Undervalued Silver Stock: Terra Balcanica's Silver-Antimony Project Shines with Phase III Potential
Summary
Company Pitch: Terra Balcanica Resources (OTCQB: TEBAF) is advancing a silver-antimony polymetallic project in Bosnia, positioned as an undervalued exploration story with high-grade intercepts.
Geology & Targets: The project features two main target zones with fault-hosted, shallow to moderately dipping bodies, reporting silver-equivalent grades dominated by antimony in several intervals.
Phase 3 Drilling: Upcoming 2,000 meters across 9 platforms/12 holes will step out along a 600m-wide, 1.2–2km-long conductor to chase mineralization up-dip toward surface.
Jurisdiction Advantage: Bosnia is highlighted as a mining-friendly, streamlined permitting jurisdiction with strong social license, skilled local geology, and nearby operating mines and infrastructure.
Commodity Focus: The thesis emphasizes Silver and Antimony as key value drivers, with antimony’s rising price and critical status supporting potential economics.
Cost & Logistics: All-in drilling costs of roughly C$273/m and proximity to European industrial hubs and ports provide meaningful capex/opex and logistics advantages.
Capital & Listing: Approximately 67M shares outstanding post-financing; added visibility via OTCQB listing (TEBAF), with most recent capital earmarked for the Bosnia drill program.
Risks & Catalysts: Early-stage exploration risk persists, but successful step-outs confirming continuity could drive a re-rating toward a multi-million-tonne scenario.
Transcript
In terms of Trumanichi, which is the area high to the southwest of our project, we have a very shallow between zero and 80 m depth. High grade on average 1.2 kilos of silver equivalent per ton is our grade. Fold bounded um epothermal deposit that contains lead, zinc, silver, gold, and antimony. In terms of region, the second target 13 kilometers to the southwest and that's where the phase three drilling that we about to start is going to be focused. We have again fault hosted shallowly dipping 35 degree dipping body. So that basically we have struck the target zone at 480 m. So between 480 and 500 we have that interval of about 20 mters with about half a kilo of silver equivalent of which probably 80% of value comes from antimony. So this is an antimony silver target. But the beautiful thing about it, it's actually shallows. So now what we're going to do, we're going to chase this thing up dip as it shallows and as it comes to surface in in the context of about 9 12 holes that we have planned for this year. >> For disclosure purposes, our site does not make recommendations for purchases or sale of stocks, services, or products. Nothing on our site or this podcast should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This podcast is for entertainment purposes only. Alex, thanks so much for joining the show. For investors and followers that are new to the Terara story, do you want to just give a quick overview of how you started the company and your projects? >> Good morning, Callie, and thank you so much for having me on. Uh started in 2020 at the height of the global pandemic. Uh I had at that time left Riointo in California where I was the global director of research and development and moved back to Montreal which is where I put together uh a little story about uh a few licenses that a co-founder of Terra and myself had staked back in 2018. They geographically focused on a well-known mining district in eastern Bosnia surrounding the town of Seanita. And um we had staked that land and really kind of forgotten about it to tell you honestly because both of us were busy with other things in our lives. But then subsequent to my rear tinter experience, I decided to um do something about it. And then between May of 2020 and September of 2020, so for those four months, I did manage to uh incite interest uh both in Vancouver and Montreal and put together initial supervisory team uh raised a little bit of cash uh to start off and quite brazenly or maybe foolishly threw myself into the deep end and started basically u doing field work before ever got uh the first 5 cent private round financing over. I mean basically as soon as I had some cash I hired five geologists and five geo technicians and we started prospecting and that's initially string sediment sampling. So that's how it evolved at the very beginning. We were private for the first uh almost two years. Became publicly listed on June 22nd, 2022. By which time we had already raised close to three three and a half million dollars through various private uh rounds, 5 10 20 cents. And then obviously um in year 2022 is when we started drilling the project. By that time we had already prospected enough, targeted enough, spent close to $2 million before we put ever before before we put a single drill hole down, which is a bit of a testament to how systematic and detailed and meticulous we were in terms of approaching what is really a green or what was a green fields project. I mean, yes, there was a mining district there. Yes, there was an operating mine 10 kilometers away from where I am right now. But ultimately, the land around that magnetic complex, which is 30 million years old, has never really been properly investigated in terms of modern exploration techniques such as airborne geohysics. We profited from the from the from the knowledge that existed on the ground primarily done uh and and compiled by the Yugoslav geologists, communist geologists before the country fell apart. Um and certainly, you know, took advantage of that to some extent, but then we also added a significant amount of new knowledge which allowed us to target these two zones of primary interest. Can you talk a little bit about the jurisdiction for the Balkans and specifically Bosnia because I feel like a lot of investors probably don't understand how great the streamlining of the process for permitting is, how friendly it is for mining. Um, and then maybe some of your neighbors I did see your press release that um, Adriatic was acquired by Dundee which is fantastic and I feel like a lot of people know who Adriatic is. So, >> Right. Well, I mean, those who who know something about Bosnia usually know it by uh by the bad things that happened in the 90s. Obviously, there was a civil war here. That's ultimately the reason why I ended up in Canada as a refugee back in 1995 in Vancouver. uh but I like to change that narrative particularly when it comes to investment into uh resource sector by just mentioning one single name that's Adriatic Resources or Adriatic Metals PLC and for those who know that name know exactly what I'm talking about to from the time when they put a single drill hole down to the moment when they opened the mine it took them six years. So that unprecedented rate of advancement of the project um obviously there's a reason for that. They were lucky to be brought to a particular area by some wellrespected and knowledgeable Bosnian geologists in the first place. uh they struck immediately a couple of first bowls were unbelievably juicy uh and uh they uh promoted the heck out of this uh out of this project. So now fast forward to September I think or November 2021. So literally three years after they started they raised quarter of a billion US dollars 253 if I remember correctly. So right now we're talking 21 million ton at an average concentration of a silver equivalent of something like 580 to 620 depending whether you look at the measuring indicated or inferred component and uh you know I usually like to basically put that forth and tell them you know point to me a place on earth where you can actually see an example like this. I'm sure there are some but not that many. And uh I like to say well you know a part of the equation is