The 2021 amendments to the Law on Mining and Geological Exploration marked a step in the right direction for Serbia’s regulation of the industry - offering clear guarantees designed to attract foreign investment. However, these changes are not found to be significant enough to have triggered a complete turnaround in terms of the country’s legal risk profile. Though we find no instances of fatal flaws in the legal framework, the licensing process remains convoluted, inefficient and burdensome. The constant attempt to indirectly ensure Serbian employment is achieved by mandating to the most minute detail the qualifications of persons conducting mining activities is tiresome and likely to cause delays in project progression. In the meantime, more fundamental issues, such as surface access and decision-making criteria lack clarity. All that being said, the law provides a route from exploration to project development – it may be long, winding and unnecessarily complicated, but with some effort, those determined to navigate it will likely make it to their destination in the end.