The Zagra Licences in northern Romania include the Magura Neagră permit area, which hosts porphyry-style copper-gold mineralisation. Early-stage technical assessments have identified a significant exploration target associated with this large-scale intrusive system, highlighting the potential for a substantial bulk-tonnage deposit.

Initial, non-JORC compliant estimates indicate an exploration target of up to 3,000 million tonnes of mineralised material to a depth of approximately 600 metres, with grades of up to 0.8% copper and 0.5 g/t gold. While this exploration target is conceptual in nature and insufficient exploration has been undertaken to define a Mineral Resource in accordance with the JORC Code, it underscores the scale potential of the porphyry system at Magura Neagră. Further geological mapping, geophysics and drilling will be required to verify continuity, grade distribution and overall economic potential.