BHP has issued termination notices for its Central Timok and Borsko exploration options in eastern Serbia, leaving Mundoro Capital to seek partners to fund work on eight licences. Mundoro said on November 6 that the notices had been issued; the licences will be free of BHP’s option rights once the notices take effect.
The two programmes cover 458.5 square kilometres and more than 20 target areas in the Timok Magmatic Complex, which hosts the Bor and Majdanpek copper mines and the Čukaru Peki deposit. Mundoro retains 100% ownership of the licences. The withdrawal is not a sale and does not end BHP’s separate agreements for Trstenik and South Timok.
BHP has met its required exploration spending on the continuing programmes, whose work plans and budgets run through 30 June 2027. It can exercise the Trstenik and South Timok options independently. If it exercises either, Mundoro would retain a 2% net smelter return royalty, as well as specified advance royalty and development milestone payments.
Across the four programmes, BHP financed C$18.9 million (€12.03 million) in exploration from January 2023 through 30 September 2026, according to the reported figures. C$8.0 million (€5.09 million) went to Central Timok and Borsko, while C$10.9 million (€6.94 million) was spent on Trstenik and South Timok.
Exploration has outlined targets, not a resource
The 2026 campaign included 4,438 metres of diamond drilling across four targets, an audio-magnetotelluric survey covering about 178 square kilometres and a 1,131-station gravity survey. More than 20,000 metres of historical core was re-logged, and over 19,000 metres underwent hyperspectral scanning.
Analysis outlined seven potential porphyry targets across Central Timok and Borsko. Five have drill proposals: Borsko Target 1, Tilva Rosh North, Tilva Rosh South, Skorusa West and Skorusa East. Skorusa North and Borsko South need further target development.
At Borsko and Tilva Rosh, reinterpretation of core identified veining and alteration that may indicate concealed porphyry systems. The work has not established a new copper resource. Mundoro said none of the reported 2026 drilling intervals met its threshold for significant copper or gold intersections, with some geological analysis still outstanding. “Drill-ready” describes proposed exploration holes, not a commercially proven deposit or a decision to build a mine.
Mundoro seeks funding for validation drilling
Mundoro plans to seek option or joint-venture partners to finance validation drilling on the returned licences. The technical database built with BHP’s funding may support partner discussions, but Mundoro needs fresh capital to test the targets. No replacement agreement, final drill budget or start date has been announced.
BHP’s selective withdrawal leaves Mundoro with greater flexibility to market its Central Timok prospects, while the continuing options remain in place. The prospects’ commercial value will depend on future drilling, financing and resource confirmation.
