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Update on our core investment "Mining Project Eastern Europe

In addition to our company announcement from the end of May of this year, we would like to inform you about the extremely pleasing progress with regard to our core investment, the mining project in Bosnia-Herzegovina.

We wanted to wait for the concrete development of this fascinating project before publishing any information, hence this press release only today.

The positive information already available in the run-up to our engagement was confirmed by the geological report prepared by CSA Global (https://www.csaglobal.com/), and the economic analysis prepared by PwC PricewaterhouseCoopers International (https://www.pwc.com/) are confirmed and even exceeded. Among other things, the following statements are made:

  • The deposits have high potential for lithium and boron mining, which justifies further exploration of the area.
  • Previous exploration in the evaporites and lacustrine sediments of the geological basin has identified high borate and lithium mineralization. The preliminary resource estimate indicates high commercial potential for boron and lithium.
  • The exploration area of 87.7 km2 is located in the Republic of Srpska, Bosnia and Herzegovina, thus in Eastern Europe as a favorable location with a solid legal framework, includes easy access, readily available infrastructure, good availability of qualified local labor and proximity to the European market. The legal framework is supportive to investors in mining when obtaining concession rights.
  • The exploration license covers an area rich in boron and lithium hosted in neogene sediments.

In the meantime, a professional team could be assembled on site and a drilling program has already been started to further explore the geology of the license area and to define the "hotspots". The first drill cores have already been sent to the SGS testing laboratory (https://www.sgs.com/en/mining) have arrived. We will inform about the results as soon as possible.