Leviathan Metals Expands Land Grab in Bosnia's Untapped Mineral Belt

VANCOUVER, BC – February 23, 2026 – Canadian explorer Leviathan Metals Corp. has significantly deepened its strategic bet on Bosnia and Herzegovina, securing a new exploration license that expands its flagship Foča Project to over 150 square kilometers. The award of the Tjemenik license is a calculated move to consolidate the company's position in what is considered one of Europe's most underexplored yet historically rich mineral belts, signaling a potential renaissance for mining in the Balkan nation.

The new 50-square-kilometer license, granted by the Ministry of Energy and Mining of Republika Srpska, directly adjoins Leviathan's existing Marevo license. This positions the company to aggressively explore the continuation of the same geological structures that have already yielded high-grade polymetallic mineralization, containing valuable zinc, lead, and silver. This expansion further cements what the company calls its “first-mover advantage” in a district that has seen little to no modern, systematic exploration.

A Strategic Foothold in Europe's Mineral Heartland

The acquisition of the Tjemenik license is more than a simple expansion; it is a strategic consolidation of a key target area. It covers the same sequence of faulted Permo-Triassic age rocks that host the promising Vrela-Kremin trend, where recent trench sampling returned impressive intercepts, including 14 meters grading 7.78% zinc equivalent (ZnEq) and 12 meters at 8.92% ZnEq. These results have provided early validation of the project's potential, echoing historical Yugoslav-era drilling data that first drew the company to the region.

In a statement, Leviathan Chief Executive Officer, Luke Norman, emphasized the significance of the move. “Building on our discovery of high grade polymetallic mineralization at the Vrela-Kremin trend, the grant of Tjemenik is an important step in growing our Foča landholding... allowing Leviathan to cast a broader net around a key target area,” he remarked. Norman noted that the recent trenching results are of comparable grade to the historic drilling and fall within a 2.6-kilometer trend defined by soil geochemistry, indicating significant scale potential.

The company's ambitions in the region don't end with Tjemenik. An application for a further 50-square-kilometer license, named Podovi, is also pending. If awarded, it would effectively double Leviathan’s Foča holdings to over 200 square kilometers, covering similar prospective geology and further solidifying its dominant land position.

Bosnia's Bid for a Mining Renaissance

Leviathan's aggressive expansion is unfolding against a backdrop of a shifting political and economic climate in Bosnia and Herzegovina. The company has pointed to changes in the Law on Geological Exploration in Republika Srpska, which came into force in July 2024, as being “mining friendly” and consistent with legal provisions in leading international mining jurisdictions. This evolving regulatory framework appears designed to attract foreign investment and stimulate economic development in a country eager to leverage its natural resources.

For Bosnia and Herzegovina, and specifically the entity of Republika Srpska, the success of projects like Foča could be transformative. The region sits within the Central Dinaride metallogenic zone, a belt that has historically been a powerhouse of mineral production. A revival of its mining sector, driven by modern exploration and responsible development, could create jobs, boost local economies, and position the country as a key supplier of critical base and precious metals to the European market. However, operating in the region is not without its challenges. The complex political structure established by the Dayton Agreement can create bureaucratic hurdles, and foreign investors must navigate this landscape carefully. Despite these risks, the immense, untapped geological potential and a government seemingly eager to facilitate investment create a compelling opportunity.

Waking a Sleeping Giant: The Geology of Foča

The geological prize at Foča is rooted in its prime location. The project lies within the same mineral-rich belt as two of the region's most famous deposits: the Vareš project and the historic Trepča Mines. Vareš, now being advanced by Dundee Precious Metals, is a world-class polymetallic deposit known for its exceptionally high grades of silver, zinc, and lead. Its development has served as a modern blueprint for success, proving that large-scale, economic mining is viable in Bosnia with current technology and practices.

Further afield, the legendary Trepča Mines in Kosovo, which once reportedly accounted for 70% of Yugoslavia's mineral wealth, underscores the sheer scale of mineralization possible in the Dinarides. Leviathan's geologists have tentatively interpreted the targets at Foča to be of sedimentary exhalative (SEDEX) origin—a deposit type known for forming large, high-tonnage accumulations of lead, zinc, and silver. Field mapping suggests this primary mineralization was later fractured and remobilized into structurally favorable zones, such as the brecciated carbonate rocks seen at the Vrela-Kremin trend.

By combining historical Yugoslav-era data—including drill records from 1967 showing an average mineralized thickness of 15 meters at 13.25% combined lead and zinc—with modern techniques like systematic soil sampling and structural mapping, Leviathan is effectively re-awakening a district that has been dormant for decades. The company is not just looking for isolated pods of mineralization but is tracing geological trends, like the 2.6-kilometer-long anomaly at Vrela-Kremin, that suggest the potential for a much larger, interconnected mineral system.

Balancing Opportunity with Responsibility

While the geological potential is significant, the path from exploration to production for a junior company like Leviathan is capital-intensive. It relies on successfully raising funds from the market, with investor confidence heavily tied to continued exploration success and a stable operating environment. The company recently announced a grant of stock options and restricted share units, a common practice for junior explorers to incentivize management and consultants as they advance key projects.

Beyond the financial hurdles, the ultimate success of the Foča Project will hinge on a commitment to modern environmental, social, and governance (ESG) principles. Large-scale mining in any region carries inherent environmental risks, including potential impacts on water quality, land use, and local ecosystems. For a project targeting polymetallic sulfide mineralization, managing the risk of acid mine drainage will be a critical long-term consideration. Securing and maintaining a social license to operate will require transparent and continuous engagement with local communities in the Foča region to ensure that the economic benefits of resource development are shared and that environmental and cultural concerns are proactively addressed. As Leviathan casts its wider net over this promising Bosnian mineral district, its greatest challenge will be to prove that immense geological opportunity and responsible stewardship can advance hand in hand.