Boron One Holdings Inc. Announces Positive Preliminary Economic Assessment (PEA) for Its Piskanja Boron Project

2026-10-14

TSXV - TSX Venture Exchange · Boron · Gold · Magnesium · Zeolite · Bentonite · Lithium · Canada · Technical Studies

PEA Highlights:

US$638.8 Million NPV8 (post-tax), 89.0% IRR (post-tax), US$140M annual gross revenue; 12-Month Capex Payback

VICTORIA, BC / ACCESS Newswire/ October 14, 2026 / Boron One Holdings Inc. ("Boron One" or the "Company") (TSXV:BONE), a company committed to advancing global decarbonization through the responsible utilization of its boron assets, is pleased to report positive results of an updated Independent Technical Report and Preliminary Economic Assessment ("PEA") for its wholly-owned Piskanja boron project (the "Project").

The primary reason for the PEA is to present an up-to-date Mineral Resource Estimate (MRE) and Preliminary Economic Analysis (PEA) for the Project that reflect the Company's most current technical studies which were completed subsequent to the Company's previous PEA in 2022. These new studies include: metallurgical and processing testing; a 3D block resource model by borate type; advanced mine designs; geotechnical testing; boron pricing and market dynamics studies; and an environmental study (EIA).

PEA ECONOMIC HIGHLIGHTS (in USD)

Note: Units expressed in metric tonnes

MINERAL RESOURCE ESTIMATE

The basis for the PEA is the Mineral Resource Estimate (MRE) prepared by Prof. Miodrag Banješević PhD. P.Geo, EurGeol. Prof. Banješević is a Qualified Person in accordance with the CIM Definition Standards on Mineral Resources and Reserves (CIM Standards). The MRE produced by Banješević is an update to a previous estimate produced by Banješević in 2022, and SRK Consulting in 2016 (amended in 2019) and reflects a reinterpretation that includes the delineation of geological blocks according to the dominant boron minerals (colemanite, ulexite, howlite) within the outlines of the borate bodies, both horizontally for all 12 borate bodies and vertically for main bodies. The MRE is estimated according to NI 43-101 and CIM Standards.

The updated Mineral Resource Statement generated for the Piskanja Project is as follows:

| Mineral Resource Category | Tonnage (t) | B₂O₃ Grade (%) | Contained B2O3(t) | | Measured | 1,049,207 | 34.78 | 364,943 | | Indicated | 6,090,601 | 31.99 | 1,948,626 | | Measured + Indicated | 7,139,808 | 32.40 | 2,313,569 |

The updated Mineral Resource Statement by dominant boron minerals is as follows:

| Geological Blocks by Dominant Boron Mineral | CIM / NI 43-101 Mineral Resource Category | Mineral Resources in tonnes (t) | Weighted Grades (%) B2O3 | Contained B2O3(t) | | Colemanite (COL) | Measured | 469,619 | 35.52 | 166,824 | | Indicated | 3,360,829 | 34.14 | 1,147,478 | | | Measured + Indicated | 3,830,448 | 34.31 | 1,314,302 | | | Ulexite (ULE) | Measured | 256,795 | 40.47 | 103,923 | | Indicated | 735,259 | 40.67 | 299,023 | | | Measured + Indicated | 992,054 | 40.62 | 402,946 | | | Polymineralic (Mix) | Measured | 322,793 | 29.18 | 94,196 | | Indicated | 1,994,513 | 25.18 | 502,126 | | | Measured + Indicated | 2,317,306 | 25.72 | 596,321 | | | TOTAL | | 7,139,808 | 32.40 | 2,313,569 |

The Mineral Resource Statement is reported at a minimum grade threshold of 12 percent B2O3, and considers reasonable underground mining, processing and sales technical parameters. All figures are rounded to reflect the relative accuracy of the estimates. Mineral Resources are not Mineral Reserves and do not have a demonstrated economic viability. The contained B2O3represents estimated contained metal in the ground and has not been adjusted for metallurgical recovery, and may have discrepancies due to rounding.

