# Boron One Announces Positive Preliminary Economic Assessment \(PEA\) for Its Piskanja Boron Project

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/boron-one-announces-positive-preliminary-economic-assessment-pea-for-its-piskanj--a14be6d3-3a0b-4669-a114-d2a87c65537d

Original source: https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1256-tsx-venture/bone/212878-boron-one-holdings-inc-announces-positive-preliminary-economic-assessment-pea-for-its-piskanja-boron-project.html

Publisher: jmn

Original announcement: 2026-10-14T18:41:05.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-10-14T14:25:10.757Z

Atlas analysis updated: 2026-10-14T14:25:10.757Z

- Company: Boron One Holdings Inc.

- Ticker: BONE

- Exchange: TSXV

- Region: Serbia

- Primary commodity: Boron

- Secondary commodities: None reported

- Document categories: Other, Resource update

- Extracted: 2026-10-14 14:25:11 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Boron One announced positive results from an updated Preliminary Economic Assessment \(PEA\) for its wholly-owned Piskanja Boron Project in Serbia. The PEA outlines a robust economic case with a post-tax NPV8 of $638.8 million and an IRR of 89.0%, with a payback period of less than 12 months. The study is based on an updated NI 43-101 compliant Mineral Resource Estimate, which includes 7.14 Mt of Measured and Indicated resources at an average grade of 32.4% B₂O₃.

Reasoning: The Preliminary Economic Assessment demonstrates strong economic viability for the Piskanja Boron Project with a post-tax NPV8 of $638.8 million and an IRR of 89.0%, supported by an updated NI 43-101 compliant Mineral Resource Estimate.

- Positive factor: high\_npv

- Positive factor: high\_irr

- Positive factor: short\_payback

- Positive factor: updated\_resource\_estimate

- Positive factor: ni\_43\_101\_compliant

- Positive factor: qp\_signed

- Positive factor: conventional\_processing

- Positive factor: low\_operating\_costs

- Negative factor: preliminary\_economic\_assessment

- Negative factor: no\_mineral\_reserves\_estimated

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 53

## Classification and evidence

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: The document is a Preliminary Economic Assessment \(PEA\) for the project.

Evidence · text

> Preliminary Economic Assessment \(PEA\)

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: The PEA was prepared in accordance with the requirements of National Instrument 43-101.

Evidence · text

> The PEA was prepared in accordance with the requirements of National Instrument 43-101

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: Prof. Miodrag Banješević PhD. P.Geo, EurGeol and Prof. Dejan Petrović PhD \(Mining Eng\) are named as Qualified Persons for the PEA.

Evidence · text

> Prof. Miodrag Banješević PhD. P.Geo, EurGeol, with contributions from Prof. Dejan Petrović PhD \(Mining Eng\)

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: The Mineral Resource Estimate includes a 'Measured' category.

Evidence · table

> Measured

Context: Mineral Resource Category

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: The Mineral Resource Estimate includes an 'Indicated' category.

Evidence · table

> Indicated

Context: Mineral Resource Category

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The document presents an 'updated Mineral Resource Statement' for the project.

Evidence · text

> The updated Mineral Resource Statement generated for the Piskanja Project

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: The resource is reported at a minimum grade threshold of 12 percent B₂O₃.

Evidence · text

> reported at a minimum grade threshold of 12 percent B 2 O 3

## Extracted facts

Stored fact records: 13. Some facts used in scoring do not have a stored record.

## Resource Estimates (13)

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/boron-one-announces-positive-preliminary-economic-assessment-pea-for-its-piskanj--a14be6d3-3a0b-4669-a114-d2a87c65537d#fact-resource-facts-40)

Piskanja Boron Project · boron

#### Identity

- Project: Piskanja Boron Project
- Commodity: boron
- Region: serbia
- Reported Region: Serbia
- Ticker: BONE

#### Resource scope

- Estimate type: resource
- Effective date: 2026-10-12T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Prof. Miodrag Banješević PhD. P.Geo, EurGeol
- Resource group id: resource:b0d9cb639c9f9d792383
- Mining method: underground
- Ownership percent: 100 %

#### Resource Data

- Category: measured
- Tonnes: 1049207
- Grade: 34.78
- Grade Unit: %
- Contained Metal: 364943
- Contained Unit: t
- Cutoff Grade: 12
- Cutoff Unit: % B₂O₃

#### Prior Estimate

- Resource Date: 2026-10-12

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The Measured resource of 1.05 Mt at 34.78% B₂O₃ provides a high level of confidence for project planning.

