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adriaticmetals.com V arešSilver Operation 13 May 2025 Bank of America Global Metals, Mining & Steel Conference 2025
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Important Notice & Disclaimer 2 Disclaimer This presentation has been prepared by the Company based on information from its own and third party sources and is not a disclosure document. No party other than the Company has authorised or caused the issue, lodgement, submission, despatch or provision of this presentation, or takes any responsibility for, or makes or purports to make any statements, representations or undertakings in this presentation. Except for any liability that cannot be excluded by law, the Company and its related bodies corporate, directors, employees, servants, advisers and agents disclaim and accept no responsibility or liability for any expenses, losses, damages or costs incurred by you relating in any way to this presentation including, without limitation, the information contained in or provided in connection with it, any errors or omissions from it however caused, lack of accuracy, completeness, currency or reliability or you or any other person placing any reliance on this presentation, its accuracy, completeness, currency or reliability. Information in this presentation which is attributed to a third-party source has not been checked or verified by the Company. This presentation is not a prospectus, disclosure document or other offering document under Australian law or under any other law. It is provided for information purposes and is not an invitation nor offer of shares or recommendation for subscription, purchase or sale in any jurisdiction. This presentation contains information in a summary form, is of a general nature and does not purport to be complete, nor does it purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. It should be read in conjunction with, and full review made of the Company’s disclosures and releases lodged with the Australian Securities Exchange (ASX) and available at www.asx.com.au. Each recipient must make its own independent assessment of the Company before acquiring any shares in the Company. Not investment advice This presentation does not provide investment, taxation, legal, accounting, financial, financial product or other advice. This presentation has not been, nor will it be, lodged with the Australian Securities and Investments Commission (“ASIC”). Each recipient of the presentation should make its own enquiries and investigations regarding all information in this presentation including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of the Company and the impact that different future outcomes might have on the Company. Information in this presentation is not intended to be relied upon as advice to investors or potential investors and has been prepared without taking account of any person’s individual investment objectives, financial situation or particular needs. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own investment objectives, financial situation and needs and seek legal, accounting and taxation advice appropriate to their jurisdiction. The Company is not licensed to provide financial product advice in respect of its securities. Forward looking information This presentation contains forward-looking statements. Wherever possible, words such as “intends”, “expects”, “scheduled”, “estimates”, “anticipates”, “believes”, "guidance", "forecast", "target", "outlook", "propose" and similar expressions or statements that certain actions, events or results "should", “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, have been used to identify these forward-looking statements. Although the forward-looking statements contained in this presentation reflect management’s current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, the Company cannot be certain that actual results will be consistent with these forward-looking statements. Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause the Company's actual results, events, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Accordingly, prospective investors should not place undue reliance on forward-looking statements. No representation, warranty or assurance (express or implied) is given or made in relation to any forward-looking statement by any person (including the Company). In particular, no representation, warranty or assurance (express or implied) is given that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur. Any forward-looking statements are made as of the date of this presentation , and the Company assumes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by law. JORC compliance statements It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves 2012 Edition ("JORC Code"), whereas mining companies in other countries may be required to report their mineral reserves and/or resources in accordance with other guidelines (for example, SEC Industry Guide 7 in the United States). Investors should note that while ore reserve and mineral resource estimates of the Company in this document comply with the JORC Code (such JORC Code-compliant ore reserves and mineral resources being "Ore Reserves" and "Mineral Resources" respectively), 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 (the "Canadian NI 43-101 Standards"); or (ii) Item 1300 of Regulation S- K, which governs disclosures of mineral reserves in registration statements filed with the SEC. Information contained in this document describing 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. Investment risk There are a number of risks specific to the Company and of a general nature which may affect the future operating and financial performance of the Company and the value of an investment in the Company. An investment in new securities is subject to investment and other known and unknown risks, some of which are beyond the control of the Company. The Company does not guarantee any particular rate of return or the performance of the Company, nor does it guarantee the repayment of capital from the Company or any particular tax treatment. Investors should have regard to the risk factors outlined in its investor presentation dated18 February 2025 under the section titled “Risks” when making their investment decision. Financial data All dollar values are in Australian dollars (A$, AU$ or AUD) unless otherwise stated. The information contained in this presentation may not necessarily be in statutory format. Amounts, totals and change percentages are calculated on whole numbers and not the rounded amounts presented. Past performance, including past share price performance of the Company and the pro forma historical financial information provided in this presentation is for illustrative purposes only and is not represented as being indicative of the Company’s views on its future financial condition and/or performance, including the future trading price of the Company's securities. The pro forma historical financial information has been prepared by the Company in accordance with the measurement and recognition requirements, but not the disclosure requirements, of applicable accounting standards and other mandatory reporting requirements in Australia. Past performance of the Company , including past share price performance, cannot be relied upon as an indicator of (and provides no guidance as to) the future performance of the Company. Nothing contained in this presentation nor any information made available to you is, or shall be relied upon as a promise, representation, warranty or guarantee, whether as to the past, present or future. Diagram, charts, graphs and tables Any diagrams, charts, graphs and tables appearing in this presentation are illustrative only and may not be drawn to scale. Non-IFRS financial measures Any pro forma financial information included in this presentation has been prepared by the Company in accordance with the measurement and recognition principles, but not the disclosure requirements, prescribed by the Australian Accounting Standards. Investors should also be aware that certain financial data included in this presentation may be "non-IFRS financial information" under ASIC Regulatory Guide 230: Disclosing non-IFRS financial information or "non-GAAP financial measures" under Regulation G of the U.S. Securities Exchange Act of 1934. The Company believes this non-IFRS financial information provides, and these non-GAAP financial measures provide, useful information to users in measuring the financial performance and conditions of the Company. The non-IFRS financial information and these non-GAAP financial measures do not have a standardised meaning prescribed by Australian Accounting Standards and, therefore, may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with Australian Accounting Standards. Investors are cautioned, therefore, not to place undue reliance on any non-IFRS financial information or non-GAAP financial measures and ratios included in this presentation. Such financial information does not purport to be in compliance with Article 3-05 of Regulation S-X under the U.S. Securities Act. Information required by the ASX Listing Rules 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 announcement dated 13 January 2023 and 13 November 2023. 