certainly Bosnian government being um uh forthcoming and welcoming the foreign investment and you know I don't want to say banding backwards but certainly being being quite accommodating in terms of you know fostering a project like this. Obviously the Bosnian government reaps benefits of this. You know I think Adriatic is if not the largest but one of the largest taxpayers corporate taxpayers in the country. They employ about 350 people. There's a spillover effect. The town of Lash which is only about 80 kilometers away from us was practically a ghost town and now you know it's entirely new uh place uh a renaissance. So uh just you know for all those ones who are criticizing mining and whatn not I would like to use that as an example of what positive effects mining can have on on a on a ecosystem of a local town or local region in a country such as Bosnia. So yes Bosnia is an ancient mining jurisdiction area where I am was mined by the Romans 2,000 years ago. Actually the name of the place was Argentaria which stands for silver city uh because this place is well known for for silver lead and zinc. Uh it was mined by Saxons in the mid medieval times obviously for the first time in the modern way by Austrohungarians and subsequently communist. Um the mining code currently in the Serbian part of Bosnia and Herziggoas called Republic of Suska is very much streamlined. You will talk to one partner and that's the Ministry of Energy and Mines. You apply for a permit by submitting a work program which supposedly contain three years worth of work, planned work. Uh you get granted a permit, get a license that can last for seven years. You have right to change your work plan. In other words, you can amend it as you go. You're not stuck to it. And after seven years, the government expects one to convert the exploration license into a mining concession and really start working on a on opening a mine, you know, according to their rules. But obviously, most public companies from Australia and Canada also work according to either 43101 or JR. So you you what you want to do is you want to satisfy both the local requirements in terms of proving a deposit or resource but also satisfy the requirements of the country where you listed. So I would I mean obviously I'm a bit of biased because I come from this country. I know the I know the region. I know people. I know language. Obviously all those things are you know something that you want to have under your belt when you start a project. Um so yeah to me it's kind of a homecoming and u it's been really uh I mean in terms of social license to operate on a local level we we have really secured it firmly obviously we worked hard at getting it but you know again you know this is a mining region ancient mining region and people know who geologists are they have seen miners before they've seen people roaming the land and doing you know ground geohysical surveys so they're not freaked out about Um there's also an operating mine 8 kilometers from where I am and employs about 300 people and everybody has either some member of family who works in the mine. So it's as far as parable is concerned we really have a good jurisdiction located on a European continent which is start for resources and in our case a firmly secured license to operate. >> So that is a great overview of the whole area and the history. I love that. Um, can you now let's get into your project because I feel like that's the most exciting part. You've had some intercepts that I think are you in the top 10 nearly every time with some of your silver grades. >> I mean according to u well there are two outfits who kind of track that on a global level. I'm sure there are more but the ones I know about are mininghub.com and minor decks miners deck.com. Uh these these folks they I'm sure people have heard about them. They basically track um interest on a weekly and monthly and yearly basis worldwide per different commodity. So whether that's lithium, nickel, cobalt, gold, silver and um yeah, I mean every time we put a almost every time that we put uh a material press release out containing an intercept when you use this particular metric, a proxy for how good your intercept is, which is really multiplying the grade times the width intercept or you know width of the intercept and use that as some sort of a measure, you know, gram per ton meters. Bit of a madeup metric but still useful so that you can compare different different projects from different jurisdictions. In terms of silver space, our project is silver rich. Silver is the dominant metal but it also is put on a metallic project. So it does contain lead and zinc and most importantly as of late antimony. Effectively, if you look at the composition or the cocktail of our metals in the via project, one could say that it's actually a silver antimony project because those two metals dominate the assays. When you convert everything to a to silver equivalent, they end up dominating. So, we present everything in terms of AGQ silver equivalent. And yes, every time that we put forth uh a material press release, we get ranked, I would say, top 10 in the world. So that certainly feels good. Uh you know, that that you're right up there. uh confirmation of the fact that all that meticulously conducted targeting during the first year and a half, two years, and that was $2 million spent on airborne geohysics and 3,000 soil samples, remote sensing and ground radiometrics and rock chip sampling. Obviously, hundreds and hundreds of rock chip samples uh proved to be a correct way of approaching the project. So we have defined two target areas one called brei the other one called trumalichi both of which I think bear tremendous potential in terms of trumalichi which is the area kind of to the southwest of our project or southwest part of our project we have a very shallow between zero and 80 meters depth highra on average 1.2 2 kilos of silver equivalent per ton is our grade. Um intermediate subdividation for those who care. Fairly simple ge geology fairly simple geometry fault bounded um epiothermal deposit that contains lead, zinc, silver, gold and antimony. In terms of region, the second target 13 km to the southwest we have and that's where the phase three drilling that we're about to start is going to be focused. We have again fault hosted uh shallowly dipping 35 degree dipping body which we have intercepted albides at a much significant much uh much deeper level than trumichi. So that bersian we have struck the target zone at 480 m. So between 480 and 500 we have that interval of about 20 mters with about half a kilo of silver equivalent of which probably 80% of value comes from antimony. So this is an antimony silver target. But the beautiful thing about it it's actually shallows. So now what we're going to do, we're going to chase this thing up dip as it shallows and as it comes to surface in in the context of about nine 12 holes that we have planned for this year. >> Can you just give again a little bit more? I know you've done a lot of work on the project with like geoysics and um airborne surveys uh and two drill programs. So can you just talk about um just everything that's been done so far? exciting for investors to hear all the work that you've done. >> Well, hopefully I don't bore anybody to death, but yes, 216 square kilometers, we have identified almost every creek and sampled the the hell out of all the creeks trying to identify initially the target zones. Then we have conducted a fairly detailed 1 to 25,000 1 to 5,000 mapping uh concurrently with rock chip sampling. So sometimes only fist size sample sometimes 2 and a half kilos size sample. So in doing so we have then produced you know updated geological maps. I must say that the Yugoslav geological maps are