Pre-Feasibility Study - Key Risks

To achieve the range of outcomes indicated in the PFS, funding of in the range of US$180 million will likely be required in capital expenditure to construct the mine, process plant and project infrastructure. It is anticipated that the finance will be sourced through a combination of equity and debt instruments from existing shareholders, new equity investment and debt providers.
Development approvals and investment permits will all be sought from the relevant Bosnian authorities. Delays in any one of these key activities could results in a delay to the commencement of mine development (planned for Q2-2021). This could lead on to a delay to first production which is planned for Q4-2022. The Company’s government relations stakeholder and community engagement programs will reduce the risk of project delays.
The project proposes to produce silver-lead, zinc, barite and precious metal pyrite concentrates. Further marketing will be required to confirm end users and develop potential contracts.