Vareš is an underground silver operation located approximately 50 kilometres north of Sarajevo, in the municipality of Vareš in Bosnia and Herzegovina. The operation encompasses the Rupice mine and the Veovaca processing plant, as well as the overall 4,400-hectare land package.

Since announcing first concentration production in 2024, Vareš has been ramping up to nameplate processing capacity.  The mine is a fully mechanized, modern underground mine with simple processing flow sheet and produces saleable silver-lead-gold and silver-zinc concentrates; it is one of the largest investment projects in Bosnia and Herzegovina.

The Vareš Processing Plant is located on a brownfield site, with access to existing infrastructure in a historical mining district, including power, sealed roads, water and rail transport routes.

The historic surface infrastructure was demolished, except for the refurbished administration building and the historical thickeners, some of which have been repurposed for water storage and the coarse ore stockpile. A modern concentrator was constructed using the latest in grinding, flotation and dewatering technologies. The project was developed and built to be a fully compliant modern and sustainable mine in line with IFC/EBRD/World Bank standards.

With numerous exploration targets across the prospective 4,400-hectare land package, there is significant exploration activity to realize the resource and reserve potential of the Rupice mine as the deposit remains open.

The Rupice Northwest deposit remains open to the northwest. The ability to extend mineralization in the area of known mineralization with wider, higher-grade zones is a priority in our stakeholder engagement and exploration plans. More broadly, the Rupice deposits sit within the prospective Dinarides deformation belt, hosting several barite and massive sulphide occurrences over a 22-kilometre corridor within close proximity to Vareš infrastructure and operating facilities.

The concession land package covers a 22 km long district-scale corridor of high-grade targets, with the wider Vareš region representing significant greenfield, brownfield and advanced exploration targets.