1. Limited operating history: Adriatic Metals PLC is a relatively new company and has a limited operating history compared to its peers. This lack of experience may make it difficult for the company to compete with more established players in the industry.

2. Small market capitalization: The company has a relatively small market capitalization compared to its peers, which may limit its ability to raise capital and invest in growth opportunities.

3. Limited geographic diversification: Adriatic Metals PLC operates primarily in Bosnia and Herzegovina, which may limit its ability to diversify its operations and reduce its exposure to country-specific risks.

4. Dependence on a single project: The company's success is largely dependent on the success of its Vares project, which may increase its exposure to project-specific risks.

5. Limited production capacity: The company has a relatively small production capacity compared to its peers, which may limit its ability to meet growing demand for its products.

6. Limited access to infrastructure: The company's operations are located in a remote area with limited access to infrastructure, which may increase its operating costs and limit its ability to transport its products to market.

7. Regulatory risks: The company operates in a highly regulated industry and may be subject to changes in regulations that could impact its operations and profitability.