Čoka Rakita

100%-owned high-margin underground gold development project in eastern Serbia. Feasibility Study announced November 26, 2025 (NI 43-101 Technical Report dated January 9, 2026): NPV5 of $782M (after-tax) at $1,900/oz Au and IRR 36%; first-quartile life-of-mine AISC of $644/oz; initial capital ~$448M; first five years average ~189 koz Au/year; ten-year mine life. Probable Mineral Reserves 7.34 Mt @ 6.44 g/t Au for 1.52 Moz. Special Purpose Spatial Plan process initiated November 2025; construction permitting targeted for early 2027 with first concentrate production H1 2029. 2025 growth capex $38.4M; 2026 plan $49-53M plus ~$42M potential pre-committed initial capital. Leverages Chelopech/Ada Tepe infrastructure for personnel training.