TIDMADT1

RNS Number : 4988J

Adriatic Metals PLC

22 December 2020

Adriatic Metals PLC

("Adriatic Metals" or the "Company")

DIRECTOR/PDMR SHARE DEALING

Adriatic Metals PLC (ASX:ADT, LSE:ADT1) advises that it has completed the issue and allotment of 650,000 new Ordinary Shares in the form of Chess Depository Interests (CDIs) in the capital of the Company as follows:

-- 250,000 CDIs issued to Mr Geoffrey Eyre, the Company's Chief Financial Officer and Joint Company Secretary;

   --      250,000 CDIs issued to Phillip Fox, the Company's Chief Geologist; and 
   --      150,000 CDIs issued to non-PDMR staff and/or consultants 

The CDIs have been issued in connection with the exercise of 650,000 unlisted Performance Rights granted under the Company's 2019 Employee Incentive Plan (Employees and Consultants).

Following the exercise of the abovementioned Performance Rights, Geoffrey Eyre and Phillip Fox who are Persons Discharging Managerial Responsibilities, hold the following interests in the Company:

 
  Name         Position               Options             Shareholding    Shareholding 
                                       and Performance     in Adriatic     as a percentage 
                                       Rights              Metal PLCs      of Issued 
                                                                           Share Capital 
               Chief Financial 
  Geoffrey      Officer and Joint 
   Eyre         Company Secretary              250,000      250,000            0.12% 
  Phillip 
   Fox         Chief Geologist                     Nil      250,000            0.12% 
 

A Cleansing Notice and Appendix 2A (Application for quotation of securities) has today been filed with the Australian Securities Exchange (ASX) and is available on the Company's website:

https://www.adriaticmetals.com/investors/asx-announcements/

**S **

MARKET ABUSE REGULATION DISCLOSURE

The information contained within this announcement is deemed by the Company (LEI: 549300OHAH2GL1DP0L61) to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. The person responsible for arranging and authorising the release of this announcement on behalf of the Company is Paul Cronin, Managing Director and CEO.

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 
 

The information below, set out in accordance with the requirements of the EU Market Abuse Regulation, provides further detail on the grant of options to PDMRs.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

 
 1    Details of the person discharging managerial responsibilities/person 
       closely associated 
 a)   Name                           Geoffrey Eyre 
     -----------------------------  ---------------------------------------- 
 2    Reason for the notification 
     ----------------------------------------------------------------------- 
 a)   Position/status                Chief Financial Officer 
     -----------------------------  ---------------------------------------- 
 b)   Initial notification/          Initial notification 
       Amendment 
     -----------------------------  ---------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ----------------------------------------------------------------------- 
 a)   Name                           Adriatic Metals PLC 
     -----------------------------  ---------------------------------------- 
 b)   LEI                            549300OHAH2GL1DP0L61 
     -----------------------------  ---------------------------------------- 
 4    Details of the transaction(s): section to be repeated 
       for (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions 
       have been conducted 
     ----------------------------------------------------------------------- 
 a)   Description of the 
       financial instrument,          Adriatic Metals PLC CHESS Depositary 
       type of instrument             Interests (ordinary shares) 
       Identification code            ISIN: AU0000004772 
     -----------------------------  ---------------------------------------- 
 b)   Nature of the transaction      Exercise of Performance Rights 
     -----------------------------  ---------------------------------------- 
 c)   Price(s) and volume(s)          Price(s)        Volume(s) 
                                       GBP 0.013355    250,000 
                                                      ---------- 
     -----------------------------  ---------------------------------------- 
 d)    Aggregated information 
         *    Aggregated volume         250,000 
                                        GBP 3,338.75 
 
         *    Price 
     -----------------------------  ---------------------------------------- 
 e)   Date of the transaction        22 December 2020 
     -----------------------------  ---------------------------------------- 
 f)   Place of the transaction       Outside a trading venue 
     -----------------------------  ---------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities/person 
       closely associated 
 a)   Name                           Phillip Fox 
     -----------------------------  ---------------------------------------- 
 2    Reason for the notification 
     ----------------------------------------------------------------------- 
 a)   Position/status                Chief Geologist 
     -----------------------------  ---------------------------------------- 
 b)   Initial notification/          Initial notification 
       Amendment 
     -----------------------------  ---------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ----------------------------------------------------------------------- 
 a)   Name                           Adriatic Metals PLC 
     -----------------------------  ---------------------------------------- 
 b)   LEI                            549300OHAH2GL1DP0L61 
     -----------------------------  ---------------------------------------- 
 4    Details of the transaction(s): section to be repeated 
       for (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions 
       have been conducted 
     ----------------------------------------------------------------------- 
 a)   Description of the 
       financial instrument,          Adriatic Metals PLC CHESS Depositary 
       type of instrument             Interests (ordinary shares) 
       Identification code            ISIN: AU0000004772 
     -----------------------------  ---------------------------------------- 
 b)   Nature of the transaction      Exercise of Performance Rights 
     -----------------------------  ---------------------------------------- 
 c)   Price(s) and volume(s)          Price(s)        Volume(s) 
                                       GBP 0.013355    250,000 
                                                      ---------- 
     -----------------------------  ---------------------------------------- 
 d)    Aggregated information 
         *    Aggregated volume         250,000 
                                        GBP 3,338.75 
 
         *    Price 
     -----------------------------  ---------------------------------------- 
 e)   Date of the transaction        22 December 2020 
     -----------------------------  ---------------------------------------- 
 f)   Place of the transaction       Outside a trading venue 
     -----------------------------  ---------------------------------------- 
 

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 04:00 ET (09:00 GMT)