• 48kt ore milled at 234g/t Ag, 2.6g/t Au, 7.5% Zn, 4.8% Pb in Q4
• 934koz of silver equivalent produced in Q4
• $27m of sales receipts in Q4

Adriatic Metals PLC reported its quarterly activities for Q4 2024, marking the transition from a development-stage company to a metals producer. Key highlights include 48kt of ore milled at 234g/t Ag, 2.6g/t Au, 7.5% Zn, 4.8% Pb, and 934koz of silver equivalent produced in the quarter. The company generated $27m in sales receipts during Q4. However, the quarter presented significant challenges due to extreme weather, including devastating floods in October and heavy snowfall in late December, which disrupted mining operations and delayed the start of commercial production, now expected in Q1 2025. Adriatic provided updated production guidance for 2025 and 2026, targeting 625-675kt of ore milled and 12,000-13,000koz of silver equivalent produced in 2025. The company also completed a technical review to assess the potential for increasing throughput at the Vares Processing Plant, confirming that approximately $25m of growth capital would be required to achieve 1.3Mtpa. Adriatic ended the quarter with a cash balance of $21m and received a $25m concentrate prepayment arrangement with Trafigura in January 2025, bringing the current cash balance to $46m.

FY 2025 production guidance of 625-675kt ore milled and 12,000-13,000koz AgEq produced.

Adriatic remains optimistic about the year ahead as it works towards the consistent delivery of product to market. The company plans to provide an update in the coming months outlining its organic growth opportunity and alignment within the broader corporate strategy.