Adriatic Metals Plc

The primary objective of the Company will be to focus on mineral exploration of resource opportunities that have the potential to deliver growth of the Company for the benefit of Shareholders. In order to achieve this, exploration programmes have been prepared and budgeted and include, but are not limited to, drilling and assaying, resource modelling, metallurgical testing and potential mine scoping studies as well tenement administration, general administration and geological services in relation to both the Vares and Raska Projects and their satellite prospects.

The results of the exploration programs will determine the economic viability and possible timing for the commencement of further work. The exploration and development programmes and budgeted expenditure are subject to modification on an ongoing basis and are contingent on the circumstances of the Company and the market, results and other opportunities. Expenditure may be reallocated as a consequence of such changes or new opportunities arising and will always be prioritised in accordance with due regard to geological merit and other business decisions related to the Company’s activities.