Adriatic Metals PLC provided an operations update on the Company's Vares Project (the Vares Silver Project or Project), and a corporate update. Definitive Feasibility Study: The Company has appointed Ausenco, Mining Plus & Wardell Armstrong as the principal consultants for the Project Definitive Feasibility Study (DFS). All workstreams are advancing well with results expected in third quarter of 2021. Mining Plus have optimised the Rupice underground mine design, targeting the high-grade zones of the deposit earlier in the mine plan via a new portal location and decline (Updated Mine Design). This has increased the silver-equivalent contained metal mined by 26% during the first 24 months of the mine plan. Both mine plans have a fixed mining rate of circa 2,200 tonnes per day. Therefore, the higher silver-equivalent contained metal in the Updated Mine Plan (percentage shown on right hand axis) is due to higher grade ore mined. The new portal location and decline design for the second portal has been moved to a lower position, further down the hill at Rupice. The second portal provides a more direct route to the central zone high-grade zone, thereby bringing it forward in the mine plan. A geotechnical drilling program has commenced for the new portal and decline location used in the Updated Mine Design. The program will consist of two holes that will ultimately follow the decline's route from surface to the Rupice orebody. The geotechnical drilling for the proposed site of the ventilation raise shaft has been completed. The old Veovaca processing plant site is located 5km from Vares and processed ore from the historical Veovaca open pit until the late 1980s (Old Processing Plant Site). The Vares Project will reuse this brownfield site for the new processing plant (Vares Processing Plant). In fourth quarter 2020, demolition and remediation work of the Old Processing Plant Site commenced and is currently nearing completion. Most of the concrete and steel structures have been demolished and are in the process of being sorted and removed. All removed concrete is being stored and will be recycled as base for the haul road. The original concrete pad will remain as the foundation for the new Vares Processing Plant and a geotechnical drilling program to test its structural integrity has been completed.