The Råna Project covers the 70 square kilometre Råna intrusion, a Caledonide mafic-ultramafic intrusion. ​

The project includes the past producing, underground Bruvann Mine within a contiguous exploration licence holding of 211 square kilometres. The Bruvann deposit included a small but high-grade (approximately 1 to 5% Ni) massive sulphide core, indicating that the intrusion generated high tenor nickel sulphide mineralisation. Past production demonstrates the viability of operating in the region and the mine area remains designated for raw material extraction in the municipality land use zoning plan.​

Kingsrose has identified three priority prospects with a focus on exploration for high-grade nickel-copper-cobalt sulphide mineralisation: largely undrilled, outcropping massive sulphides at Rånbogen, near mine extensions to Bruvann, and 8 kilometres of underexplored, prospective ultramafic intrusives East of Bruvann.

Råna is located on the west coast in Nordland Country, northern Norway, 37 kilometres south by main road from the deep water, ice-free Port of Narvik, which ships 18-20 million tons per annum of iron from Swedish mining operations. A small international airport at Evenes is 94 kilometres by road from the mine site with direct flights to Oslo.

The project is accessible from the main road via a three kilometre graded and well maintained gravel road which leads directly to the disused plant and mine portal, along which a disused conveyor belt still exists and leads from the Bruvann mine site to an operational harbour. Kingsrose has refurbished the mine's office building and repurposed part of the processing plant to act as a drill core processing and storage facility.

Access across the property for mapping and prospecting is by foot, with the use of All Terrain Vehicles (ATVs), snowmobiles and helicopters permitted for specific exploration activities (including geophysical surveys and drilling) with the permission of the municipality and landowners. The project wide terrain is mountainous however the Bruvann Mine and Rånbogen prospects are located at low elevations near the base of slope with good accessibility. The central and southern parts of the project area are more remote but can be partly accessed via a gravel road which follows the shores of a lake in the middle of the project area. The lower slopes are vegetated with pine forest and areas of sparse, low shrubland on flatter plains to the west. The steeper slopes and peaks are free of vegetation comprising bare outcrop or colluvial cover.

Exploration activities are possible year-round, despite the project location north of the Arctic Circle. The ground is typically snow covered between December and April during which time drilling and certain geophysical surveys can be executed albeit with a higher risk of delays due to high winds or snowfall. The summer months allow for mapping and continued drilling and geophysical survey work. Average temperatures vary from -1°C to -7°C in the coldest month (February) to 17°C to 11°C in the warmest month (July).

Rana comprises 24 contiguous exploration licences for a total of 211 square kilometres. Exploration licences in Norway are granted for an initial seven year period and can be extended for up to an additional three years. Annual licence fees are payable to the Direktoratet for Mineralforvaltning (DMF) at a rate of NOK 10/ hectare in years 2-3, NOK 30/hectare in years 4-5 and NOK 50/hectare in years 6-7 plus any extension years.

Kingsrose owns 100% of the 3 square kilometres ‘Arnes-B’ licence which was granted on 24^th March 2023 and expires 24^th March 2030. Kingsrose is exploring the rest of the project under two separate agreements:

Scandinavian Resource Holdings & Global Energy Metals Corp Joint Venture

Scandinavian Resource Holdings (SRH) and Global Energy Metals (GEMC) own 100% of four contiguous exploration licences totalling 25 square kilometres including the past producing Bruvann Mine and the Ranbogen prospect. These licences were granted 7^th March 2019 and expire 7^th March 2026, but may be extended for a further 3 years.

Kingsrose entered into a Transaction Implementation Agreement (TIA) with SRH and GEMC on 18 January 2023 which gives Kingsrose the right to earn up to a 75% interest in the exploration licences by spending A$15 million in operational expenditure over up to 8 years. Kingsrose is the operator of the Joint Venture.

Please refer to ASX Announcement dated 18 January 2023 for further details on the terms of the TIA.

The four licences are subject to three 1% net-smelter royalty agreements (for a total 3% NSR) granted to third-parties.

EMX Royalties Option Agreement

EMX Royalties, a Canadian listed company, owns 100% of 19 contiguous exploration licences totalling 208 square kilometres, which were granted 18^th June 2022 and expire 18^th June 2029.

