Adriatic Metals : Corporate Presentation

ersonal use only

Europe's new source of strategic metals

London Investor Roadshow

July 2022

| ASX: ADT | LSE: ADT1 | OTCQX: ADMLF | adriaticmetals.com |

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Important notice & disclaimer

The information contained in this presentation is in summary form and does not necessarily contain all information which may be material to the making of a decision in relation to Adriatic Metals Plc ("Adriatic" or the "Company"). This presentation should not form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities.

The information in this presentation is being furnished to you solely for your information and the contents of this presentation shall not be taken as any form of commitment on the part of any person to proceed with any transaction and will not form the basis of any contract.

This presentation does not involve or imply a recommendation or a statement of opinion in respect of whether to buy, sell or hold securities in the Company. The securities issued by the Company are considered speculative and there is no guarantee that they will make a return on the capital invested, that dividends will be paid on the shares or that there will be an increase in the value of the shares in the future.

The information contained in this presentation has not been independently verified. The Company does not make any representation or warranty, express or implied, as to the fairness, accuracy, correctness or completeness of the information, opinions and conclusions contained in this presentation.

Recipients of this presentation must make their own investigations and inquiries regarding all assumptions, risks, uncertainties and contingencies which may affect the future operations of the Company or the Company's securities. The Company does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this document.

This presentation is not intended to be, and is not, a prospectus, product disclosure statement, offering memorandum or private placement memorandum for the purpose of Chapter 6D of the Corporations Act 2001 or for any other purpose. To the maximum extent permitted by law, the Company, its officers, employees and advisers expressly disclaim any responsibility for and make no warranties or representations as to the accuracy or completeness of the material contained in this presentation and exclude all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission there from. The Company accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this presentation or any other information made available to a person nor any obligation to furnish the person with any further information. The presentation has not been approved in the United Kingdom by the Financial Conduct Authority (the "FCA") and does not constitute, or form part of, an admission document, listing particulars, a prospectus or a circular relating to the Company.

The content of information contained in the presentation has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 ("FSMA"). Reliance upon this presentation for the purpose of engaging in any investment activity may expose person relying on it individual to a significant risk of losing all of the property or other assets invested. If any person is in any doubt as to the contents of this presentation, they should seek independent advice.

The presentation is not a prospectus and should not be considered as an offer or invitation to acquire shares in Adriatic or any other financial product in any jurisdiction and neither this presentation nor anything in it shall form any part of any contract for the acquisition of Adriatic shares. The distribution of this presentation in jurisdictions outside the United Kingdom, Australia and New Zealand may be restricted by law and you should observe any such restrictions. In particular, this presentation is not an offer to sell, or a solicitation of an offer to buy, securities in the United States. Any shares described in this presentation have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration of the US Securities Act and applicable US state securities law.

This presentation does not constitute an advertisement or a public offer of securities in any jurisdiction. Note, all figures are expressed in Australian dollars unless otherwise stated. You should be aware that the Company has its securities listed on the ASX and are also admitted to the Standard Segment of the Official List of the Financial Conduct Authority and to trading on the Main Market of the London Stock Exchange ("LSE"). The information in this presentation is subject to change without notice. Subject to any obligations under applicable law, the Company does not undertake any obligation to update any information in this presentation.

In accordance with ASX Listing Rule 5.23, the Company confirms that the Exploration Results disclosed in this presentation were first disclosed in accordance with ASX Listing Rule 5.7 in the Company's announcements dated 11 May 2020, 2 Sept 2020, 3 Dec 2020 & 27 Jan 2021. The Company confirms that it is not aware of any new information or data that materially affects the information included in the previous announcements.

The Mineral Resource estimate for the Rupice underground deposit comprising part of the Vares Silver Project was announced in accordance with ASX Listing Rule 5.8 on 1 September 2020. The Company confirms that it is not aware of any new information or data that materially affects the information included in the previous announcement and that all material assumptions and technical parameters underpinning the estimate in the previous announcement continue to apply and have not materially changed.

