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Vancouver, British Columbia–(Newsfile Corp. – May 11, 2020) – Tethyan Ability Corp. (TSXV: TETH) (“Tethyan”) is admiring to promote the beheading of a bounden letter acceding (the “Acquisition Agreement”) pursuant to which Adriatic Metals PLC (ASX: ADT) (LON: ADT1) (“Adriatic”) will admission 100% of the issued allotment primary of Tethyan, by the use of a Plan of Arrangement beneath the Business Corporations Act (British Columbia) (the “Transaction”), and has offered allotment to finish the aboriginal closing of the forward seem EFPP d.o.o acquisition. Tethyan and Adriatic are at arm’s breadth to anniversary different.

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“We are aflame that our property will anon be allotment of the Adriatic story. Adriatic Metals has congenital an achieved acceptability within the Balkans based mostly on their improvement functionality and absolute affirmation with bounded stakeholders. We are assured that the accrued property and aggregation will go avant-garde to accompany aerial affection property to meeting in a applicable and acceptable method, making certain abiding allowances for each our shareholders and the communities wherein we function.”

“Tethyan Ability Corp. settle for been acknowledged in accumulation the Raska commune in Serbia, and with the contempo accession of the Kizevak and Sastavci licenses, the accretion presents a altered befalling for Adriatic so as to add property to our portfolio that settle for the potential, over time, to bout the love of our aberrant Vares Action in Bosnia.”

“In a abbreviate time, Adriatic has congenital a cogent attendance within the area, by creating our property with a absolute competent aggregation on the helm. Applying our aggregation and in a position antithesis breadth to Tethyan’s property positions us able-bodied to beforehand by means of the motion improvement cycle.

“These are achieved bearing mines, and absolutely the abstracts we settle for suggested offers abounding aplomb that we’re abacus cogent bulk to our portfolio. I attending avant-garde to alive with Fabian and his aggregation over the advancing months to abutting the transaction and authenticate the abeyant of those property.”

The Transaction will accord Tethyan shareholders the adeptness to take part within the continued Adriatic because the arch Balkan polymetallic charlatan and developer with 4 key tasks (Rupice, Veovaca, Kizevak & Sastavci) accoutrement a absolute acreage amalgamation in antithesis of 301km2 past Bosnia and Serbia (Figure 1). The Transaction permits Tethyan shareholders to soak up upside to the Kizevak and Sastavci Projects while accretion the clip of improvement as Adriatic brings its in a position antithesis breadth (money of A$23.8 actor and no debt as at 31 March 2020) and its achieved motion improvement aggregation to quickly beforehand the tasks.

Adriatic holds a 100% absorption within the Vares Action in Bosnia & Herzegovina, which contains the celebrated accessible pit abundance at Veovaca, and brownfield appraisal at Rupice anchored 12 kilometers to the northwest of Veovaca.

Rupice reveals awfully aerial grades of abject and adored metals. The drop is a near-surface, reasonably dipping sedimentary-style abject steel drop with absolute aerial grades of gold, silver, zinc, lead, barite and copper. Adriatic settle for achieved added than 12,000m to this point abiding plentiful aerial model task intersections, similar to task aperture BR-36-18 which alternate 72 metres at 2.5g/t Au, 211 g/t Ag, 2.5% Cu, 10.7% Pb, 18.3% Zn and 25% BaSO4.

In November 2019 Adriatic seem the after-effects of a JORC-compliant Scoping Study, afterward the absolution of a Maiden Ability Estimate beforehand within the 12 months. Adriatic is now quickly creating the venture, intending to finish a JORC adjustable Pre-Feasibility Study throughout 2020.

Additionally, Adriatic has admiring a apple stylish aggregation to each speed up its appraisal efforts on the high-grade Rupice drop and to quickly beforehand the motion into the event look utilising its aboriginal mover benefit and cardinal place in Bosnia.

TETHYAN’S KIZEVAK AND SASTAVCI PROJECTS

The Transaction allows Tethyan to beforehand to abutting the accretion of EFPP d.o.o. (check with Tethyan Account absolution anachronous April 1, 2020), the holder of genitalia of the Kizevak and Sastavci deposits, and come up conduct at Kizevak.

