Welcome to Tethyan Resources Plc

Tethyan Resources Plc (“Tethyan Resources”) is incorporated in England & Wales (company registration number 3781581) and is a gold and copper mineral exploration company. Tethyan Resources is dual-listed on the TSX-V and AIM markets under the ticker symbol “TETH”.

Exploration is conducted in the Balkans, in particular Serbia and Bulgaria where we are acquiring a portfolio of quality precious and base metals projects.

Tethyan’s objective is to acquire high quality exploration projects and create value through investing in their exploration.

Sustainability is paramount to all Tethyan’s activities. The long-term success of Tethyan Resources is connected to our ability to operate in a socially and environmentally responsible way.

We are committed to proactively implement sustainable health, safety and environmental management, as well as engage with local communities and all stakeholders. Tethyan Resource’s business philosophy is to adhere to good international best practice (GIIP) and implement the highest standards of corporate governance.

Hills mountains

The Team


John Proust

Non-Executive Chairman

John received the designation of Chartered Director (C.Dir.) from McMaster University, Directors College, Michael G. DeGroote School of Business. He is the founder and principal shareholder of numerous public and private companies. He has directed, managed and advised public and private companies regarding corporate strategy and structure, debt and equity financing, mergers and acquisitions, and corporate restructuring since 1986. Mr. Proust has held senior positions and served on the boards of many private and TSX-V/CSE listed companies. He is currently Chairman and CEO of Japan Gold Corp., Chairman and CEO of Southern Arc Minerals Inc., Chairman of Canada Energy Partners Inc., Interim President & CEO and a director of Outrider Energy Corp., and a director of Q Investments Ltd.


Gokhan Kantarcigil

Non-Executive Director

Gokhan has over 15 years’ experience in the mining and engineering industry. In 2008 he was a founder of a private Turkish mining and exploration company called VTG Holdings, which he is currently CEO. Gokhan was been involved in the discovery, construction and production of the Brummersheim coal project in South Africa which is currently producing in excess of 1 mt of export quality thermal coal per year. Gokhan then bought the Caldag Nickel project located in Western Turkey from AIM listed ENK. He has moved the project forward to a production decision and acquired all mining permits, environmental permits and social licenses needed.


Dr Mike Andrews

Non-Executive Director

Mike is a geologist with more than 35 years of research and mining industry experience in gold, copper, coal and iron exploration. He holds an honours degree in Geology from the University of Reading, and a doctorate in exploration geochemistry from the University of Wales. Mike is currently President and Chief Operating Officer of Southern Arc Minerals, President and Chief Operating of Japan Gold, and a Director of Q Investments. He played an instrumental role in the discovery, exploration, feasibility and development of the Way Linggo Gold Mine in Indonesia. He also held the positions of executive director and chief geologist of AuIron Energy Ltd., Director of Gold Operations for Meekatharra Minerals Ltd., and managed the Teck-MM Gold Indonesian Joint Venture, an exploration portfolio of thirteen gold and copper projects in Indonesia. He also held senior exploration positions with Ashton Mining Ltd, Aurora Gold Ltd and Muswellbrook Energy and Minerals Ltd.


Peter Mullens

Executive Director, CEO

Peter has over 30 years’ of extensive mining and exploration industry experience. He has successfully developed four Canadian-listed exploration companies and is credited with the discovery drill hole of Pico Machay in Peru and the acquisition of Navidad (700Moz silver), Calcatreu in Argentina (1Moz gold-silver) and Westmoreland in Australia (50Mlb’s uranium). He has strong experience as a geologist and also in the commercial aspects of junior exploration companies including the evaluation of ore reserves, financial studies, mine plans, and the financing of junior exploration companies. He is currently the CEO of AIM listed Tethyan Resources (AIM:TETH) and also a Non-Executive Chairman of Royal Road Minerals Ltd (TSXV:RYR).


Didier Fohlen

Executive Director – Corporate, Social and Environmental Governance

Engineering Degree from the School of Geology and Mines of Nancy; 33-yrs experience in exploration, mining operations and mine closure, with a focus on investment in emerging markets, corporate social responsibility and environmental management. 15-yrs in the World Bank Group working on mining investments with major as well as junior mining companies. Experience in gold and uranium mines in Africa, Canada and Former Soviet Union.  Significant experience in Europe, Maghreb, West Africa, Southern Africa, Turkey, Russia,  Armenia, and Kazakhstan.