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 Vareš Silver Operation was announced in accordance with ASX Listing Rule 5.8 on 31 March 2025. 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 31 March 2025. 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 Rupice deposit comprising part of the Vareš Silver Operation 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. Metal equivalents The metal equivalents referred to in this presentation have been calculated based on actual production using the following formula for silver equivalents: (AgEq) = ((Ag Produced x Ag $/oz) + (Au Produced x Au $/oz) + (Zn Produced x Zn $/t) + (Pb Produced x Pb $/t) + (Cu Produced x Cu $/t) + (Sb Produced x Sb $/t)) / (Ag $/oz). Produced quantities are after recovery. Commodity prices: $25/oz Ag, $2,000/oz Au, $2,500/t Zn, $2,000/t Pb, $2,000/t Cu, $2,000/t Sb.
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adriaticmetals.com Operations Update 3 The Vareš ramp-up made significant progress in Q1, with further production increases on track in Q2 3 Strong Health and Safety Performance 0 140 280 420 560 700 -- 300 600 900 1,200 1,500 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Head Grade (AgEq g/t) AgEq Produced (koz) AgEq Produced AuEq Grade (RHS) 0 200 400 600 800 1000 -- 16,000 32,000 48,000 64,000 80,000 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Mine Development (m) AgEq Produced (koz) Ore Mined (t) Mine Development (m) (RHS) Mining & Processing Ramping Up Rapidly • 46% increase in AgEq production from Q4 2024 to Q1 2025 • April 2025 production of 0.8Moz AgEq1 (+76% vs Q1 average) • Q1 2025 total ore mined declined only to align with processing rates and manage ore stockpile capacity • Metal recoveries continue to improve quarter-on-quarter • Veovača TSF construction was completed in March and first tailings deposited on 2 April 1. Metal equivalent production has been calculated from individual silver, gold, zinc, lead, copper and antimony metals. This assumes using the following commodity prices over long term: $27.74/oz Ag, $2,222/oz Au, $2,650/t Zn,$2,073/t Pb, $2,073/t Cu, $2,000/t Sb 6.7 6.6 6.6 6.5 7.3 6.6 6.7 5.3 2.3 3.8 5.3 4.5 4.4 5.05.2 5.2 5.1 5.1 5.1 5.2 5.2 3.8 0.8 1.5 2.3 2.2 2.2 2.9 0.0 1.8 3.6 5.4 7.2 9.0 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 TRIFR 12Mo_ave_LTIFR 6mo_avg_TRIFR 6mo_avg_LTIFR TRI includes Lost Time, Restricted Work and M edical Treatment Injury Incidents based to 1,000,000 hours. Mining Progress Processing Progress
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adriaticmetals.com Vareš: A World Class Operation in Europe 4 Attractive high-grade silver mine (1)(2) 633g/t AgEq 12-13Moz AgEq (2025) Significant precious metal producer(1) 4 Low-cost producing asset(3) 1st Quartile (2025E AISC) Long-life asset supported by large reserve base 15 Yrs Life of Mine 22km district- scale corridor with greenfield and brownfield targets 44 km2 land package High margin polymetallic operation ~70% EBITDA Margin 1. Metal equivalent production has been calculated from individual silver, gold, zinc, lead, copper and antimony metals. This assumes using the following commodity prices over long term: $27.74/oz Ag, $2,222/oz Au, $2,650/t Zn,$2,073/t Pb, $2,073/t Cu, $2,000/t Sb 2. Based on reserve grade of 192g/t Ag, 0.5% Cu, 5.7% Zn, 1.5 g/t Au, 3.6% Pb and 0.2% Sb 3. Based on Wood Mackenzie cash cost curve for silver mines as of 2025
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adriaticmetals.com Rapid Rate of Development in a Supportive Jurisdiction 5 • Maiden Mineral Resource Estimate • London Stock Exchange listing • Environmental & Social Impact Assessment commenced 2019 • PFS for the Vareš Project published • Received permitting approvals 2020 • Acquired Project and initial exploration commenced 2017 • Australian Securities Exchange IPO • Expansion of exploration program 2018 • DFS published • Received final key approvals • Released Environmental & Social Impact Assessment 2021 • Mineral Resource Estimate grew indicated tonnes by 93% at Rupice • First ore mined 2023 • Construction programme commenced 2022 • Vareš processing plant fully constructed & commissioned • First sale of silver/lead and zinc concentrates 2024 • Operations continue to ramp- up to nameplate production • First debt repayment to Orion 2025
