Share Capital

Securities in Issue	Number
Number of ordinary shares in issue	292,734,419
Adriatic does not hold any shares in Treasury.
Unlisted Options	141,100
Unlisted Performance Rights	2,164,574
Warrants	2,651,020
Convertible debentures*	9,452,387
Fully diluted share capital	307,143,500

*Based on an exchange rate of 1USD : 1.3222 AUD

The above figure of 292,734,419 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in or of a change to their interest in Adriatic under the FCA's Disclosure and Transparency Rules.

Securities not in Public Hands
The percentage of the Company's shares not in public hands is 39.2%

Major Shareholders holding more than 2% of issued share capital	Percentage
Helikon Investments	17.4%
Founders, Board & Management	14.6%
T. Rowe Price	8.4%
Orion Resource Partners	8.3%
Fidelity	4.4%
Global X Mgt	2.4%
Old West Investment Mgt	2.3%
Private Clients of Interactive Brokers	2.2%
RBC Wealth Mgt	2.0%
EBRD	1.8%

Last updated 22 September 2023