PROJECT DESCRIPTION

The Project occurs within a 306-hectare exploration licence located in southern Serbia (the Exploration Licence), some 160 km south of the Serbian capital Belgrade by paved road. Balkan Gold d.o.o, which holds the Exploration Licence, is a wholly owned subsidiary of Boron One.

Location of Serbia and the Piskanja boron project

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PROJECT GEOLOGY

Geologically, the Project is located within the Jarandol basin, a Neogene continental sedimentary basin positioned in the Vardar Zone (VZ) tectonic belt. The host rocks comprise mudstones, sandstones, carbonates, tuffaceous sediments and conglomerates. It is interpreted that hydrothermal and tectonic activity led to borate mobilisation and deposition as a series of stratiform lenses within the basinal carbonate sediments. Mineralized horizons show a range of textures predominantly comprising different growths of the borate minerals colemanite, ulexite and howlite.

SUMMARY OF PRELIMINARY ECONOMIC ASSESSMENT (PEA)

The PEA was prepared independently, under the supervision of Prof. Miodrag Banješević PhD. P.Geo, EurGeol, with contributions from Prof. Dejan Petrović PhD (Mining Eng). Prof. Petrović is employed at the Technical Faculty in Bor University of Belgrade as an associate professor in the Department of Underground Exploitation. The PEA was prepared in accordance with the requirements of National Instrument 43-101 and is based on the Mineral Resource Estimate for Piskanja with an effective date of October 12, 2026 (see "Mineral Resource Estimate" above).

PEA ECONOMICS

In summary, the Project has a post-tax Life of Mine (LOM) net project cashflow (pre-finance) of some US$1.16 billion which returns a post-tax NPV (8%) of US$638.8 million and an IRR of 89.0%. The following table presents the summary LOM cash flow resulting from the Technical Economic Model.

| Project Cashflow | US$'000 | | Gross Revenue | 1,965,086 | | Deductions | 101,496 | | Net Revenue | 1,863,590 | | Operating Costs | 503,263 | | Project Capital | 79,903 | | Sustaining Capital | 38,059 | | Closure | 15,000 | | Project Cashflow | 1,227,366 | | Working Capital | 0 | | Corporation Tax | 70,020 | | | | | Net Project Cashflow | 1,157,346 |

Project economics were estimated assuming a constant price of US$650/t for sales-grade Colemanite and Ulexite (40% B2O3purity) and US$1,000/t for technical grade (99.9%) Boric Acid. Capital and operating cost estimates were prepared based on current pricing assumptions and to a PEA level +/- 35% level of accuracy. The PEA presents a complete list of assumptions.

SENSITIVITIES

Discount Rate

The following table shows the pre- and post-tax NPVs at varying discount rates. (USD'000). The base case discount rate of 8% returns a NPV of US$667.1M pre-tax and US$638.9M post-tax.

| Discount Rate | Pre-Tax NPV (USD'000) | Post-Tax NPV (USD'000) | | 5% | 828,431 | 789,104 | | 8% (Base Case) | 667,135 | 638,893 | | 10% | 581,579 | 558,798 | | 12% | 509,633 | 491,176 |

The following table shows the effect on the post-tax NPV8 at varying revenue, opex, capex, and material price levels (from -50% to +50%):

Sensitivities: Post Tax NPV at 8% discount rate

| (USD'000,000) | -50% | -40% | -30% | -20% | -10% | 0% | 10% | 20% | 30% | 40% | 50% | | Revenue | 139 | 239 | 339 | 439 | 539 | 639 | 739 | 839 | 939 | 1,039 | 1,139 | | OPEX | 768 | 742 | 716 | 690 | 665 | 639 | 613 | 587 | 562 | 536 | 510 | | CAPEX | 677 | 670 | 662 | 654 | 647 | 639 | 631 | 623 | 616 | 608 | 600 | | Concentrate price | 178 | 270 | 362 | 454 | 547 | 639 | 731 | 823 | 916 | 1,008 | 1,100 | | Boric Acid price | 600 | 608 | 615 | 623 | 631 | 639 | 647 | 655 | 662 | 670 | 678 |

