Adriatic Metals (ADT) Corporate Presentation summary

Operational performance and ramp-up

• Achieved a 46% increase in silver equivalent (AgEq) production from Q4 2024 to Q1 2025, with April 2025 production up 76% versus Q1 average.

• Vareš processing plant fully constructed in Q1 2024; first sale of silver/lead and zinc concentrates in May 2024.

• Transitioned to owner-operator mining in May 2024 and completed first stope blast in August 2024.

• Veovača tailings storage facility construction completed in March 2025, with first tailings deposited in April.

• Metal recoveries and ore grades improved quarter-on-quarter, supporting strong ramp-up progress.

Financial highlights and cost position

• Cash balance of $76m and net debt reduced to $86m at end of Q1 2025 after a $20m debt repayment.

• Achieved cash generative status for the first time in Q1 2025.

• All-in sustaining cost (AISC) forecasted as the lowest among global primary silver mines for 2025.

• EBITDA margin projected at ~70% for 2025, placing the operation in the first quartile of the cost curve.

• Expansion study completed, indicating potential to increase processing capacity from 0.8Mtpa to 1.3Mtpa.

Resource base and production outlook

• 2025 production guidance: 12–13Moz AgEq, with a 15-year life of mine and reserve grade of 633g/t AgEq.

• Updated 2024 mineral resource: 20.9Mt at 153g/t Ag, 4.3% Zn, 2.8% Pb, 1.1g/t Au, 0.4% Cu, 0.2% Sb.

• Probable ore reserves: 12.3Mt at 192g/t Ag, 5.7% Zn, 3.6% Pb, 1.5g/t Au.

• 2025 forecast production: 5,500–5,700koz silver, 25–30koz gold, 28–32kt lead, 9–10kt zinc.

• Vareš positioned as a significant, high-grade, long-life polymetallic operation in Europe.