The Ore Reserve estimate for the Rupice deposit was announced in accordance with ASX Listing Rule 5.9 on 19 August 2021. The Company confirms that it is not aware of any new information or data that materially affects the information included in the previous announcement and that all material assumptions and technical parameters underpinning the estimate in the previous announcement continue to apply and have not materially changed.

In accordance with ASX Listing Rule 5.19, the Company confirms that the production targets and forecast financial information for the Vares Project disclosed in this presentation were first disclosed in accordance with ASX Listing Rules 5.16 and 5.17 in the Company's announcement dated 19 August 2021. The Company confirms that all the material assumptions underpinning the production target and the forecast financial information in the previous announcement continue to apply and have not materially changed.

The Company is required to report reserves and resources in accordance with JORC 2012. You should note that while the Company's reserve and resource estimates comply with the JORC 2012, they may not comply with the relevant guidelines in other countries and, in particular, do not comply with (i) National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators and (ii) Industry Guide 7, which governs disclosures of mineral reserves in registration statements filed with the US Securities and Exchange Commission. Information contained in this presentation describing the Company's mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of Canadian or US securities laws. In particular, Industry Guide 7 does not recognise classifications other than proven and probable reserves and, as a result, the SEC generally does not permit mining companies to disclose their mineral resources in SEC filings. You should not assume that quantities reported as "resources" will be converted to reserves under the JORC Code or any other reporting regime or that the Company will be able to legally and economically extract them.

This presentation contains certain statements which may constitute "forward looking statements". The forward looking statements in this presentation apply only as at the date of this presentation. Any forward looking statements in this presentation involve subjective judgment and analysis and are subject to significant uncertainties, risks and contingencies and other factors. Such risks may be outside the control of, and are unknown to the Company and its officers, employees, agents or associates. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Adriatic and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accident, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although Adriatic has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this presentation and Adriatic disclaims any obligation to update any forward looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Adriatic undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

News releases, presentations and public commentary made by Adriatic and its officers may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to interpretations of exploration results to date and the Company's proposed strategy, plans and objectives or to the expectations or intentions of the Company's directors. Such forward-looking and interpretative statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such interpretations and forward-looking statements. Accordingly, the reader should not rely on any interpretations or forward-looking statements; and save as required by the exchange rules of the ASX and LSE or by applicable laws, the Company does not accept any obligation to disseminate any updates or revisions to such interpretations or forward-looking statements. The Company may reinterpret results to date as the status of its assets and projects changes with time expenditure, metals prices and other affecting circumstances.

| ASX: ADT | LSE: ADT1 | OTCQX: ADMLF | adriaticmetals.com |

Adriatic Metals | Europe's new source of strategic metals | 2

ersonal use only

Rapid rate of project development

Bosnia and Herzegovina

AN ATTRACTIVE MINING JURISDICTION

• Well positioned in central Europe with extensive access to rail networks linking European smelters and the seaborne market

• Strong mining history and highly skilled workforce

• 10% corporate tax and favourable royalty regime

• Publicly supportive government

RAPID RATE OF PROJECT DEVELOPMENT

• Acquired in 2017

• ASX listing 2018

• Maiden Resource and LSE listing 2019

• PFS published 2020

• DFS, financing and start of construction in 2021

• Fully permitted 2022

• Production commencing June 2023

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Adriatic Metals | Europe's new source of strategic metals | 3

