03 October 2023

Adriatic Metals PLC 

("Adriatic Metals" or the "Company")

Adriatic Metals and Boliden join efforts to produce zinc with the highest ESG standards

Adriatic Metals PLC (ASX:ADT, LSE:ADT1, OTCQX:ADMLF) and Boliden AB ("Boliden") have agreed on the purchase of zinc concentrates from the Vares Silver Project. Adriatic Metals and Boliden will cooperate in producing zinc and other valuable metals according to the highest ESG (Environmental, Social, and Governance) standards.

The smelter expansion project in Odda, Green Zinc Odda, was announced by Boliden in 2021. The annual production capacity will be increased by 150 kilotonnes per year to 350 kilotonnes per year. The zinc production in Odda is amongst the most climate friendly in the world.

Vildana Mahmutovic, Head of Sustainability at Adriatic Mines said: "With its 100 years of experience and commitment to sustainability, Boliden stands out in a demanding industry landscape with leading ESG performance in its supply chains. We are delighted to have Boliden with us, with the overall aim of creating profitability and growth in a responsible manner, with consideration for people, the environment, and society-all targets that the Vares Silver Project will fulfill. Adriatic Metals operations are well in line to support Boliden's leading sustainability standards and best practices".

José Tinoco, Manager Zinc and Lead Concentrates at Boliden said: "This mine project will support our smelter expansion project in Odda as well as our ESG targets. We are committed to contributing to a sustainable society by producing metals together with suppliers that share this vision".

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Authorised by Paul Cronin, Managing Director & CEO

For further information, please visit www.adriaticmetals.com; @AdriaticMetals on Twitter; or contact:

ABOUT ADRIATIC METALS

Adriatic Metals PLC (ASX:ADT, LSE:ADT1, OTCQX:ADMLF) is a precious and base metals developer that is advancing the world-class Vares Silver Project in Bosnia & Herzegovina, as well as the Raska Zinc-Silver Project in Serbia.

The Vares Silver Project is fully funded to production, which is expected in Q4 2023. The 2021 Project Definitive Feasibility Study shows robust economics of US$1,062 million post-tax NPV8, 134% IRR and a capex of US$168 million. Concurrent with ongoing construction activities, the Company continues to explore across its highly prospective 42km² concession package.

There have been no material changes to the assumptions underpinning the forecast financial information derived from the production target in the 19 August 2021 DFS announcement and these assumptions continue to apply and have not materially changed. Adriatic Metals is not aware of any new information or data that materially affects the information included in the announcement of the updated Mineral Resource Estimate announced on 1 September 2020 and all material assumptions and technical parameters underpinning the Mineral Resource Estimate continue to apply and have not materially changed.

MARKET ABUSE REGULATION DISCLOSURE

The information contained within this announcement is deemed by the Company (LEI: 549300OHAH2GL1DP0L61) to constitute inside ‎information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended ("UK MAR"), and Article 7 of the Market Abuse Regulation (EU) No. 596/2014 ("EU MAR"). The person ‎responsible for arranging and authorising the release of this announcement on behalf of the Company is Paul Cronin, Managing Director and CEO.