Adriatic Metals PLC reported on recent exploration results at the Company's Vares Silver Project in Bosnia & Herzegovina. As announced on 10 August 2021, step-out exploration drilling intersected high-grade mineralisation in drill hole BR-02-21, located 80 metres northwest of the existing Rupice Mineral Resource ("Rupice"). Subsequently, the Company has focused exploration activities on testing this potential northwest extension ("Rupice Northwest") with continued success.

The delineated strike length of Rupice is 650 metres. Recent drilling has now encountered massive sulphide mineralisation as far as 145 metres northwest of Rupice. The stratigraphic sequence and mineralisation style at Rupice Northwest appears to be the same as that seen at Rupice.

Whether this is a continuation of the main Rupice orebody, or a structural repetition, is yet to be determined. The mineralisation at Rupice Northwest is continuous along strike to the northwest, as seen from the drill hole data in holes BR-02-21, BR-12-21 and BR-19-21. However, there appears to be a sporadically mineralised, lower-grade gap between Rupice and Rupice Northwest.

Hole BR-06-21 intercepted a two metre zone of mineralisation grading 1,268g/t AgEq from 413m and approximately 20m south east of BR-02-21. This zone will be further tested with ongoing drilling. The Company continues to work with Zenica-Doboj Canton on its application to extend the Vares Project's concession area boundary further northwest along strike.

The annex to the concession agreement is expected to be concluded in Second Quarter 2022.