Dr. Aleksandar Miskovic reports

TERRA BALCANICA INTERCEPTS 551 G/T AGEQ OVER 4.8 M AT CUMAVICI RIDGE IN BOSNIA AND HERZEGOVINA

Terra Balcanica Resources Corp. has released the final geochemical assay results from the phase II drill campaign at Cumavici Ridge confirming continuation of the high-grade epithermal vein mineralization at the Viogor-Zanik project in Bosnia and Herzegovina.

Highlights:

• Drill hole CMV23001 intersected 551 grams per tonne silver equivalent over 4.8 metres from 11 m down hole with a further mineralized interval of 669 g/t AgEq over 0.3 m from 31.60 m;
• Drill hole CMV23001 is located on the same platform as previously CMV23002b which returned 499 g/t AgEq over 3.8 m from 22 m reported (see company news release Jan. 17, 2024);
• The Cumavici Ridge mineralization remains open and untested immediately northwest and down dip to the southwest, which will be targeted by Terra's 2024 phase III drill program;
• Further assay results from the 2023 phase II drilling program are pending release, including four shallow drill holes at the Brezani Au skarn, which aim to add strike length to the previously reported 88 m at 0.61 g/t gold equivalent from surface (news release dated Jan. 24, 2023).

Terra Balcanica chief executive officer Dr. Aleksandar Miskovic commented: "Terra keeps on confirming average grades of over 500 g/t AgEq and average mineralization thicknesses of approximately five to 10 m of massive sulphides and associated silver-antimony-lead-zinc-gold mineralogy at Cumavici Ridge which is only one of six target zones along the 7.2-kilometre corridor of vein-hosted epithermal mineralization. This zone is derisked by drilling shallow, high-grade silver mineralization at both the Cumavici Ridge and Joseva targets over 2.3 km apart. We are very excited to carry on adding to the existing mineralized horizon at Cumavici Ridge by testing it down dip to southwest as well as along strike to northwest while expanding drill campaign to Cumurnica and two other targets along the corridor in 2024."

Future exploration program

Further drilling efforts at Cumavici Ridge will aim to connect the shallow high-grade interval reported in this release to the 531 g/t AgEq over 0.75 m and 355 g/t AgEq over 1.10 m reported over 600 m to the northwest (see company news release dated Nov. 5, 2023). The shallow, vein-hosted system remains untested and open to the southwest down dip, which will also be targeted during the 2024 phase III drilling.

Quality assurance/quality control

Half core (PQ3 and HQ3) samples were delivered by truck to ALS Bor, Serbia, for sample preparation and analysis at the ALS laboratory Loughrea, Ireland, an ISO/IEC 17025:2017 certified testing laboratory. Sample preparation PREP-31BY method was used on all core samples. This involves crushing to 70 per cent less than two millimetres, rotary split one kilogram and pulverizing the split to greater than 85 per cent passing 75 microns. Gold was assayed by 30-gram fire assay with inductively coupled plasma atomic emission spectroscopy finish (Au-ICP21). Analyses of silver and base metals were completed by highly oxidizing digestion with HNO3, KClO3 and HBr (ASY-ORE) and the final solution in dilute aqua regia is determined by ICP-AES (ME-ICPORE). Control samples, comprising certified reference materials (CDN-ME-1811), quarter core field duplicates and blanks, were inserted at a rate of 9 per cent and investigated as part of the company's quality assurance and quality control program.

Qualified person

Dr. Miskovic, PGeo, is the company's designated qualified person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed and validated that the information contained in this news release as accurate.

About Terra Balcanica Resources Corp.

Terra Balcanica is a polymetallic exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe. The company has 90-per-cent interest in the Viogor-Zanik project in eastern Bosnia and Herzegovina, 100 per cent of the Kaludra and Ceovishte mineral exploration licences in southern Serbia. The company emphasizes responsible engagement with local communities and stakeholders. It is committed to pro-actively implementing good international industry practice (GIIP) and sustainable health, safety and environmental management.

We seek Safe Harbor.