The following table illustrates the projected Post-tax Net Present Value ("NPV") sensitivity of the Piskanja project to Operating Cost and Capital Cost variations:

| NPV (USD'000) | OPEX | | | | | | | | | | | | | | -50% | -40% | -30% | -20% | -10% | 0% | 10% | 20% | 30% | 40% | 50% | | | CAPEX | -50% | 806,187 | 780,428 | 754,670 | 728,912 | 703,154 | 677,396 | 651,637 | 625,879 | 600,121 | 574,363 | 548,605 | | -40% | 798,486 | 772,728 | 746,970 | 721,212 | 695,453 | 669,695 | 643,937 | 618,179 | 592,421 | 566,662 | 540,904 | | | -30% | 790,786 | 765,028 | 739,269 | 713,511 | 687,753 | 661,995 | 636,237 | 610,478 | 584,720 | 558,962 | 533,204 | | | -20% | 783,085 | 757,327 | 731,569 | 705,811 | 680,052 | 654,294 | 628,536 | 602,778 | 577,020 | 551,262 | 525,503 | | | -10% | 775,385 | 749,627 | 723,868 | 698,110 | 672,352 | 646,594 | 620,836 | 595,077 | 569,319 | 543,561 | 517,803 | | | 0% | 767,684 | 741,926 | 716,168 | 690,410 | 664,652 | 638,893 | 613,135 | 587,377 | 561,619 | 535,861 | 510,102 | | | 10% | 759,984 | 734,226 | 708,468 | 682,709 | 656,951 | 631,193 | 605,435 | 579,677 | 553,918 | 528,160 | 502,402 | | | 20% | 752,284 | 726,525 | 700,767 | 675,009 | 649,251 | 623,493 | 597,734 | 571,976 | 546,218 | 520,460 | 494,702 | | | 30% | 744,583 | 718,825 | 693,067 | 667,309 | 641,550 | 615,792 | 590,034 | 564,276 | 538,518 | 512,759 | 487,001 | | | 40% | 736,883 | 711,124 | 685,366 | 659,608 | 633,850 | 608,092 | 582,333 | 556,575 | 530,817 | 505,059 | 479,301 | | | 50% | 729,182 | 703,424 | 677,666 | 651,908 | 626,149 | 600,391 | 574,633 | 548,875 | 523,117 | 497,358 | 471,600 | |

The table below illustrates the Post-tax NPV variability with changing Operating Cost and Revenue estimates:

| NPV (USD'000) | Revenue | | | | | | | | | | | | | | -50% | -40% | -30% | -20% | -10% | 0% | 10% | 20% | 30% | 40% | 50% | | | OPEX | -50% | 267,471 | 367,514 | 467,556 | 567,599 | 667,642 | 767,684 | 867,727 | 967,770 | 1,067,813 | 1,167,855 | 1,267,898 | | -40% | 241,713 | 341,755 | 441,798 | 541,841 | 641,883 | 741,926 | 841,969 | 942,012 | 1,042,054 | 1,142,097 | 1,242,140 | | | -30% | 215,954 | 315,997 | 416,040 | 516,083 | 616,125 | 716,168 | 816,211 | 916,253 | 1,016,296 | 1,116,339 | 1,216,382 | | | -20% | 190,196 | 290,239 | 390,282 | 490,324 | 590,367 | 690,410 | 790,453 | 890,495 | 990,538 | 1,090,581 | 1,190,623 | | | -10% | 164,438 | 264,481 | 364,523 | 464,566 | 564,609 | 664,652 | 764,694 | 864,737 | 964,780 | 1,064,823 | 1,164,865 | | | 0% | 138,680 | 238,723 | 338,765 | 438,808 | 538,851 | 638,893 | 738,936 | 838,979 | 939,022 | 1,039,064 | 1,139,107 | | | 10% | 112,922 | 212,964 | 313,007 | 413,050 | 513,093 | 613,135 | 713,178 | 813,221 | 913,263 | 1,013,306 | 1,113,349 | | | 20% | 87,145 | 187,206 | 287,249 | 387,292 | 487,334 | 587,377 | 687,420 | 787,462 | 887,505 | 987,548 | 1,087,591 | | | 30% | 61,362 | 161,448 | 261,491 | 361,533 | 461,576 | 561,619 | 661,662 | 761,704 | 861,747 | 961,790 | 1,061,832 | | | 40% | 35,579 | 135,680 | 235,732 | 335,775 | 435,818 | 535,861 | 635,903 | 735,946 | 835,989 | 936,032 | 1,036,074 | | | 50% | 9,848 | 109,898 | 209,974 | 310,017 | 410,060 | 510,102 | 610,145 | 710,188 | 810,231 | 910,273 | 1,010,316 | |

