Adriatic Metal. Regulatory News (ADT1)

AMENDMENT TO CONCESSION AGREEMENT SECURES PRECIOUS METAL RIGHTS

HIGHLIGHTS

• Annex 4 to Concession Agreement with Zenica-Doboj Canton confirms rights to Gold, Silver and Copper.

• Removes potential requirement to commence Exploitation by May 2020

Adriatic Metals PLC (ASX:ADT, LON:ADT1) ("Adriatic" or the "Company")  is pleased to announce that it has entered into Annexure 4 to its Concession Agreement with the Ministry of Economy for Zenica-Doboj Canton.

The Concession Agreement, entered into by Adriatic's 100% owned subsidiary, Eastern Mining d.o.o, is the primary document granting mineral rights at Veovaca and Rupice. Despite the Federal Mining Code granting mineral rights to all metals and minerals contained in the Reserves Elaborat, which was approved in April 2019 as announced on 4 April 2019, at the time the Concession Agreement was entered into in 2013, the historical information available for the Vares project did not include a sufficient number of assays for gold, silver or copper, and as such the Concession Agreement only referred specifically to lead, zinc and barite.

Since acquiring the Eastern Mining d.o.o. in 2017, Adriatic has identified significant resources of precious metals at both Veovaca and Rupice, as set out in the mineral resource estimates announced on 23 July 2019, and the changes included in Annex 4 remove all legal ambiguity between the two levels of government regarding the mineral rights.

In addition to the above changes, Annex 4 of the Concession Agreement removes the requirement to commence exploitation by May 2020, aligning the procedures contained within the Federal Mining Code, to the commercial terms of the Concession Agreement with the Canton.

These changes also include an amendment to the Minimum Annual Concession Fee from the current level BAM 1.50 (€ 0.77) to BAM 3.90 (€1.99) per tonne Run of Mine (ore into plant), increasing the payment from the date exploitation is granted but prior to commencement of production, to €199,325 per annum from the current level of €76,663 per annum.

Paul Cronin, Adriatic's Managing Director and CEO commented, "The amendments to the Concession Agreement negotiated by our team in Bosnia remove all potential doubt regarding mineral rights and royalty payments on precious metals and better aligns the permitting process in both levels of government, demonstrating a clear determination by Zenica-Doboj Canton to advance the Vares project to production".

For further information please visit www.adriaticmetals.com, @AdriaticMetals on Twitter, 

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The information contained within this announcement is deemed by the Company to constitute inside ‎information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. The person ‎responsible for arranging the release of this announcement on behalf of the Company is Paul Cronin, Managing Director and CEO.‎

LEI: 549300OHAH2GL1DP0L61‎

ABOUT ADRIATIC METALS

Adriatic Metals PLC (ASX:ADT, LON:ADT1) ("Adriatic" or the "Company") is a dual listed (ASX and LSE) precious and base metals explorer and developer via its 100% interest in the Vareš Project in Bosnia & Herzegovina. The Project comprises a historic open cut mine at Veovača and brownfield exploration at Rupice, an advanced proximal deposit which exhibits exceptionally high grades of base and precious metals. Adriatic's short-term aim is to expand the current JORC resource at high-grade Rupice deposit, as well as conduct exploration on a number of other prospects within the expanded Concession. Adriatic has attracted a world class team to expedite its exploration efforts and to rapidly advance the Company into the development phase and utilise its first mover advantage and strategic assets in Bosnia. 

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