ADMLF - Adriatic Metals: The Financing Package Is Not All Rosy

• Adriatic presented the Vares silver project financing package.
• The $244.5 million package includes $142.5 million in debt financing and $102 million in equity financing.
• The equity financing has been already completed. The resulting share dilution amounted to approximately 23%.
• After the debt financing is completed, not only the Vares CAPEX, but also working capital, exploration expenditures, a convertible debt repayment should be fully funded.
• Adriatic offers 100% upside potential based on Vares alone, not taking into account the Raska project.

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