Investment Highlights
- Dual-focused exploration company with projects in Europe (Bosnia and Herzegovina) and Canada (Athabasca Basin) – strategic focus on critical metals (Sb, Zn, Ag, Au, Li) and energy raw materials (U).
- 168 km² polymetallic core project Viogor-Zanik in the Srebrenica mining district with confirmed high-grade drill results in near-surface zones.
- 600 km² uranium exploration portfolio in the Athabasca Basin, the world’s leading uranium district, with significant anomalies along major structural trends.
- Strong management team with scientific and operational expertise in metallogeny, exploration, and capital markets, led by CEO Dr. Aleksandar Mišković.
- Geologically attractive and mining-friendly regions with existing infrastructure, stable regulations, and growing interest from international mining companies.
- Sustainable development strategy focused on responsible exploration, ESG principles, and close cooperation with local stakeholders.
Company Strategy
Terra Balcanica Resources Corp. is a Vancouver, Canada-based exploration company with a clear international focus. The company focuses on the discovery and development of polymetallic deposits and energy raw materials on both sides of the Atlantic – in the resource-rich areas of Southeast Europe and Northern Canada.
The focus is on two core regions: the Western Tethyan Metallogenic Belt in Southeast Europe, which extends from Turkey across the Balkans to Central Europe, and the Athabasca Basin in Saskatchewan, Canada, which is globally recognized as one of the most prolific uranium regions.
Terra Balcanica’s goal is to advance high-quality, future-relevant raw material projects in these regions up to the completion of initial resource estimates. Within 24 months, the company aims to elevate its key projects – Viogor-Zanik and Athabasca – to the next level of development.
In addition to geological expertise, Terra Balcanica emphasizes responsible corporate governance, focused on transparent communication, safety, and sustainability. The company actively collaborates with local communities to develop projects in an environmentally sound and socially acceptable manner.
Market Environment
Metallogenic Context: the Western Tethyan Belt
The Western Tethyan Metallogenic Belt is one of Europe’s most significant geological structures and hosts numerous world-class deposits – from copper-gold porphyries to silver-rich epithermal systems. Within this environment, Terra Balcanica’s projects are located in Bosnia and Herzegovina, a country with a rich mining tradition but which has been underexplored until now.
International mining companies such as Rio Tinto, Freeport McMoRan, Zijin, Dundee Precious Metals, and Eldorado Gold are active in the region. Recent major transactions, such as the acquisition of Adriatic Metals by Dundee Precious Metals for 1.3 billion CAD, demonstrate the growing interest in the Western Balkans as a stable and high-potential mining location.
Bosnia and Herzegovina offers a favorable investment environment:
- Mining-friendly government and clear permitting procedures
- Low corporate taxes and royalties
- Good infrastructure and skilled workforce
- License terms of up to 4.5 years with extension option
Energy and Raw Material Transition
Globally, the demand for critical and energy transition metals is rapidly increasing. Antimony, zinc, silver, gold, and uranium – the core metals of Terra’s portfolio – play a central role in electrification, energy storage, and infrastructure modernization. Terra Balcanica is strategically positioning itself in this growth sector.
Project Portfolio
Viogor-Zanik Project (Bosnia and Herzegovina)
Ownership: 100% via Drina Resources d.o.o. Srebrenica
Area: 168 km²
Region: Srebrenica Magmatic Complex – Part of the Podrinje Metallogenic Belt
Commodities: Cu, Pb, Zn, Ag, Au, Sb, Sn
Status: Phase III drill program (since Q3 2025)
The Viogor-Zanik Project is Terra Balcanica’s flagship. It is located in the historic Srebrenica mining district, which has been known for polymetallic deposits for centuries. The geological structures consist of magmatic and sedimentary rocks that host rich hydrothermal veins and skarn zones.
Nearby is the active Sase Mine operated by Mineco Ltd., which annually produces approximately 330,000 tonnes of lead-zinc-silver-gold concentrate – an indication of the region’s significant geological potential.
Geology and Deposit Types
The deposits are predominantly porphyry, skarn-, or epithermal in nature. The ore veins are associated with ring and radial fracture systems that concentrated hydrothermal ore solutions. Mineralogically, lead-zinc sulfides dominate, accompanied by silver and antimony minerals, as well as occasional gold.
Fig. 1: Geological map of the Viogor-Zanik Project with drill targets.
Key Targets in the Viogor-Zanik Project
Čumavići Target Area
The Čumavići Ridge Target represents a near-surface, high-grade intermediate epithermal system with silver, gold, lead, zinc, and antimony mineralization.
Multiple drill programs (2022–2024) confirmed AgEq grades of up to 3,075 g/t over 1.7 m, indicating a potentially mineable ore system at shallow depth.
The mineralization remains open along strike and at depth, offering significant exploration potential.
Brezani Target Area
Just a few kilometers south of Sase, Terra Balcanica discovered an extensive gold-skarn system at Brezani in 2022. The first drill hole (BREDD002) intersected 0.61 g/t AuEq over 88 m from surface – an exceptionally wide mineralized interval.
Subsequent drilling in 2025 confirmed the extension of gold mineralization over 200 m in a north-south direction, accompanied by antimony and zinc enrichments.