superb, absolutely gorgeous maps, very well done by the former Yugoslav geologists and we didn't really have to do much in terms of adjusting them except when you really come down to a scale of 1 to 500 or 1 to,000 where you can really, you know, move blinds up and down depending on how you see them. Uh, soil sampling has been magic. So unlike northern Canada where we have glaciers cover covering uh during the last glacial uh period much of what is now Canada and you know upper upper states as well uh which have smeared the signal all over the place depending how the glacier cover has moved. In other words, the so-called drift analysis is what you need to apply to kind of find yourself where exactly is the signal coming from. Well, the Balkans of Southeastern Europe has never been glaciated during the last glacial times, which is a great thing because there's nothing to move around the signal. In other words, if you do a proper job in terms of soil sampling, in other words, you reach down all the way to the sea horizon. You don't you're not lazy not to drill a hole that's 1.5 meters deep and extract a three kilo sample from you know that depth and then send it for ultra trace analysis to ALS and pay $80 US per sample then do that 3,000 times uh then detailed and very sensitive tool which allows you to see through the soil horizon into the bedrock Why is that important? Well, because the signal hasn't been moved around. Soil has been very faithfully representing what sits underneath the soil cover. And we've used it extensively to target, let's say, bre is an area that has never been mentioned in any of the archival information that we have come across. In other words, I call it terra volcanic abade because it's never been discovered, never been mentioned. Unlike chumuchi which have been poked tax at looked at by the English but reji haven't and guess how we discovered reji well through rock chip sampling and you do it densely enough and you do it detailed enough with good enough of a technique and I must say that ALS has been amazing to us they have an office in neighboring Serbia analyses are done in Ireland and turnaround time is about three to four weeks we were able to basically identify revenue which stood up like a sore thumb in terms of bismouth, antimony, porium, um, gold, zinc, lead. Then we paid 500,000 euros to fly airborne geohysics. not only one technique magnetic analysis or magnetic survey but we flew airborne geohysics time domain electromagnetics um with the help of a Danish outfit called Skyen and a German pilot back in May of 2021 covering the entire area 216 square kilometers at a initially 300 meter spacing and then infield with 100 meter spacing. I mean we really draped the horizon and draped the topography. This guy was flying 80 meters above ground and picking up a signal. They this this wide antenna 30 meters in diameter projects the signal about 700 meters into the subsurface and receive the response basically measures the conductivity. So we have both the magnetic spectrum and electromagnetic spectrum that we combine together together with our geochemistry. And again in the case of brey guess what we had a massive magnetic blob spatially overlapping our geochemical analog and then underneath that we found a highly conductive zone. So I'm like okay I mean if this is not a target I don't know what is and that's ultimately how we approached the drilling which came at the end. And then of course before we did the drilling which is the most financially extensive step we conducted some uh surfacial trenching real trenching. So 3 400 meters of trenching right on surface you know vertical trench and then couple of cross trenches and whatnot. And this is where we detected one gram per ton gold over well 15 meters in some cases. So when you put all those, you know, pieces of evidence together, layer them up, this is when I called the shot and said, "Okay, in August of 2022, let's put a really big deep uh drill down which went down all the way to 700 meters." And that's when we discovered both gold on surface in case of brain and that deep conductor which ended up being mineralized. I know you can't probably get into too many details, but now that you have this upcoming phase three for drilling, I know you had a press release out a couple months ago on the silver and antimony um findings. Can like are you following that path for your phase three and your drilling that's upcoming or are you moving >> in our case genuinely anti-money project? Because these intercepts that I'm talking about were drilled back in 2022 and 2023, way before antimoney ever hits the $25 US a pound uh levels that it currently sits at. Team Trichi drill holes. In some cases, they have 8% antimoney over 7 meters. I'm like, wait a second, you know, and then I realized it's truly genuinely antimony silver project. Although again, in Italy dubbed as poly metallic because indeed we do have lead and zinc and gold in some cases. Um yes phase three is going to primarily focus on this target called region. We as I said have intercepted this conductive body which we have interpreted to be mineralized horizon 20 m wide. We have intercepted it at 480 m depth. Now some would say who wait a second that's too deep. But again the beautiful thing of it is that like a like a uh like a phone or a or a piece of paper it dips and we have now punched it here and now we're going to go up deep all the way to surface. So good thing is it shallows at a fairly gentle angle. It is 600 m wide 1.2 2 km long and as I said 20 m wide. Now obviously nothing is perfect in nature. Things do tend to pinch and swell and I'm not saying and obviously everything's predicated so far only a single hole. I want to caution the investors but uh again very conspicuously that single hole intercepts the conductor right where it's supposed to intercept it which means in my mind that if we keep on following that conductor uphill technically we should be hitting it again and again and again. So the phase three drill program is now planned with quite courageous stepouts. The initial uh the initial step out from the initial hole is going to be about 80 mters away and then we're going to do 100 meters 100 meters 100 meters and then on those subsequent platforms we're going to basically repeat the dip and the azimuth of the hole and then we're going to do one more on the side. So we're going to do it like a basically cinder holes as you progress to the northeast which is where this thing eventually comes to surface. If we end up being successful when it comes to brei and and manage to follow this thing and keep on repeating these intercepts, I don't think anybody's going to be able to ignore this any longer because then we going to at least at the very basic back of an envelope calculation being multi- multi-million or scenario which then is going to give me extra encouragement and motivation to go really crazy for the lack of the better word on phase 4. >> Well, it feels like a very undervalued story considering the intercepts you have with Silver and Antimony especially that you know that's the one-off story that's kind of gone wild for the last 12 months. Can you just talk about like your burn rate and then maybe some of the competitive advantages that you have because you're obviously from Bosnia. You have understanding of the whole area and have very technical background after all everything that you walked us through. So I feel like you know it's a very undervalued story. >> A meter of drilling in Bosnia allin costs me $273 Canadian dollars per meter. that is stellar, diesel, accommodation, foods, drilling itself, boxes and analysis. The most important part which actually I must say you know ALS is a great company but they're not cheap. They're not cheap. It