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Chris James, Chairman And CEO, Tara Resources AG

Long History, Great Future

The Brksovo Mine has a long history, with mining operations first recorded in the thirteenth century, while today the Brskovo Mine has excellent prospects as a large scale open pit zinc, lead and copper mine, and potentially the lowest cost zinc mine in Europe

One of the greatest assets of the project location in Mojkovac is the local community, which has experience in, and a long tradition of, mining, and which is largely supportive of the development of the project and the employment and growth it will bring to the region.

Your company is dealing with the development of Montenegro’s Brskovo Mine. Does it really have the potential to be one of Europe’s largest and lowest cost open pit mines for the production of zinc, lead and copper concentrates?

Yes! Having recently completed our international Pre Feasibility Study, we can confirm that the Brskovo Mine has excellent prospects as a large scale open pit zinc, lead and copper mine, and could potentially be the lowest cost zinc mine in Europe, due to its attractive ore grades, low mining strip ratio and low operating costs in the region.

The Brksovo Mine has a long history, with mining operations first recorded in the thirteenth century, with small-scale silver mining operations and a mint producing coins called the “Grossi de Brescova”. Small scale mining operations also took place from 1976 to 1991. In 2010, a new exploration and mining concession was issued to an Australian exploration company, and drilling was conducted to grow the resource.

Tara Resources acquired the project in 2018 and completed significant additional drilling to expand the resource. In 2021, we intend to complete all local permits and approvals, as well as our international Feasibility Study to support financing and construction.

We believe the Brskovo Mine presents an excellent opportunity to develop a leading European zinc mine in Montenegro

Apart from a long tradition and rich deposits, is one of Brskovo’s greatest advantages its quality infrastructure, such as road connections with the international Port of Bar?

Like many projects in the Balkans, Brskovo benefits from excellent infrastructure in the local town of Mojkovac, which is approximately 100km northeast of the capital Podgorica. Highways provide excellent connections to smelters and ports, and there is a high voltage power substation close to the site.

You have a commitment to protecting the environment, promoting the health and safety of employees and improving the living standards of local communities. What are you doing in this context on the territory of the municipality of Mojkovac?

The management team of Tara Resources has a track record of developing and operating mines in accordance with EU and international regulations for the protection of the environment.The health and safety of employees is also of paramount importance to Tara Resources, where the team utilises modern equipment and best practices in safety training and procedures.

Tara Resources is committed to developing strong relationships and engaging with the local community in Mojkovac and the surrounding communities in the northern region of Montenegro. The company will primarily hire and train employees from the region, creating employment and opportunities for new businesses. As in many Balkan countries, state royalties will be shared with the local municipality, thus funding improved services. The company also supports regional initiatives in health and safety, sport, education and other charitable initiatives.

We believe the Brskovo Mine presents an excellent opportunity to develop a leading European zinc mine in Montenegro, in line with global best practices for safety and the environment, and we look forward to bringing employment and growth to the local communities and building on the long tradition of mining at Brskovo.

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