Vares silver project

Highly robust economics

only
														1,000			Cumulative post-tax free cashflow over life of mine
													2021 DFS
		Post-tax NPV8					US$1,062 million			1,600						284
		Post-tax IRR								134%										260	260
											1,400
		Initial Capital Cost1						US$168 million							206					216	231
									1,200
		Payback period								8.5 months
millionuse	AISC2					US$7.3 / AgEq oz
				800													139
				Post tax NPV8 Sensitivity table3					millionUS$
													600														89
		$1,400																										58
														400
		$1,300
		$1,200													200
																											5	6
		$1,100
														0
	US$	$1,000
													-200
ersonal	$900														-21
		$800													-400
		$700													-600
		-20%	-10%		--		10%	20%
				Operating Cost (+/-%)			Initial CAPEX (+/-%)			Head Grade (+/-%)
									-800			-131
				Silver Price (+/-%)				Zinc Price (+/-%)							2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033
																			Post-Tax FCF			Cumulative
1.	Includes Contingency of US$17.8 million
2. Silver equivalent calculations and parameters are in the Appendices
3.	Of the commodities that make up the Vares Project, the NPV8 is most sensitive to changes in silver and zinc prices. The base case price assumptions are at US$24/oz silver and US$3,000/t zinc
		| ASX: ADT | LSE: ADT1 | OTCQX: ADMLF | adriaticmetals.com	|											Adriatic Metals |	Europe's new source of strategic metals	| 4

High-grade,low-cost mining

Key inputs to 2021 DFS

only
LOM			2023	2024			2025		2026	2027		2028		2029	2030	2031		2032	2033		Operating Costs	$/t milled
	Schedule
																													Mining	30.0
	Tonnes	kt		638		800			800		800		802		800		794		775	769		260		56
													Processing	30.3
	Feed Grade
																															G&A	7.7
	Silver	g/t		340		242			199		204		231		240		182		127	110		98		186
																															Total Site Opex	68.0
	Zinc	%		6.6%		9.0%			9.5%		8.7%		5.4%		5.9%		3.7%		2.6%	1.8%		1.3%		1.4%
use	Lead	%		4.4%		5.4%			5.7%		5.0%		3.3%		3.7%		2.6%		1.9%	1.3%		1.0%		1.6%		Refining & Transport	35.7
Copper	%		0.7%		1.0%			1.1%		0.9%		0.6%		0.5%		0.4%		0.3%	0.3%		0.3%		0.4%		Cash Cost	103.7
Gold	g/t		2.8		2.5			2.1		2.3		2.3		2.2		1.6		1.0	0.7		0.6		0.9
													All-in Sustaining Cost	108.1
	Barite	%		42%		35%			30%		34%		37%		37%		30%		23%	23%		26%		57%
	Antimony	%		0.2%		0.3%			0.3%		0.3%		0.2%		0.2%		0.2%		0.2%	0.2%		0.2%		0.3%
	Sustaining	US$M		4		12			6		3		3		0		3		1	0		0			1
	Capex													• Offtake allocated for 82% total
ersonal																									projected concentrate
							Zinc Concentrate									Silver-Lead Concentrate
																														production over the first 24
Metal		Recovered			Payable			Grade		Recovery		Recovered			Payable	Grade			Recovery
		Metal			Metal					Metal			Metal				months of production
	Ag		8,522 koz		5,085 koz			457g/t			18%		33,723 koz		32,034 koz	2,051g/t			71%
																														•	Remaining 18% intentionally
	Zn		333.4 kt			283.4 kt			57.4%				80%		44.8 kt				1.1 kt	8.8%			11%
	Pb		17.0 kt			-			2.9%				7%		224.8 kt			209.5 kt	44.0%			86%		held back for advantageous
	Cu		6.2 kt			-			1.1%				14%		35.9 kt				6.6 kt	7.0%			80%		spot market sales
	Au		107 koz			59 oz			5.7g/t			24%		175 oz			159 oz	10.7g/t			40%
	Sb		1.1 kt			-			0.2%				6%		14.8 kt			13.3 kt	2.9%			88%
	| ASX: ADT | LSE: ADT1 | OTCQX: ADMLF |	adriaticmetals.com |													Adriatic Metals | Europe's new source of strategic metals | 5