- Positive factor: measured\_resource

- Positive factor: ni\_43\_101\_compliant

- Positive factor: qp\_signed

- Positive factor: cut\_off\_disclosed

Evidence · table

> 34.78

Context: 1,049,207

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/boron-one-announces-positive-preliminary-economic-assessment-pea-for-its-piskanj--a14be6d3-3a0b-4669-a114-d2a87c65537d#fact-resource-facts-41)

Piskanja Boron Project · boron

#### Identity

- Project: Piskanja Boron Project
- Commodity: boron
- Region: serbia
- Reported Region: Serbia
- Ticker: BONE

#### Resource scope

- Estimate type: resource
- Effective date: 2026-10-12T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Prof. Miodrag Banješević PhD. P.Geo, EurGeol
- Resource group id: resource:2de30a3a55a276718d3a
- Mining method: underground
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 6090601
- Grade: 31.99
- Grade Unit: %
- Contained Metal: 1948626
- Contained Unit: t
- Cutoff Grade: 12
- Cutoff Unit: % B₂O₃

#### Prior Estimate

- Resource Date: 2026-10-12

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The Indicated resource of 6.09 Mt at 31.99% B₂O₃ provides a strong basis for economic studies.

- Positive factor: indicated\_resource

- Positive factor: ni\_43\_101\_compliant

- Positive factor: qp\_signed

- Positive factor: cut\_off\_disclosed

Evidence · table

> 31.99

Context: 6,090,601

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/boron-one-announces-positive-preliminary-economic-assessment-pea-for-its-piskanj--a14be6d3-3a0b-4669-a114-d2a87c65537d#fact-resource-facts-42)

Piskanja Boron Project · boron

#### Identity

- Project: Piskanja Boron Project
- Commodity: boron
- Region: serbia
- Reported Region: Serbia
- Ticker: BONE

#### Resource scope

- Estimate type: resource
- Effective date: 2026-10-12T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Prof. Miodrag Banješević PhD. P.Geo, EurGeol
- Resource group id: resource:6fd544f1b39229a57adb
- Mining method: underground
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 7139808
- Grade: 32.4
- Grade Unit: %
- Contained Metal: 2313569
- Contained Unit: t
- Cutoff Grade: 12
- Cutoff Unit: % B₂O₃

#### Prior Estimate

- Resource Date: 2026-10-12

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The combined Measured + Indicated resource of 7.14 Mt at 32.40% B₂O₃ forms the basis for the PEA.

- Positive factor: indicated\_resource

- Positive factor: ni\_43\_101\_compliant

- Positive factor: qp\_signed

- Positive factor: cut\_off\_disclosed

Evidence · table

> 32.40

Context: 7,139,808

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/boron-one-announces-positive-preliminary-economic-assessment-pea-for-its-piskanj--a14be6d3-3a0b-4669-a114-d2a87c65537d#fact-resource-facts-43)

Piskanja Boron Project · boron

#### Identity

- Project: Piskanja Boron Project
- Commodity: boron
- Region: serbia
- Reported Region: Serbia
- Ticker: BONE

#### Resource scope

- Estimate type: resource
- Effective date: 2026-10-12T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Prof. Miodrag Banješević PhD. P.Geo, EurGeol
- Resource group id: resource:00b3f877b08052bb022b
- Deposit or zone: Colemanite \(COL\)
- Mining method: underground
- Ownership percent: 100 %

#### Resource Data

- Category: measured
- Tonnes: 469619
- Grade: 35.52
- Grade Unit: %
- Contained Metal: 166824
- Contained Unit: t
- Cutoff Grade: 12
- Cutoff Unit: % B₂O₃

#### Prior Estimate

- Resource Date: 2026-10-12

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The Measured resource for Colemanite of 0.47 Mt at 35.52% B₂O₃ contributes to the high-confidence portion of the resource.

