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    Boron One Serbia PEA update: economics and design notes for mine planners

    October 15, 2026|

    Reviewed by Joe Ashwell

    Boron One Serbia PEA update: economics and design notes for mine planners

    First reported on MINING.com

    30 Second Briefing

    Boron One’s updated PEA for the Piskanja underground boron project in southern Serbia lifts the after-tax IRR to 89% and NPV (10% discount) to US$558.8 million, with unchanged initial capex of US$79.9 million and a sub‑one‑year payback, but shortens mine life to 13 years and trims average annual EBITDA to US$87.7 million. The plan now targets average yearly output of 157,600 tonnes of colemanite, 83,800 tonnes of ulexite and 25,000 tonnes of boric acid, at all‑in sustaining costs of US$231.44 per tonne. The revised study incorporates new geotechnical testing, a 3D resource model by borate type and a binding offtake for at least 25,000 tonnes of boron products per year, subject to permitting and plant qualification.

    Technical Brief

    • PEA assumes product pricing of US$650/t for colemanite and ulexite, and US$1,000/t for boric acid.
    • Capital and operating cost estimates are stated at ±35% accuracy, typical of early-stage underground project studies.
    • Sustaining capital is forecast at US$38.1 million over the 13‑year mine life.
    • Measured and indicated resources: 7.1 Mt at 32.4% B₂O₃, containing 2.3 Mt B₂O₃.
    • Previous (2022) resource model quoted 6.9 Mt at 34.4% B₂O₃ for 2.36 Mt contained.
    • Borate mineralisation occurs in sedimentary host rocks, with colemanite, ulexite and howlite as key ore minerals.
    • Updated PEA integrates new metallurgical/processing testwork, 3D borate‑type modelling, revised mine designs and geotechnical testing.
    • Binding offtake covers minimum 25,000 t/y boron products for three years, expandable to 50,000 t/y.

    Our Take

    With an after-tax IRR of 89% on initial capital of US$79.9 million, Piskanja screens as a relatively low-capex, high-return critical mineral play in our database, which could appeal to strategics looking for EU-adjacent boron exposure outside Turkey and China.

    Measured and indicated resources of 7.1 Mt at 32.4% B2O3 place Piskanja among the smaller boron assets in our coverage by tonnage, but the combination of grade and EU-proximate location in southern Serbia gives it strategic weight in ‘critical mineral’ policy discussions in the European Union and United Kingdom.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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