Adriatic Metals (ADT) Corporate Presentation summary

Operational performance and ramp-up

• Vareš processing plant fully constructed in Q1 2024, with first concentrate sales in May 2024 and transition to owner-operator mining shortly after.

• Production ramp-up underway, with 2.2Moz AgEq produced Jan–Apr 2025, up from 1.3Moz AgEq in all of 2024.

• April 2025 saw a 76% increase in AgEq production versus Q1 average, and metal recoveries continue to improve.

• Steady state at 80% design rates (1,800 tpd) achieved, with further increases expected as TSF access improves.

• Health and safety performance remains strong, with ongoing improvements in TRIFR and LTIFR metrics.

Financial position and expansion

• Cash balance of $76m at end of Q1 2025, with net debt reduced to US$86m after a US$20m debt repayment.

• Ausenco study completed, enabling processing capacity increase from 0.8Mtpa to 1.3Mtpa; initial expansion to 1Mtpa requires <$1m capex, full expansion to 1.3Mtpa estimated at $25m.

• Pathway to over 20Moz AgEq annual production, positioning Vareš among the largest primary silver producers globally.

• Vareš became cash generative for the first time in Q1 2025, with significant cashflows forecast in coming months.

Mining and processing developments

• April 2025 set a record with 325.6m of mine development; new equipment and automation implemented to support ramp-up.

• Blasting and stoping performance improved, with reduced overbreak and better fill dilution management.

• Processing plant throughput limited by TSF haulage, but improvements in crusher pre-screening and tailings filtration underway.

• Concentrate quality in both Pb and Zn steadily improving, with further gains expected as new flotation cells come online.

• Key projects include Veovača TSF expansion, emulsion storage, paste backfill plant, and waste rock disposal upgrades.