Joint development agreement with Erin Ventures (TSX.V – EV)

The Piskanja Boron Project is located in a historical mining region which has excellent infrastructure including paved roads, rail, electric power, experienced miners, access to seaport and river transportation and is 250km south of the capital city of Belgrade, Serbia.



World Class High Grade Boron

  • Mining Friendly Jurisdiction
  • Robust PEA with Positive Economics:
  • Post- Tax NPV 10% of $524.9 Million USD
  • 16 Year mine life
  • Post-Tax IRR of 78.7%

The updated Mineral Resource Statement generated for the Piskanja Project is as followings:

Resource Category Geological Resource (tonne)
B2O3 %
Contained B2O3 (tonne)
Measured 1,391,574 35.59 495,251
Indicated 5,478,986 34.05 1,865,677
Measured + Indicated 6,870,560 34.36 2,360,928
Inferred 284,771 39.59 112,732

Reported at a cut-off grade of 12 percent B2O3% , at a minimum mining thickness of 1.2 m, considering reasonable underground mining, processing and selling technical parameters and costs benchmark against similar borate projects and a selling price of US$700/tonne (boric acid) and US$500/tonne (colemanite 40% B2O3 %). All figures are rounded to reflect the relative accuracy of the estimates. Mineral Resources are not Mineral Reserves and do not have a demonstrated economic viability. The contained B2O3 % represents estimated contained metal in the ground and has not been adjusted for metallurgical recovery, and may have discrepancies due to rounding.

The PEA was prepared independently by, and under the supervision of, Prof. Miodrag Banješević PhD. P.Geo, EurGeol, with contributions from Prof. Saša Stojadinović PhD. (mining engineer). The PEA was prepared in accordance with the requirements of National Instrument 43-101 and is based on the Mineral Resource Estimate for Piskanja with an effective date of June 24, 2022

Overview of Boron

There are three mega trends driving boron consumption:

  1. Urbanization
  2. Agriculture
  3. Energy

Demand for Boron


  • By 2025, China will have 221 cities with over 1 million people
  • Boron is heavily used in cities and buildings in applications such as:
    • Glazed ceramics
    • LCD televisions
    • Electronics & Appliances
    • Textile & Fiberglass


  • Boron helps regulate the reproductive cycle of plants
  • It is needed to help maximize food production for a growing population
  • In India, the use of boron and other micronutrients is being supported by government projects and subsidies to ensure that farmers increase productivity


  • Boron is used in energy saving applications such as insulation
  • This will be key as green building practices are encouraged throughout the world
  • Borates are also used to create the high-powered magnets in applications like wind turbines, making them even more important for a green future