• Lost Time Injury Rate and Total Recordable Injury Rate were 0.45 and 1.05 respectively for Q4
• Production of 934koz of silver equivalent in Q4 and total of 1,335koz AgEq in 2024
• Rupice Mine and Vares Processing Plant operating 24/7; commercial production expected in Q1 2025

Adriatic Metals Plc reported its Q4 2024 results, highlighting the company's strong operational performance during the quarter. The Lost Time Injury Rate and Total Recordable Injury Rate were 0.45 and 1.05 respectively for Q4, demonstrating the company's commitment to safety. Production of 934koz of silver equivalent (AgEq) was achieved in Q4, and the total production for 2024 reached 1,335koz AgEq. The company milled 47kt of ore at 234g/t Ag, 2.6g/t Au, 7.5% Zn, and 4.8% Pb in Q4, and a total of 76kt of ore was milled in 2024. The Rupice Mine and Vares Processing Plant have been operating 24/7, and commercial production is expected to commence in Q1 2025, with the plant expected to reach nameplate capacity of 800,000tpa in H2 2025. The company also reported an ore stockpile of approximately 61kt at Rupice as of December 31, 2024. Financially, the company recorded $27m in sales receipts in Q4 and had a cash balance of $21m at the end of the year, with an additional $3m in receivables and concentrate inventory. The company also completed a $25m concentrate prepayment arrangement with Trafigura, bringing its current cash balance to $46m. The first debt repayment of approximately $19m to Orion Mine Finance is scheduled for March 31, 2025.

Production Guidance for FY 2025: Milled 625-675kt, Ag 5,500-5,700koz, Au 25-30koz, Zn 28-32kt, Pb 18-20kt, AgEq 12,000-13,000koz. FY 2026 and LOM Average: Milled 800-850kt, Ag 4,800-5,000koz, Au 25-30koz, Zn 38-42kt, Pb 24-26kt, AgEq 13,000-14,000koz.

The company is focused on ramping up production at the Rupice Mine and Vares Processing Plant to reach commercial production in Q1 2025 and nameplate capacity of 800,000tpa in H2 2025. The company is also exploring opportunities to further increase the throughput of the processing plant to 1Mtpa and 1.3Mtpa, with studies to be completed in 2025. Additionally, the company is working on studies to increase the underground mine output.