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adriaticmetals.com What Have We Achieved Over the Last 12 Months? 6 Key highlights Operations ✓ Vareš processing plant fully constructed Q1 2024 ✓ First sale of silver/lead and zinc concentrates in May 2024 ✓ Moved to owner-operator mining in May 2024 ✓ First stope blasted in August 2024 ✓ Secured approvals for Veovaca TSF in October 2024 ✓ Ramp up at Vareš Silver Operation underway, with 2.2Moz AgEq produced Jan – April 2025 vs 1.3Moz AgEq in full-year 2024 ✓ Ausenco VPP expansion study completed: ability to increase nameplate processing capacity from 0.8Mtpa to 1.3Mtpa Finance ✓ Strong liquidity with cash balance of $76m at end of Q1 2025 ✓ US$20m first debt repayment completed in March 2025 ✓ Net debt decreased to US$86m at end of Q1 2025(1) Veovaca TSF (before & after)1. Debt balance excludes GRC copper stream
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adriaticmetals.com Silver Equivalent Production Vareš Ramp-up Progress Vareš has made steady progress, with significant cashflows forecast in the coming months Ore Milled 0 100 200 300 400 500 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Q2 2025 Monthly Avg. Ag production (koz) - 16 32 48 64Ore Milled (kt) Forecast Q2 Monthly Average Significant progress made in Q1 2025 despite adverse weather and power outages Forecast Q2 Monthly Average Adriatic became cash generative for the first time in Q1 2025 7
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0.58x 0.70x 0.97x 1.16x 1.18x 1.24x 1.70x Aya Gold & Silver Adriatic Metals Coeur Mining Fortuna Mining Hecla Mining MAG Silver First Majestic Silver 0.51x 0.70x 0.74x 0.74x 0.75x 0.90x 1.16x Taseko Adriatic Metals CAML ERO Copper Atalaya Aeris Sandfire 4.8x 6.4x 8.2x 10.9x 13.2x 15.2x 23.0x Adriatic Metals Fortuna Mining Coeur Mining First Majestic Silver MAG Silver Hecla Mining Aya Gold & Silver 2.0x 4.8x 5.4x 6.0x 6.6x 8.2x Aeris Adriatic Metals CAML Taseko ERO Copper Sandfire Value Growth Opportunity 8 Adriatic is significantly undervalued versus its silver & base metal peers Average: 1.08x P/NAV Source: As of 7 May 2025, Stifel Research & Factset P/ 2026e Free Cash Flow Average: 11.7xAverage: 0.79x Average: 5.5x Silver Base Metals Silver Base Metals
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San Dimas Inmaculada Galena Complex Uchucchacua Pirquitas Huaron Avino San Julian Lucky Friday Ying Palmarejo Vareš Vareš Expansion Rochester Saucito Greens Creek Fresnillo Cannington La Colorada 0.0 7.0 14.0 21.0 28.0 35.0 2.0 6.4 10.8 15.2 19.6 24.0 2025f All-in Sustaining Cost ($/oz Ag) (Co -product) 2025f Silver Equivalent Production (Moz) Vareš – potential to be one of the largest silver mines Silver mines with Measured & Indicated silver equivalent resources of over 100Moz shown Silver equivalent calculation (AgEq) assumes $25/oz Ag, $2,000/oz Au, $2,500/t Zn, $2,000/t Pb and $8,000/t Cu Source: S&P Global Market Intelligence Mine Economics Refer to pages 18 & 19 for the source information supporting these comparisons Bubble Size represents Measured & Indicated Resources (AgEq) 300Moz 100Moz 9
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Vareš – lowest cost primary silver mine globally (1) Mines shown based on S&P Global Market Intelligence data from primary silver mines with forecast production in 2025 ( Refer to pages 18 & 19 for the source information supporting these comparisons ) (2) Costs presented on a co -product cost accounting basis (3) All mines shown on a 100% basis (4) 2025 Adriatic production guidance Source: S&P Global Market Intelligence Commodity Insights Primary Silver All-in Sustaining Cost Curve - forecast 20251,2,3 Vareš4 Peer Group Primary Silver Mines 10
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adriaticmetals.com Significant organic growth potential 11 • 44km2 land package covering a district- scale corridor with greenfield & brownfield targets • 2025 – Pivot from near mine to district exploration • Cu-Au (Epithermal & Red-Bed) • Ag-Pb-Zn-Ba (VMS & Replacement) • Focus on Vareš East tenement with multiple Cu-Pb-Zn-Ag-Au soil anomalies and mineralized outcrops over 5km strike • Drill testing Droškovac Pb-Zn-Ag mineralized system & historic mine • A total of 14,763m (57 holes) were drilled at Rupice and Droškovac in 2024 Majority of Vareš tenement holdings still to be explored
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adriaticmetals.com Rupice NW 12 Significant upside potential to the NW of the Rupice Exploitation Licence Last three holes of Rupice NW extension 1: • 46m @ 701g/t AgEq • 25m @ 1,280g/t AgEq • 31m @ 910g/t AgEq Plan View of 2024 Resource Block Model Outline of Rupice vs 2023 Resource Block Model (1) Refer to the Company’s announcements dating 13 Nov 2023 and12 Jan 2023 where these Exploration Results were first disclosed, including all material drill holes .
