Penikat Project

The Penikat project is a high-grade PGE-nickel-copper deposit located in North-West Finland. The project includes a multi-million-ounce Exploration Target prepared in accordance with the JORC Code and represents an opportunity to define a significant resource of PGEs – including platinum, palladium and rhodium – which are essential to the energy transition and are listed as Critical Raw Materials by the European Union (2023). 

Penikat stands out as one of the most promising PGE exploration projects globally, outside South Africa and Russia. The site boasts significant concentrations of palladium, platinum, rhodium, and iridium, accompanied by elevated levels of nickel and copper. This rich mineralisation is found near the surface within three tabular reefs situated in the Penikat layered intrusion. These characteristics closely resemble the mineralisation patterns observed in the Bushveld Complex in South Africa and the Stillwater Complex in Montana, USA. 

Our goal is to define a low-impact, modern and sustainable project delivering PGEs to the EU. The high-grade and narrow nature of the mineralisation could make the project well suited to becoming a low impact underground project, utilising brownfield industrial sites. 

• Penikat is located 25 kilometres east of the town of Kemi and associated port with rail connections.
• The port is currently used to export nickel and copper concentrates from other Finnish operations.
• 15 kilometres east of the underground Kemi chrome mine with abandoned open pit and surface mineral processing infrastructure.
• Penikat is near large windfarm developments and main roads.
• Access is via paved main roads and unpaved forest roads into the centre of the project areas.
• It is an uninhabited area but located within the western part of the Martimoaapa-Lumiaapa-Penikat Natura 2000 conservation and mire reserve area.

Historical exploration has shown mineralisation to occur over a cumulative strike length of 23 kilometres within Kingsrose's mineral tenure. However, the average depth of historical drilling is only 43 metres.

Analogous deposits extend to >1 kilometre down dip. At Penikat, rare deeper historical holes and historical seismic data indicate mineralisation extends to at least 1 kilometre below surface.

An Exploration Target in accordance with the JORC Code was estimated by Kingsrose following extensive relogging and resampling, yielding a range of 21 to 32 Mt at 4.0 to 7.4 g/t 6E (the sum of platinum, palladium, gold, rhodium, iridium, and ruthenium) for 2.8 to 7.7 Moz 6E. The potential quantity and grade of the PGE mineralisation at Penikat is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Area 1:

• The Company received a positive statement from the environmental regulator (ELY now LVV) and the state landowner (Metsähallitus) in January 2024, confirming that the proposed drilling at Area 1 of the Penikat Project would not impact the integrity of the Natura 2000 site. This decision supported the successful approval of the Derogation Permit by the Ministry of Environment and the granting of the Exploration Permit by Tukes in June 2024.
• In August 2024, a combined appeal was lodged against the Exploration Permit by two non-governmental organisations (NGOs), the Keminseutu Nature Conservation Association and Mining Watch Finland.
• In December 2025, the Company received a decision from the Northern Finland Administrative Court regarding the appeal. The Administrative Court overturned the granting of the Exploration Permit by the mining regulator, Tukes, due to technical oversights by Tukes in their administration process. Consequently, the Administration Court has remanded the matter back to Tukes for reconsideration.
• In February 2026, the Company was informed that Tukes applied for leave to appeal to the Supreme Administrative Court. Depending on case load within the Supreme Administrative Court, the Area 1 case is expected to be heard within 18 months.

Areas 2 and 3:

Work is underway to develop the Natura 2000 report which will be submitted to the environmental regulator (LVV) and the state landowner (Metsähallitus). Once positive statements are received, a Derogation Permit application will be submitted and received. The positive statements and the Derogation Permit allow for submission of an Exploration Permit Application and receipt of an Exploration Permit.

Areas 4 and 5:

Work is underway to develop the Natura 2000 report which will be submitted to LVV and Metsähallitus. Once positive statements are received, a Derogation Permit application will be submitted and received. The positive statements and the Derogation Permit allow for submission of an Exploration Permit Application and receipt of an Exploration Permit.

Area 6:

The Company has excised Area 6 from Area 4 and despite Area 6 being outside the Natura 2000 and mire protection areas, a Natura 2000 report is required due to the close proximity to designated areas. Work is underway to develop the Natura 2000 report which will be submitted to LVV and Metsähallitus. A Derogation Permit is not required so once positive statements are received from LVV and Metsähallitus, the Company will submit and Exploration Permit Application and receive of an Exploration Permit.

The information in this website that relates to the Exploration Results at the Penikat Project was first reported by the Company in compliance with the 2012 edition of the JORC Code in ASX announcements: 28 June 2022, 5 May 2022, and 24 November 2021 

The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX releases referred to above and it further confirms that all material assumptions and technical parameters underpinning the exploration results and exploration target continue to apply and have not materially changed. 

The information in this website that relates to Exploration Results is based on information compiled under the supervision of Peter Dodds, who is a Member of the Australasian Institute of Mining and Metallurgy and is Head of Exploration for Kingsrose Mining Limited. Mr Dodds has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves.” Mr Dodds consents to the inclusion in this website of the matter based on his information in the form and context in which it appears 

The Exploration Target estimate has been prepared by Mr. J.C. Witley (BSc Hons, MSc (Eng.)) who is a geologist with 33 years’ experience in base and precious metals exploration and mining as well as Mineral Resource evaluation and reporting. He is a Principal Resource Consultant for The MSA Group (an independent consulting company), is registered with the South African Council for Natural Scientific Professions (“SACNASP”) and is a Fellow of the Geological Society of South Africa (“GSSA”). Mr. Witley has the appropriate relevant qualifications and experience to be considered a “Competent Person” for the style and type of mineralisation and activity being undertaken as defined by the 2012 Edition of the JORC Code. Mr Witley consents to the inclusion in this website of the matter based on his information in the form and context in which it appears.