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Adriatic Metals (ADT) investor relations material

Adriatic Metals Q2 2025 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 TU earnings summary27 Jul, 2025

Executive summary

  • Ore milled increased 50% to 99kt in Q2 2025 compared to Q1 2025, with production up 23% to 1.7Moz AgEq.

  • Commercial production achieved on 1 July 2025 after resolving tailings and mechanical bottlenecks.

  • FY 2025 production guidance revised downward due to earlier operational constraints.

  • Agreement reached for recommended acquisition by Dundee Precious Metals announced in June 2025.

Financial highlights

  • Cash balance at 30 June 2025 was $59m, down from $76m at end of Q1 2025.

  • Net cash from operating activities in Q2 was $15.4m; net cash used in investing was $7.7m; net cash used in financing was $25.0m.

  • Receipts from customers totaled $51.0m for the quarter.

  • Second debt repayment of $19m to Orion and $6m to Trafigura completed in Q2.

Outlook and guidance

  • FY 2025 production guidance revised to 475-525kt ore milled and 9.5-10.5Moz AgEq produced, down from 625-675kt and 12-13Moz AgEq.

  • Expansion study to increase processing capacity to 1Mtpa is progressing, with completion expected in Q4.

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Frequently asked questions

Adriatic Metals PLC is a precious and base metals explorer and developer based in the United Kingdom. Founded in 2017, it focuses on the exploration and development of precious and base metals, with key projects including the Vares Silver Project in Bosnia & Herzegovina and the Raska zinc deposit in Serbia. These regions are noted for their rich mining history and skilled workforce. The Vares Project, its flagship, is located approximately 50 kilometers north of Sarajevo in the Zenica-Doboj canton. The company also explores for silver, zinc, lead, copper, gold, and barite deposits, emphasizing its exploration activities and definition drilling. The company is headquartered in Cheltenham, United Kingdom, and its shares are listed on the London Stock Exchange.

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