- Positive factor: measured\_resource

- Positive factor: ni\_43\_101\_compliant

- Positive factor: qp\_signed

- Positive factor: cut\_off\_disclosed

Evidence · table

> 35.52

Context: 469,619

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/boron-one-announces-positive-preliminary-economic-assessment-pea-for-its-piskanj--a14be6d3-3a0b-4669-a114-d2a87c65537d#fact-resource-facts-44)

Piskanja Boron Project · boron

#### Identity

- Project: Piskanja Boron Project
- Commodity: boron
- Region: serbia
- Reported Region: Serbia
- Ticker: BONE

#### Resource scope

- Estimate type: resource
- Effective date: 2026-10-12T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Prof. Miodrag Banješević PhD. P.Geo, EurGeol
- Resource group id: resource:1b397e7ec96727a1e29e
- Deposit or zone: Colemanite \(COL\)
- Mining method: underground
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 3360829
- Grade: 34.14
- Grade Unit: %
- Contained Metal: 1147478
- Contained Unit: t
- Cutoff Grade: 12
- Cutoff Unit: % B₂O₃

#### Prior Estimate

- Resource Date: 2026-10-12

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The Indicated resource for Colemanite of 3.36 Mt at 34.14% B₂O₃ is a significant component of the overall resource.

- Positive factor: indicated\_resource

- Positive factor: ni\_43\_101\_compliant

- Positive factor: qp\_signed

- Positive factor: cut\_off\_disclosed

Evidence · table

> 34.14

Context: 3,360,829

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/boron-one-announces-positive-preliminary-economic-assessment-pea-for-its-piskanj--a14be6d3-3a0b-4669-a114-d2a87c65537d#fact-resource-facts-45)

Piskanja Boron Project · boron

#### Identity

- Project: Piskanja Boron Project
- Commodity: boron
- Region: serbia
- Reported Region: Serbia
- Ticker: BONE

#### Resource scope

- Estimate type: resource
- Effective date: 2026-10-12T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Prof. Miodrag Banješević PhD. P.Geo, EurGeol
- Resource group id: resource:e8e140e3ff661b5b528a
- Deposit or zone: Colemanite \(COL\)
- Mining method: underground
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 3830448
- Grade: 34.31
- Grade Unit: %
- Contained Metal: 1314302
- Contained Unit: t
- Cutoff Grade: 12
- Cutoff Unit: % B₂O₃

#### Prior Estimate

- Resource Date: 2026-10-12

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The combined Measured + Indicated resource for Colemanite of 3.83 Mt at 34.31% B₂O₃ provides a robust estimate for this mineral type.

- Positive factor: indicated\_resource

- Positive factor: ni\_43\_101\_compliant

- Positive factor: qp\_signed

- Positive factor: cut\_off\_disclosed

Evidence · table

> 34.31

Context: 3,830,448

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/boron-one-announces-positive-preliminary-economic-assessment-pea-for-its-piskanj--a14be6d3-3a0b-4669-a114-d2a87c65537d#fact-resource-facts-46)

Piskanja Boron Project · boron

#### Identity

- Project: Piskanja Boron Project
- Commodity: boron
- Region: serbia
- Reported Region: Serbia
- Ticker: BONE

#### Resource scope

- Estimate type: resource
- Effective date: 2026-10-12T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Prof. Miodrag Banješević PhD. P.Geo, EurGeol
- Resource group id: resource:efcee7fc3ba991d08d79
- Deposit or zone: Ulexite \(ULE\)
- Mining method: underground
- Ownership percent: 100 %

#### Resource Data

- Category: measured
- Tonnes: 256795
- Grade: 40.47
- Grade Unit: %
- Contained Metal: 103923
- Contained Unit: t
- Cutoff Grade: 12
- Cutoff Unit: % B₂O₃

#### Prior Estimate

- Resource Date: 2026-10-12

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The Measured resource for Ulexite of 0.26 Mt at 40.47% B₂O₃ indicates a high-grade, high-confidence portion of the resource.