cost I mean of course we do of course you know everything by the book. So you know ICPMS with a proper prep and a fire assay finish 7580 US with a full you know 60 it's called MS61 package when you see that there is a over overassay uh package kicks in means that you're good because you have stuck something that machine cannot analyze in the first take uh it's over the limit. So yeah, when you put all that together, including the assets, they're 273 meters, which is actually, you know, probably half of what you would pay in Ontario, Quebec or BC, especially, you know, if you go up north, the rate goes even higher in Yukon and Alaska. Uh, so that's quite affordable. Um, the burn rate obviously depends, you know, like the burn rate was $5,000 a month because nobody nobody was getting paid and we simply maintained the company afloat and kept alive. And that's sometimes what you need to do. Obviously, when there's a drill program, then the burn rate goes into hundreds of thousands of dollars per month. But that's a good way good thing to do, you know, when you have money to actually sc it in the in the ground. Another metrics that I'll mention to your audience is that probably seven and a half to eight dollars, let's say seven and a half of all the money ever raised in this company and we raised so far about together with the life which is going to be over this week. I'm not going to say more. Um, we we will have raised $9.5 million Canadian over the course of the last five years. Not too bad. And about 75% of all of that cash went into the ground drilling, prospecting, targeting, paying salaries for geologists and whatnot. So, this is certainly not a lifestyle company. This is a company that aims to find something tangible. Now, when it comes to the to answer your second question, I'll try to be brief. um comparative advantages I think there are a few um let's take antimony for example I mean apart from the balkans and a few communist mines that existed in former Yugoslavia that produced antimoney either as a primary product or byproduct right to my knowledge there's only one other antim-money project in kind of exploration stage in Europe in Slovakia I think u owned by the company called military metals and um just goes on to tell you how deficient Europe is in terms of some of the key critical metals. Um, and I think having a project that contains antimoney and silver, both of which are currently in demand, I think they're going to stay in demand together with lead and zinc that only a thousand kilometers away from a BMW factory in Bavaria or 1300 km from Mercedes-Benz factory in Stokart, I think is a good thing. When you're connected by rail and road and you have seaborn ports in both Montenegro and Croatia, that's another good thing. Obviously, we would be, you know, if if this ever turns out into a mine. Another thing that, you know, probably I get criticized for not mentioning enough is the fact that we have an operating mine 8 kilometers away from is owned by a company called MCO LPD. They're our neighbors. So far, we haven't been, you know, collaborating with them in any shape or form. But guess what? They have inherited or bought a former Yugoslav mine that I think right now probably has something like three or four million tons of ore left. So depending on how quickly MCO presses the gas pedal, you know, at some point they're going to run out of resource. Well, guess what? They have a crushing and flotation circuit on site, which means that should we find something minable, we could theoretically clock the or the site and use or reuse their equipment, which at that point is going to become obsolete. So why spend money on capex when we have it on site at least. And in terms of ore, obviously we so far haven't done any specific metal energy because it's too early. We've only done about three and a half 4,000 meters of drilling on this project so far. So I must emphasize the project is drilled. One more time, this is not pie in the sky. This is a drill project, but we haven't done any metaly in terms of box sampling. So um but again, genetically it's very similar to what MCO is mining 10 kilometers away. I would be highly surprised if all of a sudden our ore would not fix their flotation circuit. Um I'm sure it would. So that's another advantage. You know, in other words, you wouldn't have to spend 30 40 whatever million dollars on building cabinets. It would be it's right there. So uh you know again in terms of a LAN curve after having detected these targets and drilled them and we are now really genuinely at the cusp of that Lan curve where we either prove the size you know we prove the mineralization mineralization exists now it's just proving whether this is a minable size minable volume if we get to that point then I think it's going to you know I'm not saying replicate the success of Adriantic although it good, but um you know it certainly would be uh something that cannot much longer stay at 10 cents Canadian that it currently sits. >> I love the highlevel overview of everything in Europe and the property, the project. It's fantastic. Alex, do you want to just quickly talk? I know you mentioned that you are finishing up the life offering where like my favorite thing always as an investor is share structure. Um and you have a great one. So where are you at >> with that all? Um closing >> uh for all those who want to know more w.abresources.com therapy.com right on the title page you'll see a PowerPoint oh sorry PDF presentation I think it's slide 17 you'll get it the so-called money slide so yeah we are going to when we close this live which is going to happen this week we're going to be sitting at 67 million shares and outstanding little bit of warrants you know uh not too much about 15 million warrants or so so not a huge uh overhang uh mostly insecure but what what's a good thing is that most of those warrants are sitting in the hands of insiders um what I call closely associated parties board and the management in other words well at this point I think the rate the ratio used to be 2/3 in other words 66% I think now has fallen down to about 59 or 60% of all the shares are in the hands of technically either insiders are very close to associated parties we do trade quite liquidly if that's a word liquidly uh on those on stock market. Uh I think four or five million shares per month, maybe even more. We do have a market maker officially assigned and paid for who make sure that we turn over just a good amount of shares. I think at this point people are basically just waiting to see what this phase three is going to is going to result in before I think the the escalation really starts because there's really no reason. I know some people have said that we are criminally undervalued, but I'm sure that's what every CEO says. Um I like I like that word criminally undervalued. Uh but um we we really are I think in good hands. Uh there's not much selling happening. There is some um I must say that last year in 2024 we raised cash primarily for for those who don't know our uranium portfolio. I don't want to obscure the story too much and divert from the primary topic which is Bosnia antimony and all that but yeah for those who want to know more we have options 600 square kilmters of uranium portion in Saskatchewan um and maybe some of the selling that we currently seeing comes from from those ones who you want to see that developed and I certainly do have plans to unfold that probably in terms of a some spin out uh but again my primary focus and this is why I'm physically in Bosnia right now is to see this come this come to life. Uh speaking of life, uh life is well it cannot be overs subscribed because life has a maximum and the best you can do is come to that maximum. You cannot go above the maximum. So yeah, we are fully subscribed. Let me use that word $1.17 million. Obviously majority of that will go into the ground in Bosnia in terms of phase three drilling. We plan to do 2,000 meters of drilling, nine platforms, 12 holes. Uh, by the way, as of Friday, we are on OTC QB. So, we no exclusive news for your audience. We are going to be listed on OTCQB. I think the the ticker is TEBAF uh is uh on OTCQB. So, again, a good corporate move. exposed ourselves to American audience, American investors and together with our Frankfurt listing and CSC listing, I think we are, you know, right where we need to be, especially if we start approving the pieces on the on the on the drilling level as well. [Music]
