Ashurst advising on Adriatic Metals proposed equity fundraise and secondary sale of shares

The Joint Bookrunners have successfully conditionally placed 25,159,000 new ordinary shares in the capital of the Company with institutional investors via an accelerated bookbuild process at a placing price of £1.5174 per new ordinary share (A$2.88 per CHESS depositary interest representing such new ordinary shares) (the "Placing Price") (the "Placing"). The Placing has raised gross proceeds of approximately US$52 million.

In addition to the Placing, the Company has raised gross proceeds of US$50 million from the conditional equity subscription by Orion Resource Partners (UK) LLP ("Orion") (the "Orion Equity Subscription"). Pursuant to the Orion Equity Subscription, Orion has agreed to subscribe for 24,191,000 new ordinary shares at the Placing Price.

The Ashurst team was led by partnerNicholas Holmes, with support from associates Louise Johnson, Kseniia Samokhina and Saxon Norgard. US securities advice was provided by partnersJeffrey Johnson,Jennifer SchneckandStuart Rubinand senior associateRodrigo Romero Hidalgo. Tax partnerNicholas Gardner和副马丁Voelkerso advised. In Hong Kong, partnerLi Jiang, senior associatesChristy LiandColin Hungadvised and in Singapore partnerMichelle Phangand senior associate Vanessa Teo advised. PartnerStuart Dullardand senior associateDillon Fuziadvised in Australia.

The net proceeds of the Placing and the Orion Equity Subscription are expected to be approximately US$97.8 million and will be used to commence construction of the Company's Vares Silver Project.