TIDMADT1

RNS Number : 4924J

Adriatic Metals PLC

22 December 2020

Adriatic Metals PLC

("Adriatic Metals" or the "Company")

GRANT OF ASX WAIVER

Adriatic Metals PLC (ASX:ADT, LSE:ADT1) has, further to its announcement of 3 November 2020, received the following waiver from ASX Limited.

Waiver Decision

1. Based solely on the information provided, ASX Limited ('ASX') grants Adriatic Metals Plc (the 'Company') a waiver from listing rule 10.11.3 to the extent necessary to permit the Company to issue shares to Sandfire Resources Limited ('Sandfire') so that Sandfire can maintain, pursuant to the strategic alliance (encompassing an agreement between the parties pursuant to which Sandfire is to provide advice in relation to technical, in-country, political, funding and marketing matters relating to the Company's Veovaca and Rupice Projects), by way of a right to participate in any issue of securities or to subscribe for securities, its percentage interest in the issued share capital of the Company up to a maximum of 16.2% ('the Anti-Dilution Right').

2. This waiver is granted on the following conditions.

2.1 The listing rule 6.18 waiver granted by ASX on 29 August 2018 with respect to the Anti-Dilution Right is complied with in all respects.

2.2 The waiver is granted for an initial term of three years only from 18 December 2020.

2.3 Any securities issued under the Anti-Dilution Right are offered to Sandfire for cash consideration that is:

2.3.1 no more favourable than cash consideration offered by third parties, in the case of issues of securities to arm's length parties for cash consideration; or

2.3.2 equivalent in value to non-cash consideration offered by arm's length third parties, in the case of issues of securities to third parties for non-cash consideration.

2.4 The Company immediately releases the terms of the waiver to the market.

3. ASX has considered Listing Rule 10.11.3 only and makes no statement as to the Company's compliance with other listing rules.

Authorised by, and for further information please contact:

Paul Cronin

Managing Director & CEO

info@adriaticmetals.com

** ENDS **

For further information please visit www.adriaticmetals.com , @AdriaticMetals on Twitter, or contact:

 
 Adriatic Metals PLC 
 Paul Cronin / Emma Chetwynd Stapylton   Tel: +44 (0) 203 950 9138 
 
 Tavistock Communications Limited 
 Charles Vivian                          Tel: +44 (0) 7977 297903 
 Edward Lee                              Tel: +44 (0) 7736 220565 
 Gareth Tredway                          Tel: +44 (0) 7785 974264 
 
 The Capital Network 
 Julia Maguire/Lelde Smits               Tel: +61 2 8999 3699 
 

ABOUT ADRIATIC METALS

Adriatic Metals Plc (ASX:ADT, LSE:ADT1) is a precious and base metals explorer and developer that owns the world-class Vares Silver Project in Bosnia & Herzegovina and holds licences across the Raska District in Serbia.

The Vares project's captivating economics and impressive resource inventory have attracted Adriatic's highly experienced team, which is expediting exploration efforts to expand the current JORC resource. Results of a recent pre-feasibility study announced on 15 October 2020 indicate a post-tax NPV(8) of US$1,040 million and IRR of 113%. Leveraging its first-mover advantage, Adriatic is rapidly advancing the project into the development phase and through to production with significant cornerstone investment of US$28 million from Queen's Road Capital Investment and European Bank for Reconstruction and Development .

There have been no material changes to the assumptions underpinning the forecast financial information derived from the production target in the 15 October 2020 announcement and these assumptions continue to apply. There have been no material changes to the assumptions and technical parameters on the updated Mineral Resource Estimate announced on 1 September 2020 and these assumptions continue to apply.

Adriatic Metals acquired TSX-listed Tethyan Resource Corp in 2020, to advance the former Kizevak and Sastavci polymetallic mines in the Raska District, southern Serbia.

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December 22, 2020 02:00 ET (07:00 GMT)