• Raised approximately A$80 million (US$50 million) through institutional placement
• Proceeds to fund expansion of Vares Processing Plant and support production growth
• Placement completed in two tranches, with second tranche subject to shareholder approval

Adriatic Metals Plc (ASX:ADT, LSE:ADT1, OTCQX:ADMLF) has announced the successful completion of a A$80 million (approximately US$50 million) institutional placement. The placement was conducted in two tranches, with the first tranche of A$43.3 million (US$27 million) issued under the company's existing placement capacity, and the second tranche of A$36.7 million (US$23 million) subject to shareholder approval at a General Meeting expected to be held in March 2025. The new CHESS Depositary Interests (CDIs) were issued at A$3.90 per CDI. The company intends to use the proceeds from the placement to secure long-lead items to fast-track the expansion of the Vares Processing Plant, initiate studies and workstreams at the Rupice Mine to support production growth, and provide spare capacity to mitigate risks during the ramp-up to nameplate production, anticipated in the second half of 2025. Adriatic's Managing Director and CEO, Laura Tyler, commented that the successful capital raise reflects the confidence of investors in the company, its team, and the long-term value of its operations, and will strengthen the company's ability to execute on its strategic vision of increasing production at the Vares Silver Operation to 1.3 million tonnes per annum.