Bindi Metals Limited (ASX: BIM) has taken a bold leap into Europe’s critical minerals market with its acquisition of two highly prospective antimony projects in Serbia. The Lisa Antimony-Gold Project and Mutnica Antimony-Copper Project are nestled in the renowned Tethyan Magmatic Belt, an area well-known for world-class mineral deposits. With China’s recent ban on antimony exports sending shockwaves through global supply chains, Bindi’s timing couldn’t be better.
Two Projects with Strategic Importance
The Lisa Antimony-Gold Project sits in western Serbia, covering around 30 square kilometres. Historical mining records reveal that between 1932 and 1951, shallow pits produced approximately 60,000 tonnes of high-grade antimony ore, with reported grades ranging from 5% to a whopping 20%. The project’s geology hints at potential gold mineralisation, with samples showing up to 2.5g/t of gold and 87g/t of silver.
To the east, the Mutnica Antimony-Copper Project spreads across 50.5 square kilometres and is just as intriguing. Historical rock sampling returned antimony grades of up to 4.5%, with additional copper occurrences boasting up to 4.5% copper over a 1.4km strike length. Like Lisa, the Mutnica region is rich in carbonate replacement or Carlin-style deposits, typically associated with high-grade antimony and gold mineralisation.
Transaction Terms: Cash, Shares, and Royalties
The acquisition is structured under a Tenement Sale Agreement with Edelweiss Mineral Exploration. In return for the Lisa and Mutnica projects, Bindi Metals will hand over $200,000 in cash, along with 1,000,000 fully paid ordinary shares. The vendor will also receive a 1% net smelter royalty (NSR) on copper, silver, gold, and other elements produced from the Mutnica Tenement.
For the Lisa Project, still under application, Bindi will provide deferred consideration upon the grant of the tenement. This includes an additional $200,000 in cash and 2,500,000 fully paid ordinary shares, subject to shareholder approval. The shares will be issued from Bindi’s existing placement capacity under ASX Listing Rule 7.1.
The deal also requires Bindi to incorporate a Serbian entity to oversee the transfer and management of the Mutnica Tenement. The company is set to take over the administration of this tenement immediately, while the vendor remains responsible for securing the final approval of the Lisa licence.
Raising Capital for Exploration
To fund exploration and drilling on these newly acquired Serbian projects, Bindi has received firm commitments for a $2 million capital raise through an oversubscribed placement. The capital injection will see the issuance of 25 million shares at $0.08 per share, split into two tranches. The first tranche will issue 7,062,500 shares under the company’s current placement capacity, while the second, comprising 17,937,500 shares, is pending shareholder approval at Bindi’s upcoming AGM.
As part of the capital raise, CPS Capital Group and Taurus Capital, acting as joint lead managers, are set to receive a fee package that includes 10 million options exercisable at $0.12. These options have a three-year expiry period, adding to the upside for the deal managers.
Why Serbia, and Why Now?
Bindi’s focus on Serbia isn’t just about geology—it’s also about geopolitics. With China responsible for 55% of the world’s antimony production and dominating downstream processing, its recent export ban has thrown the market into turmoil. Europe, in particular, has been left vulnerable, with no domestic production to cover its demand for antimony, a critical element in the manufacturing of flame retardants, semiconductors, and military technologies.
Eddie King, Bindi’s Non-Executive Chairman, sees the potential clearly. “These historical antimony-rich regions, with evidence of shallow past production, are ideally situated to assist Europe as it faces growing supply chain vulnerabilities for critical metals,” King noted in the announcement. As the world increasingly relies on antimony for both defence and renewable energy technologies, securing supply has become a top priority for European nations, and Bindi is keen to fill that gap.
What’s Next for Bindi Metals?
With the acquisition sealed, Bindi is hitting the ground running. A field trip to both projects is in the works, with the company aiming to conduct reconnaissance rock sampling to confirm key geological targets. At the Mutnica Project, soil samples collected earlier this year will be re-analysed for antimony, gold, and copper using lab assays with lower detection limits than the previous XRF scans.
Meanwhile, the team is preparing a drilling program for Mutnica, with an eye on satisfying the project’s $200,000 expenditure commitment by November. At the Lisa Project, the company is working closely with Serbian authorities to finalise the tenement grant, which is expected within the next three months. Once granted, Lisa could add another layer of high-grade potential to Bindi’s growing portfolio.
The exploration work at both projects will focus heavily on antimony, which has surged in importance globally.