A more complete set of sensitivity tables are available within the PEA.

MINING

The geometry and depth of the mineralization identified at Piskanja best lends itself to an underground mining method. It is envisaged that mining will be by drift and fill method and that the key underground infrastructure will comprise:

Twin access declines from surface to the deposit: i) main haulage decline - 1315 m in length (further addressed as MHD) from surface to the floor of Mineralized Zone 1, and ii) main ventilation decline - 1292 m in length (further addressed as MVD) from surface to the roof of Mineralized Zone 3; An underground spiral ramp connecting MHD and MVD and enabling access to all levels; A shaft connecting MHD and MVD to serve as the main ore pass (MOP) and temporary (if needed) ore stock; Footwall drives located below seam horizons of Mineralized Zones 1, 2 and 3; and Level drives and ventilation connections between three footwall drives.

The PEA envisages a Run of Mine (ROM) average annual tonnage of 432,654 tonnes to produce some 157,624.59 tonnes of sale grade colemanite, 83,818 tonnes of sales grade ulexite, and 25,000 tonnes of boric acid for a period of 13 years.

Excavation is proposed by mechanical cutting using Continuous Miners ("CM"). The rationale of the application of mechanical cutting, as opposed to drill and blast operations, is the need to minimize ground vibrations which may affect the residential structures in the nearby village. Similarly, the application of any caving mining methods, or any mining methods which could cause ground subsidence is, at present moment, excluded from further considerations.

Material mined by the CMs would be hauled by shuttles or battery haulers to the nearest pass/bin and fed to the panel conveyor at the main haulage horizon. The panel conveyor would then haul the mined material to the main ore pass/ore bunker. The main ore pass has two functions: i) to reduce the mined material tonnes to the Main Haulage Decline and feed it to the Main belt conveyor and ii) to serve as a temporary ore storage/ore stockpile. Once fed to the main belt conveyor, the material is conveyed to the surface and fed to the ore processing system.

In order to achieve an overall planned mining recovery of 75% and ensure the stability of excavated spaces, it will be necessary to apply solidifying material for backfill.

PROCESSING & RECOVERY

The development plan calls for the production of both Colemanite and Ulexite concentrates with a benchmark B₂O₃ content of ≈ 40% and Boric Acid (later in LOM) containing 56.3% B₂O₃, the latter at a rate of 25 ktpa, and the former at a rate of approximately 250 ktpa in combined total.

Bulk testing conducted by ALS during 2023 confirmed the ability to produce commercial grades of borate concentrates (Colemanite and Ulexite) and derivatives (in the form of Boric Acid) from each of the three borate mineral types found at Piskanja, while deploying conventional beneficiation processes and technologies used widely within the boron industry.

Colemanite Concentrate

The beneficiation process of Colemanite (Ca₂B₆O₁₁·5H₂O) demonstrates the upgrade of Piskanja run-of-mine (ROM) ore - containing 25% B₂O₃ - to a marketable concentrate (of up to 40% B₂O₃), suitable for downstream sales/chemical conversion and export. The process flow is predicated upon the metallurgical work conducted by ALS in 2023 and well-defined industry best practices. Of note is the fact that the process of beneficiation of Colemanite to be deployed at Piskanja relies on "off-the-shelf" technology that is widely used in the industry, and is a chemical-free process. The only inputs are energy and water (of which the latter is mostly recycled for future usage in a closed loop). Tailings generated from Colemanite processing are to be cemented into the mine as a part of the backfill process.

