• Indicated and Inferred Mineral Resource of 20.9Mt at 153g/t Ag, 4.3% Zn, 2.8% Pb, 1.1g/t Au, 0.4% Cu
• Ore Reserves of 12.3Mt at 192g/t Ag, 5.7% Zn, 3.6% Pb, 1.5g/t Au, 0.5% Cu and 0.2% Sb
• Robust orebody with minimal changes in grade and contained metals despite depletion

Adriatic Metals Plc has announced the updated Mineral Resource and Ore Reserve Estimates for the Rupice Polymetallic Deposit that underpins the Vareš Silver Operation in Bosnia and Herzegovina. The Rupice 2024 Mineral Resource Estimate comprises 20.9Mt at 153g/t Ag, 4.3% Zn, 2.8% Pb, 1.1g/t Au and 0.4% Cu, with 88% classified as Indicated resource. There has been sufficient growth in the Indicated resource through additional drilling to replace depleted reserves and deliver 1% more Indicated resource tonnes compared to 2023. The 2024 Rupice Mine Ore Reserve totals 12.3Mt at 192g/t Ag, 5.7% Zn, 3.6% Pb, 1.5g/t Au, 0.5% Cu and 0.2% Sb. The updated Ore Reserve has decreased by 11% since the prior statement due to depletion and a higher cut-off Net Smelter Return (NSR) value being applied, while grades have increased and contained metals have seen a smaller decrease which demonstrates the robustness of the orebody. The Vareš Silver Operation remains in the lowest quartile for costs for silver producers globally and is a significant cash generative operation at nameplate capacity.

The 2024 Ore Reserve results in a slightly reduced mine life to 2039 (previously 2041) based on an 800ktpa nominal feed rate through the Vareš Processing Plant.