Mr. Aleksandar Miskovic reports

TERRA BALCANICA CLOSES OVERSUBSCRIBED PRIVATE PLACEMENT FINANCING

Terra Balcanica Resources Corp. has closed the final tranche of the previously announced non-brokered private placement financing of units for gross proceeds of $38,125, resulting in aggregate gross proceeds of $986,885 raised in the offering.

The company issued an aggregate of an additional 381,250 units at a price of 10 cents per unit pursuant to the final tranche of the offering first announced on May 17, 2024, with an oversubscription due to investor interest. A total of 9,868,850 units were issued pursuant to the offering. Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant issued in the final tranche of the offering entitles the holder to purchase one common share at an exercise price of 15 cents until Oct. 30, 2027.

Terra Balcanica intends to use the net proceeds of the offering for working capital and to finance exploration across its portfolio of properties in Saskatchewan and the Balkans.

Aleksandar Miskovic, president and chief executive officer of the company, purchased 131,250 units as part of the offering. The issuance of the units to the insider constitutes a related-party transaction as this term is defined in Multilateral Instrument 61-101 (Protection of Minority Securityholders in Special Transactions). There has not been a material change in the percentage of the outstanding securities of the company that are owned by the insider as a result of his participation in the offering. The company is relying on the exemption from the valuation requirement and minority approval pursuant to Subsection 5.5(a) and 5.7(a) of MI 61-101, respectively, as the securities do not represent more than 25 per cent of the company's market capitalization, as determined in accordance with MI 61-101. The participation by the insider in the offering was approved by directors of the company who are independent in connection with this transaction. No materially contrary view or abstention was expressed or made by any director of the company in relation thereto.

Pursuant to applicable Canadian securities laws, all securities issued and issuable in connection with the closing of the fourth and final tranche of the offering are subject to a four-month hold period ending March 1, 2025. The offering is subject to the approval of the Canadian Securities Exchange.

About Terra Balcanica Resources Corp.

Terra Balcanica is a polymetallic and energy metal exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe and Northern Saskatchewan, Canada. The company has a 90-per-cent interest in the Viogor-Zanik project in eastern Bosnia and Herzegovina, and owns 100 per cent of the Ceovishte mineral exploration licence in southern Serbia. The Canadian assets comprise a 100-per-cent-optioned portfolio of uranium-prospective licences at the outskirts of the world-renowned Athabasca basin: Charlot-Neely Lake, Fontaine Lake, Snowbird and South Pendleton. The company emphasizes responsible engagement with local communities and stakeholders. It is committed to pro-actively implementing good international industry practice and sustainable health, safety and environmental management.

We seek Safe Harbor.