• Dundee Precious Metals to acquire entire issued and to be issued ordinary share capital of Adriatic Metals
• Adriatic shareholders to receive 0.1590 New DPM Shares and 93 pence in cash per Adriatic Share
• Transaction values Adriatic at approximately US$1.251 billion

The Boards of Dundee Precious Metals Inc. ('DPM') and Adriatic Metals Plc ('Adriatic') have agreed the terms of a recommended acquisition of the entire issued and to be issued ordinary share capital of Adriatic. Under the terms of the Transaction, Adriatic Shareholders will be entitled to receive, for each Adriatic Share, 0.1590 New DPM Share and 93 pence in cash. The terms of the Transaction value each Adriatic Share at 268 pence, representing a premium of approximately 50.5% to the Closing Price on the LSE of 178 pence per Adriatic Share on 19 May 2025. The Transaction is expected to be accretive, on a cash flow per share basis, in the first year post-Completion, delivering attractive returns for existing DPM and Adriatic shareholders, with additional upside from achieving and maintaining commercial production levels at Vares, leveraging corporate infrastructure optimisation and supply efficiencies. The Transaction is intended to be effected by means of a Court-sanctioned scheme of arrangement between Adriatic and the Scheme Shareholders under Part 26 of the Companies Act.

The combined group will be well placed to pursue additional value-additive opportunities. Clear synergies between the asset portfolios of DPM and Adriatic, supported by DPM's strong financial capacity and proven operational expertise, are expected to unlock further value for shareholders of both companies, in both the near and longer term.