Adriatic Metal. Regulatory News (ADT1)

Adriatic Metals PLC 

("Adriatic Metals" or "Company")

ALLOTMENT OF SHARES

Adriatic Metals PLC (ASX:ADT, LSE:ADT1, OTCQX:ADMLF) confirms that it has completed the allotment of 40,039 Ordinary shares of £0.013355 each ("Shares"), in the form of CHESS Depository Interests, to Sandfire Resources Limited ("Sandfire") pursuant to Sandfire's anti-dilution right under the Collaboration and Strategic Partnership Deed between the Company and Sandfire. The consideration paid for the Shares was £35,234.32 (40,039 shares at £0.88 per share).

This exercise by Sandfire of their anti-dilution right occurred prior to the equity fundraising announced by the Company on 12 October 2021 ("Placing") in respect of a warrant exercise. Following the Placing, Sandfire ceased to be a shareholder in Adriatic Metals and no longer have an anti-dilution right.

Application will be made to the Financial Conduct Authority and the London Stock Exchange for the Shares to be admitted to the standard segment of the Official List and to trading on the Main Market of the London Stock Exchange ("Admission"). The Shares rank pari passu with the existing Ordinary shares. Admission of the Shares is expected to take place on or around 16 November 2021.

The Company confirms that as at the date of this announcement, the Company's issued share capital comprises 263,734,882 ordinary shares of £0.013355 each, with each share carrying the right to one vote. The Company does not hold any ordinary shares in treasury.

The above figure of 263,734,882 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or of a change to their interest in the Company under the FCA's Disclosure and Transparency Rules.

A cleansing notice and Appendix 2A (Application for quotation of securities) in relation to the allotment of the Shares has also been filed with the Australian Securities Exchange (ASX) and is available on the Company's website: https://www.adriaticmetals.com/investors/asx-announcements/

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For further information please visit www.adriaticmetals.com; @AdriaticMetals on Twitter; or contact:

ABOUT ADRIATIC METALS

Adriatic Metals Plc (ASX:ADT, LSE:ADT1, OTCQX:ADMLF) is a precious and base metals developer that is advancing the world-class Vares Silver Project in Bosnia & Herzegovina, as well as the Raska Zinc-Silver Project in Serbia.

The 2021 Vares Silver Project Definitive Feasibility Study boasts robust economics of US$1,062 million post-tax NPV8, 134% IRR and a capex of US$168 million. The Company is well-funded and concurrent with the advancing of the Vares Silver Project into construction, it continues to explore across its highly prospective 41km2 concession package.

Adriatic Metals Plc completed the acquisition TSX-listed Tethyan Resource Corp. in Q4 2020, which contained the Raska Zinc-Silver Project in southern Serbia. The Company is exploring across its 95km2 highly prospective concession area, which includes around the formerly operating Kizevak and Sastavci polymetallic mines.

There have been no material changes to the assumptions underpinning the forecast financial information derived from the production target in the 15 October 2020 announcement and these assumptions continue to apply and have not materially changed. Adriatic Metals is not aware of any new information or data that materially affects the information included in the announcement of the updated Mineral Resource Estimate announced on 1 September 2020 and all material assumptions and technical parameters underpinning the Mineral Resource Estimate continue to apply and have not materially changed.