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Corporate structure 13 Adriatic Metals plc (ASX:ADT, LSE:ADT1) Share Price Performance of ASX:ADT since IPO Major Shareholders (1 May 2025) Share Information1 Analyst Coverage 1. Market data and currency rates as at 8 May 2025 2. US$76M cash as of 31-Mar-2025; Total Debt of US$162M as of 31-Mar-2025 Helikon Investments 22.4% L1 Capital 15.0% T Rowe Price 8.4% Mr Milos Bosnjakovic 3.0% Mr Eric De Mori 2.8% Mr Paul Cronin 2.7% UniSuper 2.4% Queen's Road Capital Investment 2.1% BNP Paribas Financial Markets 2.1% Global X Mgt (New York) 2.0% Top 10 shareholders 60.8% - 3.2 6.4 9.6 12.8 16.0 - 1.00 2.00 3.00 4.00 5.00 May-18 Nov-1 8 May-19 Nov-1 9 May-20 Nov-2 0 May-21 Nov-2 1 May-22 Nov-2 2 May-23 Nov-2 3 May-24 Nov-2 4 May-25 Volume (million shares) Share Price (AUD/share) Share Price - ASX Volume - ASX Ticker LSE:ADT1 OTC:ADMLF ASX:ADT Share Price 1 £1.92 $2.56 A$3.90 Outstanding Shares on Issue 2 345.3m Options & Perf. Rights 2 3.2m Fully Diluted Share Capital 2 348.5m Market Cap 1 £668m $884m A$1.4Bn Cash3 £57m $76m A$118m Debt & Lease liabilities £122m $162m A$252m Enterprise Value £732m $970m A$1.5Bn
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Additional Information Appendix 14
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adriaticmetals.com Production Figures 15 Unit Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q-o-Q Change Ore milled t 9,211 19,308 47,233 65,991 40% Head Grade Ag g/t 96 239 234 296 26% Au g/t 0.6 2.6 2.6 2.6 0% Zn % 2.2 8.6 7.5 6.4 (15%) Pb % 1.6 5.6 4.8 4.5 (6%) Recoveries Ag % 76 85 94 95 1% Au % 45 65 74 71 (4%) Zn % 29 56 63 57 (10%) Pb % 59 55 68 74 9% Concentrate Produced Ag/Pb Kt 0.3 1.4 3.8 5.3 39% Zn kt 0.1 2.1 4.8 5.3 10% Concentrate Grade – Pb/ Ag Ag g/t 2,322 2,131 2,185 2,889 32% Au g/t 7.2 13.6 14.1 15.1 7% Pb % 32.9 41.3 41.1 41.4 1% Concentrate Grade – Zn Ag g/t 602 411 427 590 38% Au g/t 5.1 5.8 7.3 8.3 14% Zn % 44.9 44.4 46.2 45.8 (1%) Contained Metal Ag oz 21,722 126,376 333,148 595,993 79% Au oz 81 1,021 2,859 3,998 40% Zn t 58 931 2,238 2,419 8% Pb t 85 594 1,561 2,211 42% AgEq oz 43,000 359,000 934,000 1,362,000 46%
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adriaticmetals.com Human Resources & Community 16 • Shared prosperity; community & suppliers • Local workforce; reverse diaspora, skills transfer • Established Adriatic foundation 2,630 visits to the Vareš Information Centre and 74% of spending on local suppliers in 2024 Employees per age group Adriatic is committed to building a working environment that is secure, fair and diverse 78% 22% Gender Male Female 85% 15% Nationality Nationals Expats 28% 40% 20% 9% 3% Up to 29 30-39 40-49 50-59 60+ Workforce Diversity Adriatic Foundation is a charitable initiative established in 2021 to support local communities around the Vareš and Kakanj regions and to create a positive long-term legacy
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adriaticmetals.com Positive Commodity Price Dynamic Notes: 1. The Silver Institute; 2. World Bank; 3. International Lead and Zinc Study Group; 4. S&P Global Market Intelligence; 5. Bloomberg; 6. World Gold Council 50% Demand Expected to be from Solar Cells by 20502 200Moz Demand expected from automotive sector by 20301 2.5% Demand growth in 20243 24% Supply deficit estimated by 2030 3 Ag Silver Zn Zinc Au Gold ✓ Demand estimated to have been 1.2 billion ounces in 2024, the second highest on record1 ▪ Demand from photovoltaic solar cells (PVs) and electric car