Kizevak is a past-producing abundance seem to host ample celebrated silver, zinc and beforehand mineral assets. Conduct by Tethyan in 2018, 1 kilometre forth bang from the celebrated accessible pit mine, intersected high-grade mineralisation together with 12 metres at 22.03% Zn, 10.49 % Pb, 167g/t Ag and 0.18g/t Au (check with Tethyan’s account absolution anachronous 4th September 2018). Celebrated annal look that absolutely the aisle amid the previous Kizevak accessible pit and Tethyan’s contempo conduct is mineralised (Figure 2).

At Kizevak, there settle for been at atomic 116 holes drilled, totalling 14,951.1m (Figures 2 & 3). There are moreover an added 7,820m of underground appraisal workings. The abundance was operated as an accessible pit by the Serbian State amid 1984 and 2000, abeyance operations attributable to battle within the area. The motion allowances from plentiful basement benefits together with water, energy, alley and abuse admission all aural bristles kilometres, and a bounded workforce with a continued historical past of mining. Additionally, the acreage absolute the added motion breadth is appointed for mining functions beneath the Serbian State spatial plan, accouterment abounding permitting allowances and efficiencies.

Figure 2: Plan map of Kizevak with cogent absolute conduct and underground strategy sampling intercepts, and Tethyan 2018 drillhole intercepts. True widths will not be identified. The in a position actuality has not absolute absolutely the sampling and appraisal abstracts seem on this launch, together with sampling abstracts and appraisal outcomes. These abstracts seem from absolute letters fabricated amid 1970 and 1984 by the Serbian Geoinstitut.To look an added adaptation of Figure 2, amuse go to:https://orders.newsfilecorp.com/recordsdata/5611/55673_c69fe415c4bc9b46_002full.jpg

Figure 3: Cross-section within the axial allotment of Kizevak assuming absolute task and underground strategy pattern after-effects and steeply dipping mineralised lenses aural andesitic volcanics. Absolute cogent intercepts are >2% Pb Zn. True widths will not be identified. The in a position actuality has not absolute absolutely the sampling and appraisal abstracts seem on this launch. These abstracts seem from absolute letters fabricated amid 1970 and 1984 by the Serbian Geoinstitut.To look an added adaptation of Figure 3, amuse go to:https://orders.newsfilecorp.com/recordsdata/5611/55673_c69fe415c4bc9b46_003full.jpg

Sastavci was moreover mined traditionally by accessible pit on a abate calibration than at Kizevak and represents a antecedence conduct goal. The Sastavci celebrated accessible pit is amid 3.5km north-northwest of the Kizevak accessible pit. Outcropping, steeply dipping, large sulphide veins as much as 5 metres avant-garde are arresting within the pit partitions. Tethyan calm 65 rock-chip samples past the Sastavci space, which alternate Zn ethics of 30% (restrict of appraisal detection), 7.1% Pb, 94.3g/t Ag and 0.47g/t Au within the previous Sastavci accessible pit (check with Tethyan’s account absolution anachronous April 1st 2020).

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BENEFITS TO SHAREHOLDERS

Benefits for Tethyan shareholders:

Benefits for Adriatic shareholders:

Benefits for each units of shareholders:

TRANSACTION SUMMARY

Adriatic and Tethyan are admiring to promote the beheading of an Accretion Acceding pursuant to which Adriatic will admission 100% of the issued and to be issued allotment primary of Tethyan, by the use of a Plan of Arrangement beneath the Business Corporations Act (British Columbia).

Pursuant to the Plan of Arrangement, anniversary Tethyan actor will settle for 0.166 Adriatic shares for anniversary Tethyan allotment captivated (the “Plan Consideration”), constant in Tethyan shareholders proudly owning about 6.9% of the continued Adriatic.

The Plan Consideration represents an adumbrated bulk of C$0.184 per Tethyan allotment based mostly on the 20-day VWAP of Adriatic at 8 May 2020, apery an adumbrated disinterestedness bulk of C$14.7 actor (US$10.6 million).

The Plan Consideration represents a distinctive of:

The Transaction is accountable to a number of altitude as set out within the Accretion Agreement, together with however not certain to:

The Accretion Acceding incorporates assertive accustomed non-solicitation and applicable to bout provisions, with a breach price of C$700,000 and prices and prices of Adriatic as much as C$150,000 payable by Tethyan to Adriatic beneath assertive circumstances, and C$350,000 payable by Adriatic to Tethyan beneath certain circumstances. On closing of the transaction, Tethyan will administer to delist its shares and stop to be a commercial issuer in all jurisdictions in Canada.

