Adriatic Metals (ADT) Q2 2025 TU earnings summary

Executive summary

• Ore milled increased 50% to 99kt in Q2 2025 compared to Q1 2025, with production up 23% to 1.7Moz AgEq.

• Commercial production achieved on 1 July 2025 after resolving tailings and mechanical bottlenecks.

• FY 2025 production guidance revised downward due to earlier operational constraints.

• Agreement reached for recommended acquisition by Dundee Precious Metals announced in June 2025.

Financial highlights

• Cash balance at 30 June 2025 was $59m, down from $76m at end of Q1 2025.

• Net cash from operating activities in Q2 was $15.4m; net cash used in investing was $7.7m; net cash used in financing was $25.0m.

• Receipts from customers totaled $51.0m for the quarter.

• Second debt repayment of $19m to Orion and $6m to Trafigura completed in Q2.

Outlook and guidance

• FY 2025 production guidance revised to 475-525kt ore milled and 9.5-10.5Moz AgEq produced, down from 625-675kt and 12-13Moz AgEq.

• Expansion study to increase processing capacity to 1Mtpa is progressing, with completion expected in Q4.