Rogozna Gold-Copper-Zinc Project, Serbia

Project Overview

A very large-scale gold-copper-zinc system in southern Serbia with over US$40 million spent on exploration to date. The project is wholly-owned by Zlatna Reka Resources, an Ibaera Capital subsidiary.

Serbia is currently one of the most attractive mining jurisdictions globally benefiting from:

• Low (15%) corporate tax rate;
• Good-quality infrastructure;
• Highly-skilled work force;
• Low-cost power;
• Multiple major mining projects in operation and development; and
• A modern mining code.

The project area consists of 4 licences covering 140 km². The main licence (covering the drill-defined deposits) was renewed in July 2020, allowing a further 8 years of exploration.

Current resource potential places Rogozna firmly within the top 100 primary gold deposits globally. Initial metallurgical testwork indicates good metal recoveries are achievable through industry standard flowsheet.

Ibaera is well-positioned to deliver another project of significant value.

Latest Drilling Highlights

Drilling highlights from the assays received to date include:

ZRCDC20117

584m @ 0.5g/t Au from 180.8m, including
61.87m @ 1.3g/t Au from 350.13m

ZRSDC20118

103.6m @ 1g/t Au from 255.2m, including
55.2m @ 1.3g/t Au from 255.2m

ZRSDC20120

416.85m @ 0.9g/t Au and 0.1% Cu from 185.85m, including
153.9m @ 1.7g/t Au and 0.2% Cu from 448.8m, including
43.1m @ 3g/t Au and 0.1% Cu from 448.8m and
22.1m @ 3.7g/t Au and 1.1% Cu from 580.6m

ZRSDC21136

388.1m @ 0.6g/t Au, 8.6g/t Ag, 0.2% Cu, 0.2% Pb and 1.5% Zn (2g/t Au Eq) from 206.2m, including
178.8m @ 1.05g/t Au, 14.7g/t Ag, 0.38% Cu, 0.32% Pb and 2.46% Zn (3.3g/t Au Eq), including
49.7m @ 1.91g/t Au, 17.2g/t Ag, 0.7% Cu, 0.1% Pb and 6.32% Zn (6.8g/t Au Eq), and
12m @ 0.3g/t Au, 0.1% Cu and 1.8% Zn from 475m, and
18.4m @ 1.9% Zn and 0.2g/t Au from 523.1m, and
3.7m @ 9.3% Zn, 3.3% Pb, 40.8g/t Ag and 0.3g/t Au (7.3g/t Au Eq) from 560.4m

ZRSDC21138

197.2m @ 0.4g/t Au, 1.6g/t Ag, 0.1% Cu, 0.7% Zn (1g/t Au Eq) from 389.8m, including
46.2m @ 0.8g/t Au, 2.5g/t Ag, 0.4% Cu and 2.55% Zn (2.8g/t Au Eq) from 540.8m, including
28m @ 1.2g/t Au, 3g/t Ag, 0.5% Cu and 3.8% Zn (4.2g/t Au Eq) from 557m, including
22m @ 1.4g/t Au, 3.5g/t Ag, 0.6% Cu and 4.7% Zn (5.0g/t Au Eq) from 565m

ZRSDC21141

160.3m @ 0.5g/t Au, 3.9g/t Ag, 0.1% Cu, 0.1% Pb and 0.4% Zn (1g/t Au Eq) from 419m, including
56.2m @ 0.7g/t Au, 8.2g/t Ag, 0.2% Cu, 0.2% Pb and 0.6% Zn (1.6g/t Au Eq) from 419m, including
18.2m @ 1.1g/t Au, 11.8g/t Ag, 0.6% Cu, 0.2% Pb and 1.2% Zn (3.1g/t Au Eq) from 419m