charging stations is expected to be a key demand driver ✓ Rapidly growing demand and the closure of several zinc-silver mines has created the largest market deficit in decades ✓ China is expected to drive fresh fiscal and monetary stimulus in housing and infrastructure sectors, which is expected to significantly boost zinc demand ✓ Chinese smelters are currently experiencing severe concentrate shortages with treatment charges standing at US$25/t in January 4 ✓ Zinc stocks at their lowest since November 2023 4 ✓ Uncertainty around tariffs and other policies of the Trump administrations have the potential to boost inflationary pressures, supporting gold prices ✓ According to the World Gold Council, almost all normal drivers have contributed to gold’s rise, especially risk & uncertainty ✓ Risk & de-dollarisation is driving significant central bank buying US$11.2Bn Gain in global gold ETFs in April alone6 $3,500/oz Gold hits $3,500/oz for the first time ever in April 20255 17
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Peer Comparison Cost, Resource & Production Data (1) Estimated annual silver equivalent production from Vareš after the expansion Screen covers primary silver mines forecast to be in production by S&P Global in 2025. Costs on a co-product basis, using consensus price forecasts Source: S&P Global Market Intelligence Commodity Insights as of 10 February 2025 Mine Equity Owner (s) Ownership (%) 2025 Forecast Production 2025 Forecast Costs Measured & Indicated Resources (Inclusive of Reserves) Paid Gold (000 ounces) Paid Silver (000 ounces) Paid Copper (kt) Paid Lead (kt) Paid Zinc (kt) Paid Silver Eq. (000 ounces) 2025 All-in Sustaining Cost ($/oz Ag) Gold (000 ounces) Silver (000 ounces) Copper (kt) Lead (kt) Zinc (kt) Silver Eq. (000 ounces) Vareš Adriatic Metals PLC (100.00) 25-30 5,500-5,700 18-20 28-32 12,000- 13,000 9-10 742 98,600 81 535 844 308 Vareš Expansion Adriatic Metals PLC (100.00 20,000 1 9-10 742 98,600 81 535 844 308 San Dimas First Majestic Silver Corp. (100.00) 77 5,972 12,135 18 627 51,320 101 Inmaculada Hochschild Mining PLC (100.00) 121 4,183 13,861 19 894 37,000 108 Galena Complex Americas Gold and Silver Corp. (100.00 2,880 14.9 4,370 26 91,000 11 383 133 Uchucchacua Compañía de Minas Buenaventura SAA (100.00) 13,333 7.8 9.7 14,890 20 110,597 117 200 138 Pirquitas SSR Mining Inc. (100.00) 8,341 18.0 1.4 10,255 15 100,474 140 337 141 Huaron Pan American Silver Corp. (100.00) 0.6 3,457 4.2 11.7 15.1 7,407 20 70,300 57 228 413 147 Avino Avino Silver & Gold Mines Ltd. (99.67) Private Interest (0.33) 7.6 1,410 1.9 2,687 21 610 71,500 138 170 San Julian Fresnillo PLC (100.00 51.4 5,965 1.6 4.1 10,565 19 651 126,303 37 97 190 Ying Silvercorp Metals Inc. (77.50) 5.0 7,508 28.7 1.8 10,927 17 143 144,400 677 192 239 Lucky Friday Hecla Mining Co. (100.00) 4,682 26.8 11.8 8,307 15 131,926 777 366 239 Palmarejo Coeur Mining Inc. (100.00) 99.0 5,977 13,893 20 2090 136,557 304 Rochester Coeur Mining Inc. (100.00) 88.9 9,362 16,475 16 1296 233,306 337 Saucito Fresnillo PLC (100.00) 44.8 14,786 19.8 18.3 21,819 19 1123 223,623 323 541 389 Greens Creek Hecla Mining Co. (100.00) 47.7 6,723 14.5 34.5 14,747 19 1625 216,696 442 1,179 485 Fresnillo Fresnillo PLC (100.00) 26.0 10,494 16.0 22.4 15,970 24 822 374,266 432 920 557 Cannington South32 Ltd. (100.00) 9,304 88.9 41.0 21,477 16 309,100 3,080 1,878 767 La Colorada Pan American Silver Corp. (100.00) 1.7 6,265 5.7 8.8 7,674 17 74 410,200 3,751 7,772 1,413 18
