





Sensitivity Analysis





Mineral Resources


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