Dr. Aleksandar Miskovic reports

TERRA BALCANICA WELCOMES ACQUISITION OF NEIGHBORING PRODUCER IN BOSNIA AND HERZEGOVINA

Terra Balcanica Resources Corp. has welcomed the acquisition of Adriatic Metals by the Canadian Dundee Precious Metals in a cash-and-stock deal valued at $1.3-billion. This development highlights the unique geological and jurisdictional potential of Bosnia and Herzegovina, where Terra is advancing its Viogor-Zanik polymetallic project expected to see the phase 3 drilling campaign start in the next two weeks.

Dr. Aleksandar Miskovic, the president and chief executive officer of Terra Balcanica, commented: "From the beginning, Terra's operational focus was aimed at the highly prolific western Tethyan metallogenic belt as it extends over the western Balkans. The company strategically targeted critical metals (Sb-Zn-Ag-Au) needed by the resource-hungry European economy, which is what brought us to eastern Bosnia in 2020. Today's major announcement of a mine located only 80 km west of our flagship polymetallic targets at Chumavichi and Brezani is a testament to both amazing rate of advancement of Adriatic's Vares mine but also the mineral resource riches of the jurisdiction in which we proudly operate. Although comparatively early in our corporate development, Terra's next steps aim to drill confirm the size potential of the Brezani Sb-Ag fault-hosted mineralization that could indicate the same order of magnitude of ore resources as seen at Vares."

Bosnia and Herzegovina and western Tethyan metallogenic belt

Bosnia and Herzegovina is situated in a largely overlooked but ancient European mining belt with multiple jurisdictional advantages that make it a country of choice to explore for metals needed by the energy transition markets.

Bosnia is a stable democracy that obtained a candidate status for European Union membership in 2022, and is well on the way of synchronizing its legislative and legal frameworks with European standards. It is extensively linked by road and rail networks to European smelters and the seaborne markets through the Adriatic Sea.

The population of Bosnia and Herzegovina, in both entities and both local and federal government levels, is largely supportive of mining industry, which is not surprising, considering its rich history of coal, base and precious metal mining. The country possesses a highly skilled and business-minded work force with a youthful engineering base keen to learn about mining and best practices in the mineral resource sector. Both Bosnian entities have enacted clear and concise mining codes with the countrywide corporate tax rate of 10 per cent and favourable royalty regimes without free carry requirements.

The western Tethyan belt is the world's pre-eminent metallogenic corridor akin to the Andes and Cordilleras of the Americas. In the Balkans, it is divided into the Cretaceous and Neogene components, both of which are known for multiple Tier 1 deposits of precious, base (coper-antimony-zinc-lead) and energy transition (lithium-boron) metals appearing in a variety of genetic styles (skarn, veined epithermal, porphyry and sediment-hosted associations).

Viogor-Zanik project

Terra Balcanica is currently defining grade and ore approximate volumes of two polymetallic targets situated within its 168-square-kilometre Viogor-Zanik project. The shallow, high-grade character of structurally controlled mineralization yields to potentially easy-to-operate, open-pit or shallow underground mining operations. An additional benefit is presented by the adjacent lead-zinc-silver-antimony mine owned by Mineco Ltd. that generates 350,000 tonnes per year of ore concentrate with on-site crushing and flotation circuits.

After 2,200 metres of diamond drilling completed at Chumavichi, high grade silver-antimony-lead-zinc-gold mineralizations have been confirmed at three targets spanning two kilometres of strike along a shallow, fault-hosted, intermediate sulphidation, polymetallic vein system.

At the company's other Viogor-Zanik target of Brezani, where the company drilled over 1,500 m of diamond core, Terra has discovered a retrograde, chlorite-overprinted gold skarn system starting from surface, superimposed on a 1.2-kilometre-long, northeast-shallowing silver-antimony-lead-zinc mineralized, fault-hosted permeability corridor. Here, with the maiden diamond drill hole BREDD002, Terra intercepted a 20-metre-wide, antimony-silver mineralization grading 436 grams per tonne silver equivalent.

Akin to Adriatic's deposits at Rupice and Veovaca deposits, the Viogor Zanik project features high grades of a similar mix of strategically needed metals dominated by silver, antimony and zinc that on average exceed 520 g/t AgEq at Brezani and 1,200 g/t AgEq at the Cumavici corridor.

Qualified person

Dr. Aleksandar 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). The QP has reviewed and validated that the information contained in this news release is factual and accurate.

About Terra Balcanica Resources Corp.

Terra Balcanica is a polymetallic and energy metal exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe and Northern Saskatchewan, Canada. The company has a 90-per-cent interest in the Viogor-Zanik project in eastern Bosnia and Herzegovina. The Canadian assets comprise a 100-per-cent-optioned portfolio of uranium-prospective licences at the outskirts of the Athabasca basin: Charlot-Neely Lake, Fontaine Lake, Snowbird and South Pendleton. The company emphasizes responsible engagement with local communities and stakeholders. It is committed to pro-actively implementing good international industry practice and sustainable health, safety and environmental management.

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