Undervalued Silver Stock: Terra Balcanica's Silver-Antimony Project Shines with Phase III Potential
Summary
Transcript
In terms of Trumanichi, which is the area high to the southwest of our project, we have a very shallow between zero and 80 m depth. High grade on average 1.2 kilos of silver equivalent per ton is our grade. Fold bounded um epothermal deposit that contains lead, zinc, silver, gold, and antimony. In terms of region, the second target 13 kilometers to the southwest and that's where the phase three drilling that we about to start is going to be focused. We have again fault hosted shallowly dipping 35 degree dipping body. So that basically we have struck the target zone at 480 m. So between 480 and 500 we have that interval of about 20 mters with about half a kilo of silver equivalent of which probably 80% of value comes from antimony. So this is an antimony silver target. But the beautiful thing about it, it's actually shallows. So now what we're going to do, we're going to chase this thing up dip as it shallows and as it comes to surface in in the context of about 9 12 holes that we have planned for this year. >> For disclosure purposes, our site does not make recommendations for purchases or sale of stocks, services, or products. Nothing on our site or this podcast should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This podcast is for entertainment purposes only. Alex, thanks so much for joining the show. For investors and followers that are new to the Terara story, do you want to just give a quick overview of how you started the company and your projects? >> Good morning, Callie, and thank you so much for having me on. Uh started in 2020 at the height of the global pandemic. Uh I had at that time left Riointo in California where I was the global director of research and development and moved back to Montreal which is where I put together uh a little story about uh a few licenses that a co-founder of Terra and myself had staked back in 2018. They geographically focused on a well-known mining district in eastern Bosnia surrounding the town of Seanita. And um we had staked that land and really kind of forgotten about it to tell you honestly because both of us were busy with other things in our lives. But then subsequent to my rear tinter experience, I decided to um do something about it. And then between May of 2020 and September of 2020, so for those four months, I did manage to uh incite interest uh both in Vancouver and Montreal and put together initial supervisory team uh raised a little bit of cash uh to start off and quite brazenly or maybe foolishly threw myself into the deep end and started basically u doing field work before ever got uh the first 5 cent private round financing over. I mean basically as soon as I had some cash I hired five geologists and five geo technicians and we started prospecting and that's initially string sediment sampling. So that's how it evolved at the very beginning. We were private for the first uh almost two years. Became publicly listed on June 22nd, 2022. By which time we had already raised close to three three and a half million dollars through various private uh rounds, 5 10 20 cents. And then obviously um in year 2022 is when we started drilling the project. By that time we had already prospected enough, targeted enough, spent close to $2 million before we put ever before before we put a single drill hole down, which is a bit of a testament to how systematic and detailed and meticulous we were in terms of approaching what is really a green or what was a green fields project. I mean, yes, there was a mining district there. Yes, there was an operating mine 10 kilometers away from where I am right now. But ultimately, the land around that magnetic complex, which is 30 million years old, has never really been properly investigated in terms of modern exploration techniques such as airborne geohysics. We profited from the from the from the knowledge that existed on the ground primarily done uh and and compiled by the Yugoslav geologists, communist geologists before the country fell apart. Um and certainly, you know, took advantage of that to some extent, but then we also added a significant amount of new knowledge which allowed us to target these two zones of primary interest. Can you talk a little bit about the jurisdiction for the Balkans and specifically Bosnia because I feel like a lot of investors probably don't understand how great the streamlining of the process for permitting is, how friendly it is for mining. Um, and then maybe some of your neighbors I did see your press release that um, Adriatic was acquired by Dundee which is fantastic and I feel like a lot of people know who Adriatic is. So, >> Right. Well, I mean, those who who know something about Bosnia usually know it by uh by the bad things that happened in the 90s. Obviously, there was a civil war here. That's ultimately the reason why I ended up in Canada as a refugee back in 1995 in Vancouver. uh but I like to change that narrative particularly when it comes to investment into uh resource sector by just mentioning one single name that's Adriatic Resources or Adriatic Metals PLC and for those who know that name know exactly what I'm talking about to from the time when they put a single drill hole down to the moment when they opened the mine it took them six years. So that unprecedented rate of advancement of the project um obviously there's a reason for that. They were lucky to be brought to a particular area by some wellrespected and knowledgeable Bosnian geologists in the first place. uh they struck immediately a couple of first bowls were unbelievably juicy uh and uh they uh promoted the heck out of this uh out of this project. So now fast forward to September I think or November 2021. So literally three years after they started they raised quarter of a billion US dollars 253 if I remember correctly. So right now we're talking 21 million ton at an average concentration of a silver equivalent of something like 580 to 620 depending whether you look at the measuring indicated or inferred component and uh you know I usually like to basically put that forth and tell them you know point to me a place on earth where you can actually see an example like this. I'm sure there are some but not that many. And uh I like to say well you know a part of the equation is certainly Bosnian government being um uh forthcoming and welcoming the foreign investment and you know I don't want to say banding backwards but certainly being being quite accommodating in terms of you know fostering a project like this. Obviously the Bosnian government reaps benefits of this. You know I think Adriatic is if not the largest but one of the largest taxpayers corporate taxpayers in the country. They employ about 350 people. There's a spillover effect. The town of Lash which is only about 80 kilometers away from us was practically a ghost town and now you know it's entirely new uh place uh a renaissance. So uh just you know for all those ones who are criticizing mining and whatn not I would like