Fabian Baker

Chief Operating Officer

BSc Applied Geology, MSc Economic Geology (ongoing). Experience in grassroots exploration through to completion of Bankable Feasibility in frontier and developing countries. Previous roles include Chief Geologist at Lydian International’s newly discovered Amulsar gold deposit and Exploration Manager for Tigris Resources, an exploration company with a focus on an emerging gold and copper district in SE Turkey.  In his capacity as COO the management of exploration in Serbia and neighbouring countries is managed by Fabian, who was responsible for identifying the opportunities that lead to Tethyan’s entry into the region.


Tim Coughlin

Adviser – Geology

PhD (Structural Geology), MSc Exploration and Mining Geology, BSc Geology, FAusIMM, MSEG. 26 years of experience including senior positions with major mining companies. Founder of Lydian International having discovered and raised finance for the exploration and development of the +5Moz Amulsar gold deposit in Armenia, led successful discovery teams in Australia, Peru, Colombia and Eastern Europe. Specialist in frontier mineral exploration and mining investment in emerging environments such as South America, the Caucasus, the Balkans and Russia.


Sol Thacker

Chief Financial Officer & Corporate Secretary

Sol is a Chartered Accountant and Member of the Institute of Chartered Accountants in Australia and holds a Bachelor of Business from the Queensland University of Technology. Sol has managed the accounts and administration of the Company’s principal trading subsidiary, Tethyan Resources Jersey Ltd, for the past four years and therefore has detailed knowledge of the Company’s operations. Additionally Sol has extensive experience in UK accounting standards and previously held the position of CFO of TSX-V listed Royal Road Minerals Ltd, making him well suited to the role.

Photo 25-04-2017, 13 55 07 - Copy

Aleksa Djokovic

Project Geologist

With MSc equivalent in geology, Aleksa has 5 years of experience with exploration companies including Mineco, Dunav Resources and Avala Resources (now Dundee). Through this work he gained experience in various different types of mineral deposits in Serbia. Most recently he was a part of Mineco’s Project Delivery Team where he gained significant experience from both underground and open pit operations and also strengthened his management and project leading skills.


Nick Savic

Regional Manager

A Serbian national, Nick qualified as a geologist in the late 70’s, following which he emigrated to Western Australia where he worked for a number of major companies for 20 years. Nick was approached by Dundee Precious Metals in the early 2000’s and asked to establish Dundee Precious Metals in Bulgaria and Serbia where Nick remained as Country Manager for a number of years. More recently Nick managed the country entry for First Quantum Minerals into Serbia. Nick has unparalleled exploration and related administrative experience in the Balkans region and is assisting and advising Tethyan on all local administrative aspects in Serbia and Bulgaria.


Tijana Momcilovic


With MSc equivalent in geology, Tijana has more than 4 years experience with international and local exploration and mining companies in Serbia. Through this work she gained experience in different types of mineral deposits in Serbia, mostly porphyry and epithermal deposits. Tijana is focused on exploring for new areas of mineralisation within the Suva Ruda permit.

Marko Milietic

Marko Miletic

Community & Land Officer

Born Serbian and local to the Raska district (where the Suva Ruda project is located), Marko has been working for decades on administrative, and operations management jobs in Serbia and abroad. This experience in marketing, trade, and logistics industry has enabled him to gain valuable skills, such as leadership, organizational and time managing skills. Furthermore, working abroad (Africa) made him comfortable working in multinational and multicultural environment. Additionally he fluently speaks Serbian, English, and Spanish.

Marko is leading Tethyan’s community engagement and implementation of our environmental policy.


Andjelija Vujovic

Office Manager

Andjelija is a Serbian national, with a BSc in Management from London School of Economics (LSE) and an MBA degree from the International University of Monaco. She has more than 20 years of experience in public relations, public speaking, marketing and consulting specializing in innovation, place branding and place management. Andjelija has worked for Societe des Bains de Mer de Monaco and Fairmont Hotel, Monte Carlo, Monaco, as a strategy and innovation consultant, and was involved in overseeing innovation implementation.

