• Production increased 23% to 1.7Moz AgEq in Q2 2025
• Ore milled increased 50% to 99kt in Q2 2025
• Mine development increased 24% to 904m in Q2 2025
• FY 2025 production guidance revised to 475-525kt ore milled and 9.5-10.5Moz AgEq

Adriatic Metals PLC reported strong operational performance in Q2 2025, with a 23% increase in silver equivalent production to 1.7Moz AgEq and a 50% increase in ore milled to 99kt compared to the previous quarter. Mine development also increased by 24% to 904m. The company completed construction of the Veovaća Tailings Storage Facility in March and a dedicated access road linking the Vares Processing Plant to the TSF was completed in June, removing a key bottleneck. However, mechanical issues with the crusher and delays with the tailings filter limited processing rates in June. As a result, full-year 2025 production guidance has been revised down to 475-525kt ore milled and 9.5-10.5Moz AgEq produced, from the previous guidance of 625-675kt ore milled and 12-13Moz AgEq. Adriatic also made debt repayments of $19m to Orion Mine Finance and $6m to Trafigura during the quarter, and ended June with a cash balance of $59m. Importantly, the company declared commercial production on 1 July 2025.

FY 2025 production guidance revised to 475-525kt ore milled and 9.5-10.5Moz AgEq produced.