- Positive factor: measured\_resource

- Positive factor: ni\_43\_101\_compliant

- Positive factor: qp\_signed

- Positive factor: cut\_off\_disclosed

Evidence · table

> 40.47

Context: 256,795

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/boron-one-announces-positive-preliminary-economic-assessment-pea-for-its-piskanj--a14be6d3-3a0b-4669-a114-d2a87c65537d#fact-resource-facts-47)

Piskanja Boron Project · boron

#### Identity

- Project: Piskanja Boron Project
- Commodity: boron
- Region: serbia
- Reported Region: Serbia
- Ticker: BONE

#### Resource scope

- Estimate type: resource
- Effective date: 2026-10-12T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Prof. Miodrag Banješević PhD. P.Geo, EurGeol
- Resource group id: resource:07c0f4b0489c03ae2cbb
- Deposit or zone: Ulexite \(ULE\)
- Mining method: underground
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 735259
- Grade: 40.67
- Grade Unit: %
- Contained Metal: 299023
- Contained Unit: t
- Cutoff Grade: 12
- Cutoff Unit: % B₂O₃

#### Prior Estimate

- Resource Date: 2026-10-12

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The Indicated resource for Ulexite of 0.74 Mt at 40.67% B₂O₃ is a valuable part of the overall resource.

- Positive factor: indicated\_resource

- Positive factor: ni\_43\_101\_compliant

- Positive factor: qp\_signed

- Positive factor: cut\_off\_disclosed

Evidence · table

> 40.67

Context: 735,259

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/boron-one-announces-positive-preliminary-economic-assessment-pea-for-its-piskanj--a14be6d3-3a0b-4669-a114-d2a87c65537d#fact-resource-facts-48)

Piskanja Boron Project · boron

#### Identity

- Project: Piskanja Boron Project
- Commodity: boron
- Region: serbia
- Reported Region: Serbia
- Ticker: BONE

#### Resource scope

- Estimate type: resource
- Effective date: 2026-10-12T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Prof. Miodrag Banješević PhD. P.Geo, EurGeol
- Resource group id: resource:12029b8778a3a33dbd15
- Deposit or zone: Ulexite \(ULE\)
- Mining method: underground
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 992054
- Grade: 40.62
- Grade Unit: %
- Contained Metal: 402946
- Contained Unit: t
- Cutoff Grade: 12
- Cutoff Unit: % B₂O₃

#### Prior Estimate

- Resource Date: 2026-10-12

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The combined Measured + Indicated resource for Ulexite of 0.99 Mt at 40.62% B₂O₃ provides a robust estimate for this mineral type.

- Positive factor: indicated\_resource

- Positive factor: ni\_43\_101\_compliant

- Positive factor: qp\_signed

- Positive factor: cut\_off\_disclosed

Evidence · table

> 40.62

Context: 992,054

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/boron-one-announces-positive-preliminary-economic-assessment-pea-for-its-piskanj--a14be6d3-3a0b-4669-a114-d2a87c65537d#fact-resource-facts-49)

Piskanja Boron Project · boron

#### Identity

- Project: Piskanja Boron Project
- Commodity: boron
- Region: serbia
- Reported Region: Serbia
- Ticker: BONE

#### Resource scope

- Estimate type: resource
- Effective date: 2026-10-12T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Prof. Miodrag Banješević PhD. P.Geo, EurGeol
- Resource group id: resource:27779183adaa91dd5b30
- Deposit or zone: Polymineralic \(Mix\)
- Mining method: underground
- Ownership percent: 100 %

#### Resource Data

- Category: measured
- Tonnes: 322793
- Grade: 29.18
- Grade Unit: %
- Contained Metal: 94196
- Contained Unit: t
- Cutoff Grade: 12
- Cutoff Unit: % B₂O₃

#### Prior Estimate

- Resource Date: 2026-10-12

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The Measured resource for Polymineralic material of 0.32 Mt at 29.18% B₂O₃ adds to the high-confidence portion of the resource.