She is currently managing Tethyan’s Belgrade office and assisting with local Serbian and international marketing and investor relations.

Directors’ Responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice; UK-GAAP). Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website.

Remuneration Committee

The Remuneration Committee concerns itself with:

  • The remuneration and benefits of the Directors;
  • The design and terms of share-based incentive plans;
  • The remuneration policy for the Executive Team and Senior Corporate Officers.

The Remuneration Committee makes proposals to the Board in the above areas, including specific remuneration packages for each of the Executive Directors and Consultants as well as for the non-Executive Directors.

The members of the Remuneration Committee are Gokan Kantarcigil, John Proust and Mike Andrews.

Audit Committee

The Audit Committee assists the board in fulfilling their oversight responsibilities in respect of the integrity of the financial statements; risk management and internal control arrangements; compliance with legal and regulatory requirements; the performance, qualifications and independence of the external auditors; and the performance of the internal audit function.
The members of the Audit Committee are Gokhan Kantarcigil (Chairman), John Proust and Peter Mullens.

Health, Safety, Environmental and Community (HSEC) Committee

The HSEC Committee is responsible for assisting in the execution of the Company’s responsibilities in relation to safety, health, environmental and community issues. It has a key role in implementing proper procedure and process for identifying, assessing and managing the HSEC issues and risks and ensuring that these are developed, carried out and reviewed regularly. This committee will be implemented by the end of 2016.

Social Policy

Tethyan Resources Social Policy states that it seeks relationships which demonstrate mutual respect and understanding, active partnership, and long-term commitment. Tethyan Resources commits to implements social management programmes for its operations, which seeks to minimise and mitigate any adverse social impacts generated by its activities, and to enhance beneficial social impacts where possible, in accordance with GIIP.

Environmental Policy

Tethyan Resources Environment Policy is designed for setting and meeting high standards as a prerequisite for carrying out business in a sustainable society and the protection of life, health and the environment.

Occupational Health & Safety Policy

Tethyan Resources aims to achieve zero harm through effective management of health and safety through the implementation of programs and metrics. We require Company Personnel to recognize their own responsibility regarding occupational health and safety, and to comply with all health and safety requirements relevant to their activities.

Human Resources Policy

Tethyan Resources recognizes that the pursuit of economic growth through employment creation and income generation should be accompanied by protection of the fundamental rights of workers. We recognise that our workforce is a valuable asset, and good worker-management relationships are key ingredients in the sustainability of the Company.

Anti Corruption Policy

Dealings with Public Officials by Tethyan Resources or any Company Personnel are to be conducted in a manner that will not compromise the integrity or damage the reputation of any government, Public Official or the Company. Unless otherwise specified in the Company’s Anti-Corruption Policy, direct or indirect participation in corrupt, fraudulent, coercive, collusive or obstructionist practices are prohibited. Furthermore, facilitation payments are not condoned.

Whistle Blower Policy

Tethyan Resources is committed to maintaining high standards of integrity and accountability in its business affairs while enhancing shareholder value. The Whistle Blower Policy provides a vehicle for Company Personnel and others to disclose good faith concerns regarding Financial Matters and violations of the Code of Conduct.

Disclosure & Confidentiality

The purpose of this Policy is to establish standards for confidentiality of material information before public disclosure and practices to be employed in making public disclosures and subsequent communications. Application of this Policy is intended to ensure compliance with applicable laws and regulations, establish equitable disclosure standards, and foster delivery of accurate, timely, and consistent information to the Company’s stakeholders.

Insider Trading

Tethyan Resources Personnel and others are prohibited from trading in the Company’s Securities if they have knowledge of undisclosed material information. Undisclosed material information means any information, event or circumstance (including a change in previous information or facts) relating to the business and affairs of the Company that would have a reasonable likelihood to have a significant effect on the market price of the Company’s Securities or be considered important to an investor in making an investment decision regarding the purchase or sale of the Company’s Securities.

International Voluntary Initiatives

Tethyan Resources supports the Extractive Industries Transparency Initiative (EITI), which was established to increase transparency over payments by companies from the mining industries to governments and government-linked entities, as well as transparency over revenues received by those host country governments. Please see the Extractive Industries Transparency Initiative Standard, 2013 at http://eiti.org/eiti/principles.