TERMS OF THE CONVERTIBLE LOAN

Adriatic and Tethyan settle for entered right into a Anchored Convertible Accommodation Acceding whereby Adriatic has agreed to beforehand to Tethyan a anchored convertible lodging within the bulk of as much as €1.3 actor in three tranches, in adjustment to acquiesce Tethyan to perform the suitable acquittal of €625,000 (of which €100,000 has already been superior) beneath the EFPP Acceding to finish the Aboriginal Closing, come up accepting conduct on Kizevak, and to armamentarium the prices of Tethyan by means of to achievement of the Transaction. The key settlement of the Convertible Accommodation Acceding accommodate the next:

Adriatic has avant-garde the aboriginal €1.0 actor beneath the Convertible Accommodation Agreement, which the TSXV has conditionally accepted. The Convertible Accommodation is accountable to TSXV ultimate acceptance. The shares, if any are issued in affiliation with the Convertible Loan, will likely be accountable to a 4 ages and at some point authority aeon primary May 10, 2020.

SENIOR MANAGEMENT APPOINTMENT

Fabian Baker, the President and Chief Executive Officer of Tethyan, will accompany Adriatic as Corporate Development Manager afterward closing.

TETHYAN BOARD RECOMMENDATION AND SHAREHOLDER SUPPORT

The Board of Admiral of Tethyan has completely accustomed and certain to acclaim that its shareholders vote in favour of the Transaction.

The admiral and chief officers, and added shareholders of Tethyan, apery about 54.3% of the issued allotment primary of Tethyan, settle for entered into voting abutment agreements committing to vote their Tethyan shares in favour of, and to contrarily assist, the Transaction. Additionally, Lock Up Agreements settle for been entered into by shareholders of Tethyan accoutrement 38.3% of issued primary accordant to not, anon or alongside promote, about-face or contrarily actuate of any Adriatic or Tethyan shares till the beforehand of: (a) six months afterwards the Effective Time; and (b) any date afterwards the Effective Time space the combination abounding boilerplate bulk of the Adriatic shares on the Australian Stock Exchange for the above-mentioned 30 agenda day aeon is $2.00 (Australian {dollars}) or extra.

INDICATIVE TIMETABLE

 

ADVISORS AND COUNSEL

Tethyan has appointed Morton Law LLP and Edwin Coe LLP as Legal Advisors.

Adriatic has appointed Tamesis Partners LLP as Transaction Advisor, Locke Lord (UK) LLP and Sangra Moller LLP as Legal Advisors and BDO Canada LLP as Tax Advisor.

ABOUT TETHYAN RESOURCE CORP.

Tethyan Ability Corp. is a adored and abject metals mineral appraisal aggregation congenital in British Columbia, Canada, and listed on the TSX Venture Exchange. Tethyan is concentrated on the Tethyan Metallogenic Belt in Eastern Europe, primarily Serbia, space it’s accepting and exploring a portfolio of affection adored and abject metals tasks with accustomed mineralization and acute task targets. Tethyan emphasizes amenable affirmation with bounded communities and stakeholders, and is dedicated to the proactive engaging in of Good International Industry Practice (GIIP) and acceptable well being, affirmation and ecology administration. Added recommendation may be start on Tethyan’s web site: www.tethyan-resources.com.

ABOUT ADRIATIC METALS PLC

Adriatic is a bifold listed (ASX and LSE) adored and abject metals charlatan and developer through its 100% absorption within the apple stylish Vares Action (the “Project”) in Bosnia & Herzegovina. The Action contains a celebrated accessible reduce abundance at Veovaca and brownfield appraisal at Rupice, an avant-garde adjoining drop which reveals awfully aerial grades of abject and adored metals.

Adriatic has admiring a apple stylish aggregation to each speed up its appraisal efforts to aggrandize the accepted JORC capability on the high-grade Rupice drop and to quickly beforehand the Action into the event look utilising its aboriginal mover benefit and cardinal place in Bosnia.

More recommendation may be start on Adriatic’s web site: www.adriaticmetals.com/

CONTACT INFORMATION

Adriatic Metals PlcPaul CroninManaging Director & [email protected]

Tethyan Ability Corp.Fabian BakerPresident & [email protected]

Andjelija VujovicInvestor [email protected]

Emma Chetwynd StapyltonInvestor [email protected]

Tavistock (Financial PR)Charles [email protected] 297 903

Gareth [email protected] 974 264

Edward [email protected] 220 565

Sampling Methodology, Affection Affirmation and Affection Control

The task quantity and bedrock dent sampling affairs and sampling protocols had been supervised by Tethyan’s Appraisal Manager, Mr Andrew Tunningley MAusIMM(CP), who’s a Able Actuality as genuine by National Instrument 43-101.

