Ashurst advising on Adriatic Metals proposed equity fundraise and secondary sale of shares

The Joint Bookrunners have successfully conditionally placed 25,159,000 new ordinary shares in the capital of the Company with institutional investors via an accelerated bookbuild process at a placing price of £1.5174 per new ordinary share (A$2.88 per CHESS depositary interest representing such new ordinary shares) (the "Placing Price") (the "Placing"). The Placing has raised gross proceeds of approximately US$52 million.

In addition to the Placing, the Company has raised gross proceeds of US$50 million from the conditional equity subscription by Orion Resource Partners (UK) LLP ("Orion") (the "Orion Equity Subscription"). Pursuant to the Orion Equity Subscription, Orion has agreed to subscribe for 24,191,000 new ordinary shares at the Placing Price.

The Ashurst team was led by partner Nicholas Holmes, with support from associates Louise Johnson, Kseniia Samokhina and Saxon Norgard. US securities advice was provided by partners Jeffrey Johnson, Jennifer Schneck and Stuart Rubin and senior associate Rodrigo Romero Hidalgo. Tax partner Nicholas Gardner and associate Martin Voelker also advised. In Hong Kong, partner Li Jiang, senior associates Christy Li and Colin Hung advised and in Singapore partner Michelle Phang and senior associate Vanessa Teo advised. Partner Stuart Dullard and senior associate Dillon Fuzi advised in Australia.

The net proceeds of the Placing and the Orion Equity Subscription are expected to be approximately US$97.8 million and will be used to commence construction of the Company's Vares Silver Project.