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25 OCTOBER 2021 ABOUT ADRIATIC METALS ( ASX : ADT , LSE : ADT1 , OTCQX : ADMLF ) Adriatic Metals Plc is focused on the development of the 100 % -owned , Vares high - grade silver project in Bosnia & Herzegovina , and exploration at the Raska base & precious metals project in Serbia . DIRECTORS Mr Michael Rawlinson NON - EXECUTIVE CHAIRMAN Mr Paul Cronin MANAGING DIRECTOR & CEO Mr Peter Bilbe NON - EXECUTIVE DIRECTOR Mr Julian Barnes NON - EXECUTIVE DIRECTOR Ms Sandra Bates NON - EXECUTIVE DIRECTOR Ms Sanela Karic NON - EXECUTIVE DIRECTOR adriaticmetals.com HIGHLIGHTS IN THE QUARTER ● ● Adriatic Metals QUARTERLY ACTIVITIES REPORT For the 3 months ended 30 September 2021 ( " Q3 " or " Quarter " ) Vares Silver Project , Bosnia & Herzegovina : Exploitation Permit for the Rupice Underground Deposit received final permit required to commence construction Definitive Feasibility Study completed , with improved economics from the PFS : NPV8 of US $ 1,062 million , IRR of 134 % and Capex of US $ 168 million Step - out exploration drilling intersected high - grade mineralisation 80m northwest of the Rupice Underground Deposit Cash balance at 30 September 2021 is £ 16.7 million Post quarter end , the company announced a project finance package of approximately US $ 244.5 million : ● Term sheet signed with Orion for US $ 142.5 million debt financing ( " Orion Debt Financing " ) package : US $ 120.0 million senior secured debt US $ 22.5 million copper stream In addition , the Company completed an equity raise of approximately US $ 102.0 million , consisting of : a conditional equity subscription for US $ 50.0 million by Orion a conditional Placing of US $ 52.0 million , conducted through an accelerated bookbuild process Together , the Orion Debt Financing of US $ 142.5 million , the Orion Equity Subscription of US $ 52.0 million and the Placing of US $ 50.0 million form the US $ 244.5 million project finance package Concurrently , Sandfire Resources Limited sold 34,600,780 CDIs , representing its entire holding in the Company Canaccord Genuity , RBC Europe and Stifel Nicolaus Europe acted as joint bookrunners in connection with the Placing and the Secondary Sale Adriatic Metals PLC , Regent House , 65 Rodney Road , Cheltenham GL50 1HX United Kingdom