Leviathan receives exploration licence for Foca

Executive Summary

• Leviathan Metals Corp. has been awarded a new exploration license, Tjemenik, in Bosnia and Herzegovina, expanding its Foca project holdings by 50 square kilometres to a total of 150.7 square kilometres.
• The company reported high-grade polymetallic mineralization from trench sampling at the Vrela-Kremin trend, including intervals of 14 metres at 7.78% ZnEq and 12 metres at 8.92% ZnEq.
• An additional license application for Podovi is pending, which would further expand the project area by 50 square kilometres if approved.

Key Details

• License Award: Tjemenik exploration licence issued by the Ministry of Energy and Mining of Republika Srpska.
• Location: Directly adjoins the existing Marevo licence area to the south and east; covers faulted Permo-Triassic age rocks hosting the Vrela-Kremin trend.
• Project Expansion: Tjemenik covers 50 square kilometres, bringing the total Foca project area to 150.7 square kilometres.
• Pending License: Application for Podovi licence (50 square kilometres) to the west of Marevo is pending; approval would double Foca holdings.
• Trench Sampling Results (Vrela-Kremin Trend):
  • 14 metres at 7.78% ZnEq.
  • 12 metres at 8.92% ZnEq.
  • Grades are comparable to historic Yugoslav drilling and fall within the 2.6-kilometre Vrela-Kremin trend.
• Historic Context: Vrela-Kremin trend defined by soil geochemistry and mapping; historic drilling (1967) showed average mineralized thickness of 15 metres at 13.25% Pb plus Zn.
• Barice Prospect: Rock chip assays returned up to 4.48% Cu, 110 g/t Ag, 30.2% Pb, and 6.45% Zn within a coherent soil anomaly over a strike of ~500 metres.
• Regulatory Environment: Changes to the Law on Geological Exploration in Republika Srpska (effective July 24, 2024) are viewed as mining-friendly.
• Stock Option Grants:
  • 6.8 million stock options granted to directors, officers, consultants, and employees.
  • Exercise price: $0.65 per common share.
  • Term: 5 years.
• Investor Relations Grant:
  • 150,000 options granted to an investor relations consultant.
  • Exercise price: $0.65 per common share.
  • Term: 2 years, vesting over 12 months.
• RSU Grants:
  • 2,185,000 Restricted Share Units (RSUs) granted to directors, officers, consultants, and employees.
  • Vesting period: 2 years.
  • Expiration: 3 years from date of grant.

Notable Quotes

• "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 Foca landholding -- further cementing our first-mover advantage in this highly underexplored district, and allowing Leviathan to cast a broader net around a key target area." — Luke Norman, CEO
• "We noted that trench sampling has returned robust high-grade polymetallic mineralization in broad widths at surface including 14 metres at 7.78 per cent ZnEq, and 12 metres at 8.92 per cent ZnEq. These intervals are of comparable zinc and lead grade to the historic Yugoslav drilling that originally drew us to Foca..." — Luke Norman, CEO