Lykos Metals Unveils High-Grade Discoveries and Strategic Board Refresh

Exploration Breakthroughs at Sinjakovo

Lykos Metals Limited (ASX: LYK) has reported compelling exploration results from its Sinjakovo Project in Bosnia and Herzegovina, with rock-chip samples returning high-grade polymetallic mineralisation. Notably, assays revealed up to 1.8% antimony, 4.0% copper, and an exceptional 969 grams per tonne of silver, alongside gold, lead, and zinc. These findings confirm the presence of significant sulphide mineralisation, including tetrahedrite, chalcopyrite, and galena, which underpin the project's potential.

The company’s field team has focused on the Kovacevac and Erak prospects, where mineralogical assessments have identified both primary and secondary sulphide minerals. These results build on previous surface sampling and set the stage for detailed mapping, trenching, and drilling planned for 2025, pending seasonal weather conditions.

Jezero Project Permit Extended

In a positive regulatory development, Lykos secured an extension of the Jezero project exploration permit until 4 March 2028. Jezero is prospective for epithermal gold and polymetallic mineralisation, with trenching having revealed a notable 61-meter interval grading 1.5 grams per tonne gold. This extension provides the company with a longer runway to evaluate and advance this promising asset.

Strategic Board Changes and Cost Management

Corporate governance saw a refresh with the appointment of two seasoned Non-Executive Directors, David Wheeler and Mihajlo Matkovic, bringing additional expertise to the board. To accommodate these appointments, the board agreed to a 30% reduction in director fees and salaries effective December 2024, alongside a broader review of corporate cost reduction strategies.

Additionally, Managing Director and CEO Miloš Bošnjaković transitioned to a Non-Executive Director role, with Executive Director Petar Tomasevic assuming his executive responsibilities. These changes reflect a strategic realignment aimed at strengthening leadership and operational efficiency.

Sockovac Tenement Application Adjusted

Following consultations with the Government of Bosnia and Herzegovina, Lykos agreed to reduce the size of its tenement application for the Sockovac (Petrovo) project from 44 square kilometres to 10 square kilometres. This revised area still covers the company’s primary drill targets and allows focused exploration on the most prospective ground. The company remains optimistic about a favourable outcome and continues discussions with government advisors.

Financial Position and Outlook

During the quarter, Lykos reported a net cash outflow of approximately $0.36 million, leaving a cash balance of around $1.17 million at 31 December 2024. Exploration and evaluation expenditure was $98,000 for the quarter. The company is actively considering capital raising initiatives to bolster its financial position and support ongoing exploration activities.

Lykos continues to explore additional prospects and assess potential acquisitions in tier 1 jurisdictions to complement its existing portfolio and enhance shareholder value. The company’s projects are strategically located near core infrastructure and transport routes feeding Europe’s battery manufacturing supply chain, positioning it well within the growing battery metals sector.