Adriatic Metals PLC reported on recent exploration results at the Company's Vares Silver Project in Bosnia & Herzegovina. Details within this announcement are from twenty (20) new drill holes BR-37-23, BR-38-23, BR-39-23, BR-40-23, BR-40A-23, BR-41-23, BR-42-23, BR-43-23, BR-43A-23, BR-44-23, BR-44A-23, BR-45-23, BR-45A-23, BR-46-23, BR-47-23, BR-48-23, BR-49-23, BR-51-23, BR-53-23 and BR-55-23. Significant assay results are detailed from fifteen (15) of the drill holes - BR-37-23, BR-38-23, BR-39-23, BR-40A-23, BR-41-23, BR-42-23, BR-43A-23, BR- 44A-23, BR-45A-23, BR-46-23, BR-47-23, BR-48-23, BR-49-23, BR-53-23 and BR-55-23.

Drill holes BR-40-23, BR- 43-23, BR-44-23, BR-45-23 are abandoned and contain no significant assays. Hole BR-51-23 was completed without intercepting any significant mineralization. Results represent drilling from four (4) drill sections being extended westward and infill drilled between existing holes to an Indicated resource level of confidence.

Multiple mineralized bodies are intersected including RNW Upper Zone, Main Zone and Lower Zone. For clarity of reporting, significant assays are reported as being `infill' (resource definition) or `extension' (step-out). Infill holes include BR-37-23, BR-38-23, BR-40A-23, BR-41-23, BR- 43A-23, BR-44A-23, BR-45A-23, BR-47-23, BR-48-23, BR-49-23 and BR-53-23.

Extension holes include BR-39-23, BR-42-23, BR-46-23 and BR-55-23. Section NW4960 (RNW): Hole BR-53-23 was successful in infilling between holes BR-29-22 and BR-32-22, confirming the mineralization spatial and grade continuity. Grades and thickness were higher than in adjacent holes.

The hole confirmed a series of stacked base metal horizons on the hanging wall of the Main Zone previously defined in holes either side of BR-53-23. Outcomes support an Indicated resource level of confidence. Section NW4880 (RNW): Hole BR-37-23 twinned hole BR-30-23, infilling between previously reported drillholes BR-30-23 and BR-27-23.

The hole infilled the RNW Main Zone along with RNW Lower Zone, confirming that mineralization had been folded into an antiform abutting the Western Fault Zone (`WFZ') and offset to the west. Holes BR-40A-23, BR-44A-23 and BR-47-23 infilled and confirmed mineralization continuity and high grade between previously drilled, widely spaced holes in the barite and sulphide rich `Main Zone' of RNW. Mineralization is now at an Indicated resource level of confidence.

Section NW4840 (RNW): Six (6) holes were completed on this key section since the last exploration announcement. Holes BR-39-23 (step- out), BR-42-23 (infill), BR-45A-23 (infill), BR-48-23 (infill) and BR-55-23 (infill) confirmed mineralization continuity and high grade between previously drilled, widely spaced holes to an Indicated resource level of confidence. Hole BR-45A-23 twinned hole BR-39-23, infilling between currently and previously reported drillholes BR-39-23 and BR-36-23 respectively.

The hole closed a gap in the RNW Main Zone along with RNW Lower Zone and confirmed that mineralization had been folded into an antiform abutting the Western Fault Zone (`WFZ'). Hole BR-42-23 extended mineralization westward by 58m up-dip and to the southwest. Hole BR-51-23 drilled 35m up dip from BR-42-23 without intersecting any significant mineralized interval.

Mineralization in the redomained Lower Zone narrows to only a few metres, is generally massive sulphide at significant grades e.g. BR-42-23 reporting 198.0g/t Ag, 3.50% Zn, 2.52% Pb, 2.62g/t Au, 0.58% Cu, 28.8% BaSO 4, 0.03% Sb. Section NW4800 (RNW): This is the current best-drilled section closest to the RMR and is within the area referred to as the Rupice-RNW GAP. Rupice and RNW are interpreted to overlap across this area.

Holes BR-38-23 (infill), BR-41-23 (infill), BR- 43A-23 (infill) and BR-49-23 (infill) confirm mineralization continuity and high grade between previously drilled, widely spaced holes to an Indicated resource level of confidence. Close-spaced drilling confirms mineralization to have been folded into an antiform abutting the WFZ. Hole BR-46-23 extended RNW Upper Zone mineralization 28m up-dip from previously reported drillhole BR-34- 23.

The significant mineralization is interpreted to be associated with the WFZ and being stratabound. 2023 Exploration Works: Currently reported assays will be included in an updated 2023 Rupice resource estimate which is expected in First Quarter 2024. Final assays from 2023 RNW drilling to be included in MRE update will be reported in December 2023.

Focus in Fourth Quarter 2023 has been to complete the 2023 drilling campaign at RNW. This has been achieved with successful addition of a further section of drilling added at the southeastern end of RNW (waiting on assay return) bringing RNW further into overlap with Rupice. Definition of the WFZ and the splitting of mineralization into coherent RNW Main (east of WFZ) and Lower Zones (west of WFZ) has been achieved.

Outcomes from the improved structural definition will translate into a more continuous distribution of mineralization, greater tonnage and grade consistency in the next update of the RNW MRE. Conversion of the majority of RNW mineralization from an Inferred to Indicated level of risk has been achieved, improving on an already high percentage of Indicated level mineralization reported in the July 2023 Rupice MRE. A minor percentage of Inferred level mineralization remains at the peripheries of RNW and in areas where due to unavailability of suitable drilling platforms, windows of Inferred mineralization will remain for future conversion.

As of November, three (3) diamond drill rigs are focused on Rupice Main into 2024. Drilling on Rupice Main is focussed on the northern and southern extremities of mineralization remaining to be infilled and extended. Areas being drilled are dominantly Inferred resource in the July 2023 Rupice MRE with opportunity for extension up- dip and down-dip.

Diamond drilling aims to achieve a nominal 40m x 30m mineralized intercept spacing between holes. The same disciplined and systematic drilling methodology successfully adopted at RNW will be continued across Rupice. Early results from drilling suggest greater mineralization and grade continuity in areas drilled, with stratigraphic and structural controls being better defined.

Diamond drilling across the Droskovac prospect was commenced in August, continued through Third Quarter and into Fourth Quarter with one drill rig. Five drill holes have been completed. The drilling has been successful in intersecting a zone of pyrite hosted base and precious metals below the historic Droskovac siderite iron orebody.