to use that as an example of what positive effects mining can have on on a on a ecosystem of a local town or local region in a country such as Bosnia. So yes Bosnia is an ancient mining jurisdiction area where I am was mined by the Romans 2,000 years ago. Actually the name of the place was Argentaria which stands for silver city uh because this place is well known for for silver lead and zinc. Uh it was mined by Saxons in the mid medieval times obviously for the first time in the modern way by Austrohungarians and subsequently communist. Um the mining code currently in the Serbian part of Bosnia and Herziggoas called Republic of Suska is very much streamlined. You will talk to one partner and that's the Ministry of Energy and Mines. You apply for a permit by submitting a work program which supposedly contain three years worth of work, planned work. Uh you get granted a permit, get a license that can last for seven years. You have right to change your work plan. In other words, you can amend it as you go. You're not stuck to it. And after seven years, the government expects one to convert the exploration license into a mining concession and really start working on a on opening a mine, you know, according to their rules. But obviously, most public companies from Australia and Canada also work according to either 43101 or JR. So you you what you want to do is you want to satisfy both the local requirements in terms of proving a deposit or resource but also satisfy the requirements of the country where you listed. So I would I mean obviously I'm a bit of biased because I come from this country. I know the I know the region. I know people. I know language. Obviously all those things are you know something that you want to have under your belt when you start a project. Um so yeah to me it's kind of a homecoming and u it's been really uh I mean in terms of social license to operate on a local level we we have really secured it firmly obviously we worked hard at getting it but you know again you know this is a mining region ancient mining region and people know who geologists are they have seen miners before they've seen people roaming the land and doing you know ground geohysical surveys so they're not freaked out about Um there's also an operating mine 8 kilometers from where I am and employs about 300 people and everybody has either some member of family who works in the mine. So it's as far as parable is concerned we really have a good jurisdiction located on a European continent which is start for resources and in our case a firmly secured license to operate. >> So that is a great overview of the whole area and the history. I love that. Um, can you now let's get into your project because I feel like that's the most exciting part. You've had some intercepts that I think are you in the top 10 nearly every time with some of your silver grades. >> I mean according to u well there are two outfits who kind of track that on a global level. I'm sure there are more but the ones I know about are mininghub.com and minor decks miners deck.com. Uh these these folks they I'm sure people have heard about them. They basically track um interest on a weekly and monthly and yearly basis worldwide per different commodity. So whether that's lithium, nickel, cobalt, gold, silver and um yeah, I mean every time we put a almost every time that we put uh a material press release out containing an intercept when you use this particular metric, a proxy for how good your intercept is, which is really multiplying the grade times the width intercept or you know width of the intercept and use that as some sort of a measure, you know, gram per ton meters. Bit of a madeup metric but still useful so that you can compare different different projects from different jurisdictions. In terms of silver space, our project is silver rich. Silver is the dominant metal but it also is put on a metallic project. So it does contain lead and zinc and most importantly as of late antimony. Effectively, if you look at the composition or the cocktail of our metals in the via project, one could say that it's actually a silver antimony project because those two metals dominate the assays. When you convert everything to a to silver equivalent, they end up dominating. So, we present everything in terms of AGQ silver equivalent. And yes, every time that we put forth uh a material press release, we get ranked, I would say, top 10 in the world. So that certainly feels good. Uh you know, that that you're right up there. uh confirmation of the fact that all that meticulously conducted targeting during the first year and a half, two years, and that was $2 million spent on airborne geohysics and 3,000 soil samples, remote sensing and ground radiometrics and rock chip sampling. Obviously, hundreds and hundreds of rock chip samples uh proved to be a correct way of approaching the project. So we have defined two target areas one called brei the other one called trumalichi both of which I think bear tremendous potential in terms of trumalichi which is the area kind of to the southwest of our project or southwest part of our project we have a very shallow between zero and 80 meters depth highra on average 1.2 2 kilos of silver equivalent per ton is our grade. Um intermediate subdividation for those who care. Fairly simple ge geology fairly simple geometry fault bounded um epiothermal deposit that contains lead, zinc, silver, gold and antimony. In terms of region, the second target 13 km to the southwest we have and that's where the phase three drilling that we're about to start is going to be focused. We have again fault hosted uh shallowly dipping 35 degree dipping body which we have intercepted albides at a much significant much uh much deeper level than trumichi. So that bersian we have struck the target zone at 480 m. So between 480 and 500 we have that interval of about 20 mters with about half a kilo of silver equivalent of which probably 80% of value comes from antimony. So this is an antimony silver target. But the beautiful thing about it it's actually shallows. So now what we're going to do, we're going to chase this thing up dip as it shallows and as it comes to surface in in the context of about nine 12 holes that we have planned for this year. >> Can you just give again a little bit more? I know you've done a lot of work on the project with like geoysics and um airborne surveys uh and two drill programs. So can you just talk about um just everything that's been done so far? exciting for investors to hear all the work that you've done. >> Well, hopefully I don't bore anybody to death, but yes, 216 square kilometers, we have identified almost every creek and sampled the the hell out of all the creeks trying to identify initially the target zones. Then we have conducted a fairly detailed 1 to 25,000 1 to 5,000 mapping uh concurrently with rock chip sampling. So sometimes only fist size sample sometimes 2 and a half kilos size sample. So in doing so we have then produced you know updated geological maps. I must say that the Yugoslav geological maps are superb, absolutely gorgeous maps, very well done by the former Yugoslav geologists and we didn't really have to do much in terms of adjusting them except when you really come down to a scale of 1 to 500 or 1 to,000 where you can really, you know, move blinds up and down depending on how you see them. Uh, soil sampling has been magic. So unlike northern Canada where we have glaciers cover covering uh during the last glacial uh period much of what is now Canada and you know upper upper states as well uh which have smeared the signal all over the place depending how the glacier cover has moved. In other words, the so-called drift analysis is what you need to apply to kind of find yourself where exactly is the signal