Temas Resources Corp. reported positive results of an Independent Technical Report and Preliminary Economic Assessment for the Piskanja boron project located in Serbia. The basis for the PEA is the Mineral Resource Estimate prepared by Prof. Miodrag Banješevic PhD.

P.Geo, EurGeol. Reported at a cut-off grade of 12% B2O3, at a minimum mining thickness of 1.2 m, considering reasonable underground mining, processing and selling technical parameters and costs benchmark against similar borate projects and a selling price of USD 700/tonne (boric acid) and USD 500/tonne (colemanite 40% B2O3). 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 B2O3 represents estimated contained metal in the ground and has not been adjusted for metallurgical recovery, and may have discrepancies due to rounding. The PEA was prepared independently under the supervision of Prof. Miodrag Banješevic PhD.

P.Geo, EurGeol, with contributions from Prof. Saša Stojadinovic PhD. (mining engineer). Project economics were estimated assuming a constant price of USD 500/t for sales-grade colemanite (40% purity) and USD 700/t for boric acid.

The PEA will present a complete list of assumptions. Capital and operating cost estimates were prepared based on current and expected long-term pricing assumptions and to a PEA level +/- 35% level of accuracy. In summary, the Project has a post-tax LOM net project cashflow (pre-finance) of some USD 1.21 billion which returns a post-tax NPV (10%) of USD 524.9 million and an IRR of 78.7%.