Adriatic Metals (ADT) Corporate Presentation summary

Operations and production update

• Vares Silver Operation ramping up, producing 1,335koz silver equivalent in 2024, with commercial production expected in Q1 2025 and nameplate capacity of 0.8Mtpa in H2 2025.

• 2025 production guidance set at 625-675kt ore milled and 12,000-13,000koz AgEq produced.

• Ausenco study completed for a US$25m expansion to increase plant capacity by 63% to 1.3Mtpa, with orders for long-lead items to begin in Q1 2025.

• Expansion studies underway at Rupice Mine to support further production growth.

• Vares positioned as a modern, high-margin, multi-commodity mine with robust economics and an 18-year mine life.

Financial and equity raising overview

• Two-tranche institutional placement to raise A$80m (US$50m) at A$3.90 per CDI, a 3.7% discount to last traded price.

• Proceeds, combined with existing cash of A$73.6m, will fund plant expansion, mine studies, and working capital.

• US$25m concentrate prepayment from Trafigura completed in January 2025; first debt repayment to Orion rescheduled to March 2025.

• Pro forma cash position post-placement expected to be A$153.6m (US$96.0m) before costs.

• Canaccord Genuity, Stifel Nicolaus Europe, and RBC Europe acting as joint lead managers.

Growth strategy and expansion plans

• Fast-tracking expansion to 1.3Mtpa by 2027, targeting over 20Moz AgEq annual production.

• Minimal capex (<US$1m) needed to increase throughput to 1Mtpa; US$25m required for 1.3Mtpa.

• Expansion will place Vares among the largest primary silver producers globally.

• Ongoing exploration with 44km² land package and district-scale targets.

• Multi-commodity exposure with significant by-product credits from gold and copper.