- Positive factor: measured\_resource

- Positive factor: ni\_43\_101\_compliant

- Positive factor: qp\_signed

- Positive factor: cut\_off\_disclosed

Evidence · table

> 29.18

Context: 322,793

#### Tags used in scoring

**Measured Resource**

Polarity: positive

Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/boron-one-announces-positive-preliminary-economic-assessment-pea-for-its-piskanj--a14be6d3-3a0b-4669-a114-d2a87c65537d#fact-resource-facts-50)

Piskanja Boron Project · boron

#### Identity

- Project: Piskanja Boron Project
- Commodity: boron
- Region: serbia
- Reported Region: Serbia
- Ticker: BONE

#### Resource scope

- Estimate type: resource
- Effective date: 2026-10-12T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Prof. Miodrag Banješević PhD. P.Geo, EurGeol
- Resource group id: resource:dd58473159979540abce
- Deposit or zone: Polymineralic \(Mix\)
- Mining method: underground
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 1994513
- Grade: 25.18
- Grade Unit: %
- Contained Metal: 502126
- Contained Unit: t
- Cutoff Grade: 12
- Cutoff Unit: % B₂O₃

#### Prior Estimate

- Resource Date: 2026-10-12

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The Indicated resource for Polymineralic material of 1.99 Mt at 25.18% B₂O₃ contributes to the overall resource base.

- Positive factor: indicated\_resource

- Positive factor: ni\_43\_101\_compliant

- Positive factor: qp\_signed

- Positive factor: cut\_off\_disclosed

Evidence · table

> 25.18

Context: 1,994,513

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/boron-one-announces-positive-preliminary-economic-assessment-pea-for-its-piskanj--a14be6d3-3a0b-4669-a114-d2a87c65537d#fact-resource-facts-51)

Piskanja Boron Project · boron

#### Identity

- Project: Piskanja Boron Project
- Commodity: boron
- Region: serbia
- Reported Region: Serbia
- Ticker: BONE

#### Resource scope

- Estimate type: resource
- Effective date: 2026-10-12T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Prof. Miodrag Banješević PhD. P.Geo, EurGeol
- Resource group id: resource:1bc262080792836ab099
- Deposit or zone: Polymineralic \(Mix\)
- Mining method: underground
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 2317306
- Grade: 25.72
- Grade Unit: %
- Contained Metal: 596321
- Contained Unit: t
- Cutoff Grade: 12
- Cutoff Unit: % B₂O₃

#### Prior Estimate

- Resource Date: 2026-10-12

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The combined Measured + Indicated resource for Polymineralic material of 2.32 Mt at 25.72% B₂O₃ provides a comprehensive estimate for this mineral type.

- Positive factor: indicated\_resource

- Positive factor: ni\_43\_101\_compliant

- Positive factor: qp\_signed

- Positive factor: cut\_off\_disclosed

Evidence · table

> 25.72

Context: 2,317,306

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/boron-one-announces-positive-preliminary-economic-assessment-pea-for-its-piskanj--a14be6d3-3a0b-4669-a114-d2a87c65537d#fact-resource-facts-52)

Piskanja Boron Project · boron

#### Identity

- Project: Piskanja Boron Project
- Commodity: boron
- Region: serbia
- Reported Region: Serbia
- Ticker: BONE

#### Resource scope

- Estimate type: resource
- Effective date: 2026-10-12T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Prof. Miodrag Banješević PhD. P.Geo, EurGeol
- Resource group id: resource:6fd544f1b39229a57adb
- Mining method: underground
- Ownership percent: 100 %

#### Resource Data

- Category: indicated
- Tonnes: 7139808
- Grade: 32.4
- Grade Unit: %
- Contained Metal: 2313569
- Contained Unit: t
- Cutoff Grade: 12
- Cutoff Unit: % B₂O₃

#### Prior Estimate

- Resource Date: 2026-10-12

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-14T00:00:00.000Z

Reasoning: The total Measured + Indicated resource of 7.14 Mt at 32.40% B₂O₃ underpins the economic assessment of the project.

- Positive factor: indicated\_resource

- Positive factor: ni\_43\_101\_compliant

- Positive factor: qp\_signed

- Positive factor: cut\_off\_disclosed

Evidence · table

> 32.40

Context: 7,139,808

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.