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DFS - Financial Analysis
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Table 7: LOM annual average feed grade and tonnes processed by the Vares Processing Plant

 

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Chart 2: Revenue split by metal over LoM

 

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Chart 3: LOM average revenue split by commodity

 

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Chart 4: Cumulative post-tax free cashflow over LOM

 

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Chart 5: Waterfall of major changes to the NPV from the 2020 PFS

 

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Table 8: Key financial assumptions

 

Sensitivity Analysis

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Table 9: Sensitivity table of Post-Tax NPV 8% (US$ million) to inputs

 

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Chart 6: Sensitivity chart of Post-Tax NPV 8% (US$ million) to inputs

 

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Table 10: Sensitivity table of Post-Tax IRR 8% (%) to inputs
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Chart 7: Sensitivity chart of Post-Tax IRR 8% (%) to inputs

 

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Table 11: Sensitivity table of Post-Tax NPV8 (US$ million) & IRR (%) to silver and zinc metal price inputs

 

Mineral Resources

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Table 12: Rupice Mineral Resource Estimate by Classification

 

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Table 13: Veovaca Mineral Resource Estimate by Classification

 

Combined Notes:
Mineral Resources are based on JORC Code definitions
It is the opinion of Adriatic Metals and the Competent Person that all elements and products included in the metal equivalent formula have a reasonable potential to be recovered and sold
Rows and columns may not add up exactly due to rounding
Ind. = Indicated
Inf. = Inferred 

Rupice Notes:
A cut-off grade of 50g/t silver equivalent has been applied
AgEq – Silver equivalent was calculated using conversion factors of 32.4 for Zn, 25.9 for Pb, 79.2 for Au, 1.9 for BaSO4, 84.2 for Cu and 84.2 for Sb. Metal prices used were US$2,500/t for Zn, US$2,000/t for Pb, $150/t for BaSO4, $2,000/oz for Au, $24/oz for Ag, $6,500/t for Sb and $6,500 for Cu. ZnEq – zinc equivalent is calculated using AgEq*1/31.1
Metal recoveries and payabilities from the PFS have been applied
The applied formula was: AgEq = Ag(g/t) * 92% * 86% + 32.4 * Zn(%) * 97% * 71% + 25.9 * Pb(%) * 93% * 84% + 1.9 * BaSO4(%) * 58% * 99% + 79.2 * Au(g/t) * 70% * 76% + 84.2 * Sb(%) * 96% * 17% + 84.2 * Cu(%) * 97% * 82%
A bulk density was calculated for each model cell using regression formula BD = 2.745 + BaSO4 * 0.01793 + Pb * 0.06728 – Zn * 0.01317 + Cu * 0.1105 for the halo domain, BD = 2.7341 + BaSO4 * 0.01823 + Pb * 0.04801 + Zn * 0.03941 – Cu * 0.01051 for the fault zones and BD = 2.7949 + BaSO4 * 0.01599 + Pb * 0.05419 + Zn * 0.01169 + Cu * 0.06303 for the low-grade domain. Bulk density values were interpolated to the combined high-grade domain from 631 BD measurements

Veovaca Notes:
A cut-off grade of 0.6% ZnEq had been applied
Metallurgical recoveries of 90% have been applied in the metal equivalent formula based on recent and ongoing test work results
Metal prices used were US$2,500/t for zinc, US$2,000/t for lead, US$200/t for BaSO4, US$1,400/oz for gold and US$15/oz for silver. 
The applied formula was: AgEq = 51.84 * Zn(%) * 90% + 41.47 * Pb(%) * 90% + 4.15 * BaSO4(%) * 90% + 93.33 * Au(g/t) * 90% + Ag(g/t) * 90% + 124.41 * Cu(%) * 90%
A bulk density was calculated for each model cell using regression formula BD = 2.70855 + BaSO4 * 0.01487 + Pb * 0.03311 + Zn * 0.03493

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