Additionally, a 1.2 km long conductive anomaly in the subsurface suggests the potential presence of an extensive Ag-Sb-Zn zone – potentially a large-volume ore body.
Fig. 2: Drill core photo from Brezani – Gold-bearing skarn section.
Project Progress
Following successful Phases I and II (2022–2024), the Phase III drill program was launched in mid-2025. The aim is the systematic expansion of known mineralization and the verification of a porphyry model in the Brezani area. A total of approximately 2,100 meters of drilling are planned.
Athabasca Basin Project (Canada)
Ownership: 100% optioned from Fulcrum Metals plc.
Area: 596 km²
Region: Athabasca Basin, Saskatchewan
Commodities: Uranium, Gold
Status: Airborne geophysics, mapping, drill target definition (Q2–Q3 2024)
Terra Balcanica’s second core project is located in one of the world’s most significant uranium regions. The Athabasca Basin in northern Saskatchewan supplies approximately 20% of global uranium production and hosts numerous deposits with exceptionally high grades.
Project Clusters and Targets
Terra Balcanica’s licenses are located on both the northern and southeastern margins of the Basin and encompass several prospective structures.
Charlot-Neely Lake
- 160 km² license area with over 20 km of strike length along the Black Bay Fault, a significant structure for basement-hosted uranium occurrences.
- Historical samples with up to 6.22% U₃O₈ as well as gold grades of 3.91 g/t Au over 45.8 m.
- 2023 fieldwork confirmed uranium anomalies of up to 0.55% U and high radioactivity values (up to 7,000 cps).
Fontaine Lake – Snowbird
- Licenses overlie the Grease River Shear Zone as well as parts of the Snowbird Tectonic Zone.
- Previous explorations revealed electromagnetic conductors and uranium anomalies, comparable to those that led to the discovery of the Cameco-Centennial deposit.
- Future work includes geophysical surveys (EM and gamma radiation), structural mapping, and sediment sampling to define drill targets.
Fig. 3: Overview of Terra’s licenses in the Athabasca Basin (Saskatchewan, Canada).
Exploration Strategy
The project targets two uranium styles:
- Beaverlodge-type – near-surface, structurally controlled veins in granitic intrusions.
- Basement-hosted type – high-grade deposits along graphite-bearing gneisses at the edge of the Basin, comparable to the recent discoveries by NexGen Energy and Fission Uranium.
Outlook
Terra Balcanica is pursuing a dual value creation strategy for the coming years:
- Resource Definition in Bosnia and Herzegovina:
With the ongoing Phase III drill program, the polymetallic mineralization in Viogor-Zanik is to be advanced towards an initial resource estimate.
In parallel, the potential expansion of the Brezani gold system, which shows potential for a large-volume deposit, is being examined. - Drill Preparation in Canada:
In the Athabasca Basin, the definition of priority drill targets is imminent. Airborne EM and gamma radiation data will be combined with structural analyses to conduct initial test drilling in 2025/26.
Furthermore, Terra Balcanica is pursuing an active capital markets strategy. In 2025, the company was listed on the OTCQB and secured funds for continued exploration through several successful financing rounds.
Management
The leadership team combines scientific excellence and capital markets experience:
- Dr. Aleksandar (Alex) Mišković, Ph.D., P.Geo. – President CEO
Geoscientist with 20 years of experience in geochemistry and metallogeny. Previous senior positions atMedgold Resources andRio Tinto plc . Holds a Ph.D. from the University of Geneva, Postdoc at MIT. - Giulio Bonifacio – Chairman
Over 30 years of experience in mining, Founder and former CEO of Nevada Copper. Extensive expertise in project financing and corporate management. - Mathieu Couillard – Business Development Officer
Former Managing Director in investment banking at Haywood Securities. Involved in capital raises exceeding 1 billion CAD. Specialist in MA and risk strategies. - Stephen Brohman, CPA, CA – CFO
Chartered Accountant with extensive experience in publicly listed companies in the resource sector. - Brandon Bonifacio, M.Eng., MBA – Director
Mining executive with project experience at Goldcorp Inc. and CEO of NevGold Corp. - Aleksandar Ilić – Co-Founder Director
Founder of the Serbian exploration company Rockstone Group, deep regional market knowledge and exploration networks in the Balkans.
The management is complemented by experienced operational professionals, including Catherine Cox (Corporate Secretary) and Jelena Nikolić (Office Manager, Serbia).
Conclusion
Terra Balcanica Resources Corp. combines geological excellence with regional diversification. The company operates in two of the world’s most significant exploration regions – the Balkans, an underexplored but resource-rich area of Europe, and the Athabasca Basin, the global reference region for uranium exploration.
With the combination of high-grade polymetallic discoveries, an emerging gold-skarn system, and an extensive uranium portfolio in Canada, Terra Balcanica positions itself as a dynamic player in the market for critical and energy transition metals.
The company benefits from an experienced leadership team, a clear strategic vision, and a strong technical foundation. While exploration in Bosnia can create short-term value potential, the Canadian portfolio offers a long-term growth perspective in the global uranium cycle.Terra Balcanica thus exemplifies a new generation of internationally operating exploration companies that rely on geoscientific expertise, sustainability, and precise capital allocation to create sustainable shareholder value in a structurally growing raw material environment.
