Leviathan Metals awarded additional Exploration License in prime target area at Foca, Bosnia and Herzegovina.

The most recent news (Feb 23, 2026) announces the award of the Tjemenik Exploration License in Bosnia and Herzegovina. This 50 sq km license expands the Foča Project to a total of 150.7 sq km. The new area adjoins the existing Marevo license and covers the same geological sequence (Permo-Triassic) that hosted the recently reported high-grade Vrela-Kremin trend. Simultaneously, the company has applied for the Podovi license to the west. This follows the Jan 22, 2026, news of significant trenching results at Foča, including 14m at 7.78% ZnEq and 12m at 8.92% ZnEq.

The impact is Routine - Positive. While the expansion of the land package is a logical and positive step following high-grade surface discoveries, it is an incremental operational update rather than a "game-changer" like a maiden resource or a major discovery hole. - Strategic Alignment: The news confirms management is aggressively pursuing the "first-mover" advantage in Bosnia, a jurisdiction they have pivoted to after moving away from Australian gold assets. - Validation: The fact that the license was granted by primary staking suggests a low-cost acquisition of prospective ground. - Dilution Note: The release also mentions the grant of 6.8 million stock options and 2.18 million RSUs. This represents a ~14% potential dilution relative to the current issued share count, which is a significant non-cash expense and future overhang.

Leviathan Metals (formerly Leviathan Gold) has undergone a total strategic pivot. Its flagship is now the Foča Project in Bosnia and Herzegovina (150.7 sq km). The project targets SEDEX or Mississippi Valley Type (MVT) silver-lead-zinc mineralization. It is located 100km from Adriatic Metals' world-class Vareš project, providing a strong geological analog. The company also holds a massive 12,000 sq km land package in Botswana (Kalahari Copper Belt) acquired via the Cura Exploration merger.