coming from. Well, the Balkans of Southeastern Europe has never been glaciated during the last glacial times, which is a great thing because there's nothing to move around the signal. In other words, if you do a proper job in terms of soil sampling, in other words, you reach down all the way to the sea horizon. You don't you're not lazy not to drill a hole that's 1.5 meters deep and extract a three kilo sample from you know that depth and then send it for ultra trace analysis to ALS and pay $80 US per sample then do that 3,000 times uh then detailed and very sensitive tool which allows you to see through the soil horizon into the bedrock Why is that important? Well, because the signal hasn't been moved around. Soil has been very faithfully representing what sits underneath the soil cover. And we've used it extensively to target, let's say, bre is an area that has never been mentioned in any of the archival information that we have come across. In other words, I call it terra volcanic abade because it's never been discovered, never been mentioned. Unlike chumuchi which have been poked tax at looked at by the English but reji haven't and guess how we discovered reji well through rock chip sampling and you do it densely enough and you do it detailed enough with good enough of a technique and I must say that ALS has been amazing to us they have an office in neighboring Serbia analyses are done in Ireland and turnaround time is about three to four weeks we were able to basically identify revenue which stood up like a sore thumb in terms of bismouth, antimony, porium, um, gold, zinc, lead. Then we paid 500,000 euros to fly airborne geohysics. not only one technique magnetic analysis or magnetic survey but we flew airborne geohysics time domain electromagnetics um with the help of a Danish outfit called Skyen and a German pilot back in May of 2021 covering the entire area 216 square kilometers at a initially 300 meter spacing and then infield with 100 meter spacing. I mean we really draped the horizon and draped the topography. This guy was flying 80 meters above ground and picking up a signal. They this this wide antenna 30 meters in diameter projects the signal about 700 meters into the subsurface and receive the response basically measures the conductivity. So we have both the magnetic spectrum and electromagnetic spectrum that we combine together together with our geochemistry. And again in the case of brey guess what we had a massive magnetic blob spatially overlapping our geochemical analog and then underneath that we found a highly conductive zone. So I'm like okay I mean if this is not a target I don't know what is and that's ultimately how we approached the drilling which came at the end. And then of course before we did the drilling which is the most financially extensive step we conducted some uh surfacial trenching real trenching. So 3 400 meters of trenching right on surface you know vertical trench and then couple of cross trenches and whatnot. And this is where we detected one gram per ton gold over well 15 meters in some cases. So when you put all those, you know, pieces of evidence together, layer them up, this is when I called the shot and said, "Okay, in August of 2022, let's put a really big deep uh drill down which went down all the way to 700 meters." And that's when we discovered both gold on surface in case of brain and that deep conductor which ended up being mineralized. I know you can't probably get into too many details, but now that you have this upcoming phase three for drilling, I know you had a press release out a couple months ago on the silver and antimony um findings. Can like are you following that path for your phase three and your drilling that's upcoming or are you moving >> in our case genuinely anti-money project? Because these intercepts that I'm talking about were drilled back in 2022 and 2023, way before antimoney ever hits the $25 US a pound uh levels that it currently sits at. Team Trichi drill holes. In some cases, they have 8% antimoney over 7 meters. I'm like, wait a second, you know, and then I realized it's truly genuinely antimony silver project. Although again, in Italy dubbed as poly metallic because indeed we do have lead and zinc and gold in some cases. Um yes phase three is going to primarily focus on this target called region. We as I said have intercepted this conductive body which we have interpreted to be mineralized horizon 20 m wide. We have intercepted it at 480 m depth. Now some would say who wait a second that's too deep. But again the beautiful thing of it is that like a like a uh like a phone or a or a piece of paper it dips and we have now punched it here and now we're going to go up deep all the way to surface. So good thing is it shallows at a fairly gentle angle. It is 600 m wide 1.2 2 km long and as I said 20 m wide. Now obviously nothing is perfect in nature. Things do tend to pinch and swell and I'm not saying and obviously everything's predicated so far only a single hole. I want to caution the investors but uh again very conspicuously that single hole intercepts the conductor right where it's supposed to intercept it which means in my mind that if we keep on following that conductor uphill technically we should be hitting it again and again and again. So the phase three drill program is now planned with quite courageous stepouts. The initial uh the initial step out from the initial hole is going to be about 80 mters away and then we're going to do 100 meters 100 meters 100 meters and then on those subsequent platforms we're going to basically repeat the dip and the azimuth of the hole and then we're going to do one more on the side. So we're going to do it like a basically cinder holes as you progress to the northeast which is where this thing eventually comes to surface. If we end up being successful when it comes to brei and and manage to follow this thing and keep on repeating these intercepts, I don't think anybody's going to be able to ignore this any longer because then we going to at least at the very basic back of an envelope calculation being multi- multi-million or scenario which then is going to give me extra encouragement and motivation to go really crazy for the lack of the better word on phase 4. >> Well, it feels like a very undervalued story considering the intercepts you have with Silver and Antimony especially that you know that's the one-off story that's kind of gone wild for the last 12 months. Can you just talk about like your burn rate and then maybe some of the competitive advantages that you have because you're obviously from Bosnia. You have understanding of the whole area and have very technical background after all everything that you walked us through. So I feel like you know it's a very undervalued story. >> A meter of drilling in Bosnia allin costs me $273 Canadian dollars per meter. that is stellar, diesel, accommodation, foods, drilling itself, boxes and analysis. The most important part which actually I must say you know ALS is a great company but they're not cheap. They're not cheap. It cost I mean of course we do of course you know everything by the book. So you know ICPMS with a proper prep and a fire assay finish 7580 US with a full you know 60 it's called MS61 package when you see that there is a over overassay uh package kicks in means that you're good because you have stuck something that machine cannot analyze in the first take uh it's over the limit. So yeah, when you put all that together, including the assets, they're 273 meters, which is actually, you know, probably half of what you would pay in Ontario, Quebec or BC, especially, you know, if you go up north, the rate goes even higher in Yukon and Alaska. Uh, so that's quite affordable. Um, the burn rate obviously depends, you