, driven by demand from solar, EVs, and infrastructure, with significant supply deficits forecasted.

Project development and operations

• Vares Project in Bosnia & Herzegovina achieved first production of silver-lead and zinc concentrates in February 2024, with first ore mined in July 2023.

• Life of mine exceeds 18 years, with high-grade reserves and offtake agreements secured with major global traders.

• Project developed from discovery to production in seven years, with all permits received and construction completed by 2024.

• Modern, efficient processing plant with 800,000 tpa nameplate capacity, studies underway to increase to 1Mtpa by 2026.

Financials and funding

• Fully funded to nameplate production through a $244.5m package: $142.5m debt (Orion Mine Finance) and $102m equity.

• Final project capex was $188.9m; cash balance of $44.8m at end 2023, with first debt repayment due December 2024.

• Market cap as of March 2024: £614m ($854m), with enterprise value of £649m ($899m).