Tethyan Resources supports human rights consistent with the United Nations Declarations on Human Rights and the Voluntary Principles on Security and Human Rights (VPSHR). Established in 2000, the VPSHR are a set of principles designed to guide companies in maintaining the safety and security of their operations within an operating framework that encourages respect for human rights, see http://www.voluntaryprinciples.org/wp-content/uploads/2013/03/voluntary_principles_english.pdf.

Tethyan Resources and its controlled affiliates promote sustainable development outcomes and are committed to operating to the highest international standards of environmental practice and engaging with local communities to ensure that there is mutual benefit for exploration and future mining activities. We seek to achieve full integration of environmental, social, health and safety considerations into management systems at all stages of Project exploration and development.

Our work programmes includes a requirement to undertake a substantive process of assessment and engagement with local communities and Government agencies to seek to deliver maximum benefits to all stakeholders with minimum disruption to the environment and lives of the local communities.

Leading sustainability best practice for international projects in emerging markets is generally driven by the international financial institutions. Aurasian is basing the assessment of its environmental, health, safety and social risks on the International Finance Corporation (IFC) Sustainability Framework including the IFC Performance Standards on Environmental and Social Sustainability (PS).  Comprehensive Social and Environmental Impact Assessment (ESIA) fully compliant with IFC PS will be conducted by Aurasian as well as applying to the required mining, environmental and industrial safety permits in the country where we operate.

When needed, Tethyan’s Projects that require significant investment from capital markets will be designed to comply with the Equator Principles (EP), which is a risk based framework for assessing potential environmental and social impacts and is based on IFC PS. Many of the IFC Performance Standards and Equator Principles requirements work on the premise that projects seeking funding will employ good international industry practice (GIIP) and Best Available Technology (BAT).

Tethyan is committed to continuously improving the operational performance of the Project, to achieve zero lost time injuries (LTI’s), to establish a culture for safety, productivity, efficiency and flexibility to enhance the Project’s social and environmental benefits in Serbia and Macedonia, and to limit adverse impacts while maintaining a high level of environmental, social, and health and safety performance.

Certain of the statements made and information contained herein is “forward-looking information” within the meaning of the British Columbia Securities Act. These statements relate to future events or the Company’s future performance. All statements, other than statements of historical fact, may be forward-looking statements. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “anticipates”, “plans”, “budget”, “scheduled”, “continue”, “estimates”, “forecasts”, “expect”, “is expected”, “project”, “propose”, “potential”, “targeting”, “intends”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, or “will be taken”, “occur” or “be achieved” or the negative connotation thereof. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this website should not be unduly relied upon by readers, as actual results may vary. In particular, this website contains forward-looking statements, pertaining to the following: capital expenditure programs, development of resources, treatment under governmental and taxation regimes, expectations regarding the Company’s ability to raise capital, expenditures to be made by the Company on its properties and work plans to be conducted. With respect to forward-looking statements listed above and contained in the website, the Company has made assumptions regarding, among other things: uncertainties relating to receiving mining, exploration and other permits; the impact of increasing competition; unpredictable changes to the market prices for gold, copper, and other minerals; exploration and developments costs for its properties; the availability of additional financing and farm-in or joint-venture partners; anticipated results of exploration and development activities; and the Company’s ability to obtain additional financing on satisfactory terms. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth below and elsewhere in this website: volatility in the market price for minerals; uncertainties associated with estimating resources; geological, technical, drilling and processing problems; liabilities and risks, including environmental liabilities and risks, inherent in mineral operations; fluctuations in currencies and interest rates; incorrect assessments of the value of acquisitions; unanticipated results of exploration activities; competition for, amongst other things, capital, undeveloped lands and skilled personnel; lack of availability of additional financing and farm-in or joint venture partners; and unpredictable weather conditions. Although the Company has attempted to identify important factors that could cause results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Readers are cautioned that the foregoing lists of factors are not exhaustive. The Company does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

The technical information in this website has been reviewed by Tethyan Resources’ Chief Executive Officer, Peter Mullens, FAusIMM, who has sufficient experience relevant to the style of mineralization under consideration and qualifies as a Qualified Person as defined by National Instrument 43-101.