know, like the burn rate was $5,000 a month because nobody nobody was getting paid and we simply maintained the company afloat and kept alive. And that's sometimes what you need to do. Obviously, when there's a drill program, then the burn rate goes into hundreds of thousands of dollars per month. But that's a good way good thing to do, you know, when you have money to actually sc it in the in the ground. Another metrics that I'll mention to your audience is that probably seven and a half to eight dollars, let's say seven and a half of all the money ever raised in this company and we raised so far about together with the life which is going to be over this week. I'm not going to say more. Um, we we will have raised $9.5 million Canadian over the course of the last five years. Not too bad. And about 75% of all of that cash went into the ground drilling, prospecting, targeting, paying salaries for geologists and whatnot. So, this is certainly not a lifestyle company. This is a company that aims to find something tangible. Now, when it comes to the to answer your second question, I'll try to be brief. um comparative advantages I think there are a few um let's take antimony for example I mean apart from the balkans and a few communist mines that existed in former Yugoslavia that produced antimoney either as a primary product or byproduct right to my knowledge there's only one other antim-money project in kind of exploration stage in Europe in Slovakia I think u owned by the company called military metals and um just goes on to tell you how deficient Europe is in terms of some of the key critical metals. Um, and I think having a project that contains antimoney and silver, both of which are currently in demand, I think they're going to stay in demand together with lead and zinc that only a thousand kilometers away from a BMW factory in Bavaria or 1300 km from Mercedes-Benz factory in Stokart, I think is a good thing. When you're connected by rail and road and you have seaborn ports in both Montenegro and Croatia, that's another good thing. Obviously, we would be, you know, if if this ever turns out into a mine. Another thing that, you know, probably I get criticized for not mentioning enough is the fact that we have an operating mine 8 kilometers away from is owned by a company called MCO LPD. They're our neighbors. So far, we haven't been, you know, collaborating with them in any shape or form. But guess what? They have inherited or bought a former Yugoslav mine that I think right now probably has something like three or four million tons of ore left. So depending on how quickly MCO presses the gas pedal, you know, at some point they're going to run out of resource. Well, guess what? They have a crushing and flotation circuit on site, which means that should we find something minable, we could theoretically clock the or the site and use or reuse their equipment, which at that point is going to become obsolete. So why spend money on capex when we have it on site at least. And in terms of ore, obviously we so far haven't done any specific metal energy because it's too early. We've only done about three and a half 4,000 meters of drilling on this project so far. So I must emphasize the project is drilled. One more time, this is not pie in the sky. This is a drill project, but we haven't done any metaly in terms of box sampling. So um but again, genetically it's very similar to what MCO is mining 10 kilometers away. I would be highly surprised if all of a sudden our ore would not fix their flotation circuit. Um I'm sure it would. So that's another advantage. You know, in other words, you wouldn't have to spend 30 40 whatever million dollars on building cabinets. It would be it's right there. So uh you know again in terms of a LAN curve after having detected these targets and drilled them and we are now really genuinely at the cusp of that Lan curve where we either prove the size you know we prove the mineralization mineralization exists now it's just proving whether this is a minable size minable volume if we get to that point then I think it's going to you know I'm not saying replicate the success of Adriantic although it good, but um you know it certainly would be uh something that cannot much longer stay at 10 cents Canadian that it currently sits. >> I love the highlevel overview of everything in Europe and the property, the project. It's fantastic. Alex, do you want to just quickly talk? I know you mentioned that you are finishing up the life offering where like my favorite thing always as an investor is share structure. Um and you have a great one. So where are you at >> with that all? Um closing >> uh for all those who want to know more w.abresources.com therapy.com right on the title page you'll see a PowerPoint oh sorry PDF presentation I think it's slide 17 you'll get it the so-called money slide so yeah we are going to when we close this live which is going to happen this week we're going to be sitting at 67 million shares and outstanding little bit of warrants you know uh not too much about 15 million warrants or so so not a huge uh overhang uh mostly insecure but what what's a good thing is that most of those warrants are sitting in the hands of insiders um what I call closely associated parties board and the management in other words well at this point I think the rate the ratio used to be 2/3 in other words 66% I think now has fallen down to about 59 or 60% of all the shares are in the hands of technically either insiders are very close to associated parties we do trade quite liquidly if that's a word liquidly uh on those on stock market. Uh I think four or five million shares per month, maybe even more. We do have a market maker officially assigned and paid for who make sure that we turn over just a good amount of shares. I think at this point people are basically just waiting to see what this phase three is going to is going to result in before I think the the escalation really starts because there's really no reason. I know some people have said that we are criminally undervalued, but I'm sure that's what every CEO says. Um I like I like that word criminally undervalued. Uh but um we we really are I think in good hands. Uh there's not much selling happening. There is some um I must say that last year in 2024 we raised cash primarily for for those who don't know our uranium portfolio. I don't want to obscure the story too much and divert from the primary topic which is Bosnia antimony and all that but yeah for those who want to know more we have options 600 square kilmters of uranium portion in Saskatchewan um and maybe some of the selling that we currently seeing comes from from those ones who you want to see that developed and I certainly do have plans to unfold that probably in terms of a some spin out uh but again my primary focus and this is why I'm physically in Bosnia right now is to see this come this come to life. Uh speaking of life, uh life is well it cannot be overs subscribed because life has a maximum and the best you can do is come to that maximum. You cannot go above the maximum. So yeah, we are fully subscribed. Let me use that word $1.17 million. Obviously majority of that will go into the ground in Bosnia in terms of phase three drilling. We plan to do 2,000 meters of drilling, nine platforms, 12 holes. Uh, by the way, as of Friday, we are on OTC QB. So, we no exclusive news for your audience. We are going to be listed on OTCQB. I think the the ticker is TEBAF uh is uh on OTCQB. So, again, a good corporate move. exposed ourselves to American audience, American investors and together with our Frankfurt listing and CSC listing, I think we are, you know, right where we need to be, especially if we start approving the pieces on the on the on the drilling level as well. [Music]