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Peer Comparison Cost Curve Information Screen covers primary silver mines forecast to be in production by S&P Global in 2025. Costs on a co-product basis, using consensus price forecasts Source: S&P Global Market Intelligence Commodity Insights as of 11 February 2025 Mine Equity Owner (s) Ownership (%) 2025 Paid Silver (000 ounces) 2025 All-in Sustaining Cost ($/oz Ag) Vareš Adriatic Metals PLC (100.00) 5,500-5,700 9-10 Dolores Pan American Silver Corp. (100.00) 643.2 10.56 Pirquitas SSR Mining Inc. (100.00) 8,340.6 14.03 Zgounder Aya Gold & Silver Inc. (100.00) 7,499.4 15.55 Lucky Friday Hecla Mining Co. (100.00) 4,681.6 15.77 Dukat Polymetal (Russia) (100.00) 14,322.6 15.84 La Colorada Pan American Silver Corp. (100.00) 6,265.0 15.89 Palmarejo Complex Coeur Mining Inc. (100.00) 5,976.8 16.11 Huaaobaote Shanjin International Gold Co. Ltd. (54.52) Unnamed Owner (23.33) Shandong Gold Mining Co. Ltd. (22.15) 1,054.9 16.23 Santa Elena First Majestic Silver Corp. (100.00) 1,646.6 16.59 Rochester Coeur Mining Inc. (100.00) 9,361.5 16.81 San Dimas First Majestic Silver Corp. (100.00) 5,971.8 17.91 Cosala Americas Gold and Silver Corp. (100.00) 2,389.8 17.92 Ying Silvercorp Metals Inc. (77.50) 7,508.5 18.00 Cannington South32 Ltd. (100.00) 9,303.7 18.53 San Julian Fresnillo PLC (100.00) 5,964.6 18.56 Saucito Fresnillo PLC (100.00) 14,786.4 19.27 Inmaculada Hochschild Mining PLC (100.00) 4,182.8 19.34 Guanajuato District Guanajuato Silver Co. Ltd. (100.00) 565.7 19.94 Avino Avino Silver & Gold Mines Ltd. (99.67) Private Interest (0.33) 1,409.7 20.22 Mine Equity Owner (s) Ownership (%) Paid Silver (000 ounces) 2025 All-in Sustaining Cost ($/oz Ag) Uchucchacua Compañía de Minas Buenaventura SAA (100.00) 13,332.6 20.39 Silver Mine Sotkamo Silver AB (100.00) 1,001.2 20.59 Greens Creek Hecla Mining Co. (100.00) 6,723.3 20.80 San Jose Hochschild Mining PLC (51.00) McEwen Mining Inc. (49.00) 3,915.6 20.88 San Bartolome Andean Precious Metals Corp. (100.00) 2,888.0 21.44 Huaron Pan American Silver Corp. (100.00) 3,456.9 21.58 Guanacevi Endeavour Silver Corp. (100.00) 3,389.7 22.16 San Vicente Pan American Silver Corp. (95.00) Trafigura Group Pte. Ltd. (5.00) 2,782.5 22.89 Endeavor Polymetals Resources Ltd. (100.00) 635.9 23.29 El Cubo Guanajuato Silver Co. Ltd. (100.00) 537.0 23.45 Gaocheng Silvercorp Metals Inc. (99.00) Unnamed Owner (1.00) 690.3 23.53 Fresnillo Fresnillo PLC (100.00) 10,494.2 24.86 Parral Tailings GoGold Resources Inc. (100.00) 653.1 24.94 Caylloma Fortuna Mining Corp. (100.00) 845.7 26.87 Galena Complex Americas Gold and Silver Corp. (100.00) 2,879.8 28.18 La Encantada First Majestic Silver Corp. (100.00) 2,896.4 28.51 Julcani Compañía de Minas Buenaventura SAA (100.00) 1,180.6 28.79 Topia Guanajuato Silver Co. Ltd. (100.00) 501.3 33.52 San Francisco del Oro Minera Frisco S.A.B. de C.V. (99.16) Unnamed Owner (0.84) 255.3 38.94 19
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2024 Mineral Resource & Ore Reserves Estimate 20 Table 1 – Updated Rupice 2024 MRE by Classification – Total (using AgEq cut-off of 50 g/t), 31 December 2024 Table 2 - Updated Rupice Ore Reserve,31 December 2024 Reserve Tonne Ag Zn Pb Au Cu Sb Classification Mt g/t % % g/t % % Probable 12.3 192 5.7 3.6 1.5 0.5 0.2 Total 12.3 192 5.7 3.6 1.5 0.5 0.2
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Laura Tyler CEO info@adriaticmetals.com Interim CFO michael.horner@adriaticmetals.com GM – Corporate Development klara.kaczmarek@adriaticmetals.com Michael Horner Klara Kaczmarek