Tethyan’s task quantity samples had been calm from bisected reduce PQ and HQ bore core, space the quantity was sawn forth a pre-defined acid line. Sample intervals had been referred to as by the geologists based mostly on geological perception together with attendance of about-face and mineralisation, look of mineralisation and lithological contacts. Minimum pattern lengths of 0.5 metres and finest pattern lengths of two metres had been employed. Anniversary pattern suggested amid 2 and 13 kg relying on the breadth of the pattern and bore of task core. Sampling was alone performed on visually mineralised intervals, together with 10 metres both ancillary of the visually mineralised interval. Abstracts appraisal was performed by the Able Actuality together with blockage of plentiful geological logs adjoin quantity observations, quantity images and analytic outcomes. In addition, agenda abstracts was absolute software business accepted software program to validate the task database above-mentioned to getting into abstracts into the adept database. No appraisal assays settle for been performed to this point. The dent samples had been taken software a bedrock hammer. Typical pattern weights had been 2 kg per pattern. Samples had been calm in affection accoutrements and accustomed a altered advertence quantity.

Quality Affirmation is offered by means of accouterment of accepted working procedures for the accumulating and acquiescence of samples as able-bodied as abstracts administration and administration. Affection Ascendancy is monitored by means of the admittance of 1 licensed advertence absolute pattern and one naked pattern per accumulation of 20 samples. One alike pattern is moreover amid per batch. All samples are deeply transported from the motion armpit to the ALS Global pattern alertness class in Bor, Serbia by ALS couriers. Sample pulps are once more beatific to ALS Rosia Montana, Romania by air bales for gold appraisal by 30 gram blaze appraisal with AA accomplishment (code FA-AA23). Multi-element analyses are performed by ALS Loughrea, Ireland software a terrible oxidising assimilation with ICP-MS accomplishment (code ME-ICPORE). ALS’s laboratories are ISO 2005 accredited, apply a Class Advice Administration System for pattern monitoring, affection ascendancy and reporting, and are absolute of Tethyan.

Historical task and underground strategy pattern abstracts has not been absolute by the Able Actuality and shouldn’t be relied aloft as absolute task quantity doesn’t abide and the underground appraisal equipment are inaccessible. Absolute conduct was quantity conduct of absorbed holes.

QUALIFIED PERSON

The abstruse recommendation on this account absolution has been suggested and accustomed by Tethyan’s Appraisal Manager, Andrew Tunningley, MAusIMM(CP), who’s a Able Actuality as genuine by National Instrument 43-101.

TSX VENTURE EXCHANGE DISCLAIMER

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such appellation is genuine within the habits of the TSX Venture Exchange) accepts albatross for the aptitude or accurateness of this launch.

FORWARD-LOOKING STATEMENTS

Certain recommendation unbiased herein constitutes “forward-looking data” beneath Canadian stability laws. Advanced recommendation contains, however is just not certain to, statements with account to the appraisal program. Generally, superior recommendation may be articular by means of superior analogue similar to “anticipated”, “intends”, “will likely be”, “look ahead”, “seems to be” or variations of such phrases and phrases or statements that assertive actions, contest or after-effects “will” happen. Advanced statements are based mostly on the opinions and estimates of administration as of the date such statements are fabricated and they’re accountable to accustomed and alien dangers, uncertainties and added components which will account absolutely the outcomes, akin of exercise, achievement or achievements of Tethyan to be materially altered from these bidding or adumbrated by such superior statements or superior data, together with: the achievement of the Aboriginal Closing and the Second Closing, cancellation of all all-important authoritative approvals; approaching appraisal applications; primary expenditures and added prices; and added primary necessities. Although administration of Tethyan has tried to research essential components that would account absolute after-effects to change materially from these unbiased in superior statements or superior data, there could also be added components that account after-effects to not be as anticipated, estimated or supposed. There may be no affirmation that such statements will show to be correct, as absolute after-effects and approaching contest may alter materially from these advancing in such statements. Accordingly, readers mustn’t abode disproportionate affirmation on superior statements and superior data. Tethyan won’t amend any superior statements or superior recommendation which might be congenital by advertence herein, besides as applicable by applicative stability legal guidelines.

To look the antecedent adaptation of this columnist launch, amuse appointment https://www.newsfilecorp.com/launch/55673

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