Electrum Discovery was selected for BHP’s 2025 Xplor Accelearator Programme. How will this programme support your projects, and what specific benefits do you anticipate from this collaboration?
We are honoured to have been selected as one of just eight companies worldwide for BHP’s prestigious 2025 Xplor Accelerator Programme, established in 2023 to support early-stage mineral exploration companies targeting Tier-1 deposits.
This selection not only provides Electrum with up to US$500,000 in nondilutive grant funding, but also validates the potential of our Timok East copper-gold project in Eastern Serbia. In addition to funding, through the Xplor programme, Electrum has gained access to BHP’s extensive global network of industry experts, cutting-edge technological resources, and specialized training and mentorship. Over the next six months, this access will enable us to integrate leading exploration methodologies and leverage advanced geophysical, geochemical, and data-driven exploration technologies, significantly enhancing our technical proficiency and operational effectiveness.
So far, the guidance from BHP has been fundamentally reshaping the way we approach exploration, enabling us to move beyond traditional prospect level exploration and to take a belt-scale, mineral systems’ driven approach.
“When you bring experience and thinking of a major to agility and entrepreneurship of a junior, you create magic” – Marley Palin, Head of BHP XPlor
Instead of focusing on individual surface mineralized targets, we are gradually shifting our focus to the bigger picture — identifying the underlying geological controls that could point to an entirely new, previously unrecognized porphyry district with Tier-1 discovery potential. This shift in strategy is a direct result of the insights and mentorship we are gaining through the programme.
What is the importance of the regional setting to Electrum’s exploration projects and strategy moving forward?
We have two projects: Timok East and Novo Tlamino, both located in the prolific Western Tethyan Metallogenic Belt.
Our Timok East project is located on the eastern margin of the Timok Magmatic Complex (TMC), a major volcanic centre within the Western Tethyan Metallogenic Belt, one of the world’s most abundant copper porphyry and epithermal regions. The TMC is geologically comparable to the renowned copper porphyry and epithermal districts of Peru and Chile.
Despite its proven Tier-1 potential, the TMC still remains underexplored, particularly outside the historically mined Bor mining complex. Significant copper-gold discoveries are being made on the western margin of the TMC by Dundee Precious Metals, and have further demonstrated the district’s wider prospectivity, reinforcing the potential for additional major discoveries within its underexplored peripheral zones.
Electrum’s strategy targets the eastern margin of the TMC, where it currently controls 123km² of exploration ground just 5km east of the Bor mining trend, which is a 40km-long corridor with five commercially producing porphyry and epithermal copper-gold mines. This area has seen little to no historical exploration.
Following the identification of significant surface copper and gold anomalism within Timok East in 2024, Electrum’s ongoing exploration aims to extend the known extent of subvolcanic, porphyry-forming Cretaceous magmatism eastward, with the objective of establishing a previously unrecognized parallel porphyry belt.
Looking ahead, what is the immediate exploration focus at Timok East for the balance of 2025?
Electrum is well-positioned to unlock the untapped potential of this highly prospective yet underexplored region, focused on expanding the known extent of one of the world’s most significant copper-gold belts. To make this vision a reality, we are applying BHP’s Mineral Systems approach — a method that helps us break down the complex geological, structural, and geochemical processes that form large-scale porphyry copper-gold systems. Our key priorities include:
• Mapping deep-seated fluid and magma pathways through highresolution geophysics, structural analysis, and in-depth literature reviews to understand how mineralizing systems evolved
• Confirming the eastern extension of the Cretaceous-age porphyry-fertile magmatic arc — the same system that formed the world-class Bor Porphyry deposits — by integrating lithogeochemical data, petrological studies, and high-precision isotope dating of intrusive rocks across the belt
• Identifying hydrothermal alteration and mineralization assemblages that act as early indicators of porphyry targets, including skarn systems and highsulfidation epithermal mineralization, which are often the surface expressions of deeper porphyry centres
If successful, this puts Electrum in an incredibly strong position, not just for a single discovery but to control an entirely new copper-gold district with global significance.
If successful, this puts Electrum in an incredibly strong position, not just for a single discovery but to control an entirely new copper-gold district with global significance.
Looking over at your Novo Tlamino Project, what are the envisaged exploration activities for 2025?
At Novo Tlamino, exploration is targeting potential expansion of the 670,000oz AuEq inferred resource at Barje. Structural mapping and modeling are underway to locate the southern extension of the Barje detachmenthosted gold deposit, offset by a postmineral fault, which currently defines the southern resource boundary. Preliminary modeling has also identified prospective targets east and west of the resource for further investigation.
Beyond resource expansion, we are evaluating options to update the 2021 PEA which has a current post-tax NPV (8%) of US$86M, incorporating revised gold and silver prices that reflect the significant increases since its publication.
Additionally, we are advancing exploration at the Karamanica and Jube Jube gold targets, located within the broader 522km² property. Both areas boast significant surface geochemical gold anomalies in soils and rock chip samples. Planned work includes alteration mapping using remote sensing techniques, alongside follow-up field mapping and additional rock chip sampling, to refine our geological understanding. These efforts will allow us to vector towards the mineralized centers responsible for surface anomalies, ultimately defining drill targets for follow-up exploration.
How do you find operating in Serbia? What are the benefits and challenges you face in such a jurisdiction?
Operating in Serbia has been personally rewarding, and I genuinely appreciate the collaborative spirit we encounter there. Serbia’s exceptional geological potential, particularly for copper-gold mineralization, initially attracted us to the region. The country provides a supportive regulatory environment, characterized by a modern, transparent mining code aligned with EU standards, streamlined permitting processes, competitive operating costs, excellent infrastructure, and a highly skilled local workforce with deep expertise in geology and mining.
One can build and operate mines there. This is exemplified by the discovery and development of the Čukari Peki porphyry and epithermal deposit, which Zijin Mining acquired in late 2018 and brought into the production in 2021, i.e. within a record three years.
That said, operating in Serbia does present unique challenges. Navigating regulatory procedures, while transparent, can occasionally be complex and requires careful planning and local expertise. Additionally, as mining activity increases, maintaining strong community relationships and proactively addressing environmental concerns are critical. Personally, I have found that building trust through open, ongoing dialogue with local communities is essential, as they rightly seek assurance from Electrum that exploration activities will deliver sustainable, long-term benefits.
As a company, we prioritize community engagement, adhere rigorously to high environmental standards, and work closely with local and national authorities to ensure our projects align with broader regional development goals. Overall, Serbia continues to offer exciting opportunities and valuable insights that shape both my personal leadership approach and our company’s broader exploration strategy.