The industrial beneficiation of Piskanja Colemanite to commercial grade involves the following primary steps: Comminution (Crushing and Grinding); Attrition Scrubbing; Screening (slimes rejection); Classification (Hydrocyclones); Magnetic Separation (as needed for removal of magnetics); Dewatering and Tailings Handling; Water Recovery and Recycling.

Ulexite Concentrate

The process flow for the beneficiation of Ulexite is based upon the metallurgical work conducted by ALS in 2023 and well-defined industry best practices. Industrial beneficiation via calcination offers a robust, low-waste method to upgrade ore grade by removing water, thus concentrating B₂O₃ content without generating solid tailings.

The beneficiation process is structured as a continuous, closed-loop system comprising the following major unit operations: Crushing and Screening for optimal heat transfer and kiln feed uniformity; Feed Preparation and Conveying; Calcination (Rotary Kiln); Product Cooling; Packaging and Dispatch; and, Off-Gas Handling and Emissions Control.

Boric Acid Processing

Plans include the design, construction, and operation of an industrial-scale boric acid (H₃BO₃) production facility with a nominal output of 25,000 metric tons per annum (tpa), targeting a product grade of 56.3% B₂O₃. The process is based on the hydrometallurgical treatment of borate run of mine material averaging 24.1% B₂O₃. The production of Boric Acid will be comprised (primarily) of feed from the mix borate zones within the Piskanja deposit.

The process flow is based upon the metallurgical work conducted by ALS in 2023 and well-defined industry best practices. The selected process route is hydrometallurgical leaching of borate ore with sulfuric acid (H₂SO₄), followed by solid-liquid separation, crystallization, washing, drying, and packaging. This route is widely adopted in the industry due to its high efficiency, scalability, and compatibility with a range of borate ores.

The Boric Acid production process comprises the following main steps: Crushing and Grinding; Leaching Reaction with sulfuric acid; Solid-Liquid Separation; Crystallization; Filtration and Washing; Drying; Product Handling and Packaging; Tailings Handling; and, Water Recovery and Recycle.

ENVIRONMENTAL STUDY

Boron One commissioned the Mining Institute Belgrade d.o.o. (Zemun) to author a Study on Environmental Impact (the "EIA") in accordance with the Serbian Law on Environmental Impact Assessment, as a part of the mine licensing process and as good business practice. The EIA, its Annex and Amending Supplementary Documentation were completed in November of 2025.

Environmental Study Conclusions

The Study notes that plans include a detailed, legally grounded, and technically robust monitoring program designed to ensure that environmental impacts from the Piskanja underground borate mine are detected early, quantified accurately, and managed effectively. The plan integrates baseline conditions, regulatory requirements, scientific methodologies, and adaptive management principles. Through systematic monitoring of air, soil, water, noise, and waste, the program ensures continuous oversight of environmental quality and supports timely intervention whenever adverse impacts arise. The EIA concludes that Piskanja borate project exhibits a low to moderate accident risk profile, with no high-risk accident categories.

Key chapters of the EIA include:

Baseline Studies

Baseline characterization at Piskanja was carried out to establish a zero-state environmental profile prior to mining. The studies cover: morphology; population; ecology; land quality; hydrogeology; water quality; air quality; noise; and boron concentrations. These datasets form the foundation for impact prediction and regulatory compliance.

Identification of Possible Significant Environmental Impacts

Several areas of potential impact are recognized and include the following Impact Identification Framework, categorized into four domains (with several sub-categories in each):

1. Physical Environment - land, geology, soil, surface water, groundwater, air quality, noise. 2. Biological Environment - terrestrial and aquatic habitats, flora, fauna. 3. Socio economic Environment - land use, resource access, economic activity. 4. Cultural Environment - archaeological and historical sites.

Environmental Impact Assessment in the Event of an Accident

Earlier from Boron One Holdings Inc.

Boron One Holdings Inc. - Jarandol Basin Exploration Program Update 2026-09-08
Boron One Holdings Inc. Project Update 2026-08-31
Recent Corporate Events Recap 2026-08-12

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