Kingsrose entered into an Option Agreement with EMX on 6^th March 2023 with the following key terms;

• Kingsrose can acquire a 100% interest in the Target by a) making A$30,000 and NOK75,000 (A$10,750 at FX of NOK1.00 to A$0.1433) cash payments upon execution of the Option Agreement and b) making another cash payment of A$100,000 and spending a minimum of A$150,000 on exploration during a 12-month option period. Upon exercise of the option, Kingsrose will:
• Provide EMX with a 2.5% NSR royalty interest in the EMX Licences. On or before the eighth anniversary after exercise of the option, Kingsrose has the option to purchase 0.5% of the NSR on the EMX Licences by paying EMX A$1,200,000.
• To maintain its interest in the EMX Licences, Kingsrose will spend additional exploration expenditures of A$150,000 by the second anniversary, A$350,000 by the third anniversary, and A$350,000 by the fourth anniversary of the agreement, respectively, for a total of A$1,000,000 in exploration expenditures within 4 years.
• Pay to EMX annual advance royalty (“AAR”) payments of A$25,000 commencing on the third anniversary of the agreement, with the AAR payment increasing 10% each year thereafter (but capped at an annual payment of A$75,000).
• A milestone cash payment of A$250,000 will be made to EMX upon completion of the first 10,000 metres of drilling on the EMX Licences.
• An additional milestone cash payment of A$500,000, will be made to EMX upon disclosure of a Mineral Resource from within the EMX Licences.

The Råna mafic-ultramafic intrusion outcrops over 9 by 11 kilometres, emplaced into gneisses and argillaceous metasediments with localised graphitic horizons.​

The intrusion is inferred to be syn-orogenic, having formed in a back-arc setting within the Caledonide Orogeny and dips to the south and west, therefore the basal ultramafic sequence is exposed in the north. Upper, more fractionated gabbro and norite is exposed in the centre and south.​

Mineralisation typically occurs in the basal ultramafic units which host the highest tenor nickel sulphides and outcrop mainly in the northwest, and southern parts of the intrusion. Offset massive sulphides have been found to inject into the surrounding country rock. Sulphide mineralisation is also observed in the upper gabbronorites albeit of lower nickel tenor.

Kingsrose interprets the mineralised intrusions at Bruvann and Rånbogen to be chonoliths forming part of a larger, multi-phase intrusive complex. Chonoliths are pipe-like intrusions which may have short lateral but long down dip continuity. ​

Massive sulphide mineralisation typically occurs at the base of a chonolith and in the immediate footwall as ‘offset’ bodies of massive sulphide mineralisation. Exploration for these styles of mineralisation has not been systematically undertaken historically at Råna and these may be blind at surface, compromising detection by traditional methods. ​

Historical work focused predominantly on near mine exploration of outcropping mineralisation at Bruvann with limited to no application of modern exploration models for chonolith hosted magmatic sulphide deposits. ​

Deep penetrating AMT (Audio Magnetotelluric) geophysical surveys are planned to explore for conductive bodies from surface to more than 600 metres deep, which may host massive sulphide mineralisation.​

Airborne magnetic geophysical surveys will be used to model intrusion morphology. ​

Detailed mapping, core logging and XRF measurements for lithogeochemical characterisation will be used to generate a three-dimensional geological model and identify prospective intrusive units. ​

Drilling is expected to commence later in the Norwegian summer. ​

Massive sulphide outcrops with high nickel tenors at Bruvann and Rånbogen demonstrate fertility and, with 8 kilometres of largely untested strike along the northern intrusion margin, Kingsrose considers that there is scope for a significant scale discovery.​

The information in this website that relates to the Exploration Results at the Råna Project was first reported by the Company in compliance with the 2012 edition of the JORC Code in ASX announcements dated 20 April 2023, 5 March 2023 and 17 January 2023.

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 Andrew Tunningley, who is a Member and Chartered Professional (Geology) of the Australasian Institute of Mining and Metallurgy and is Head of Exploration for Kingsrose Mining Limited. Mr Tunningley 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 Tunningley consents to the inclusion in this website of the matter based on his information in the form and context in which it appears.

Following several months of stakeholder communications, site activities are progressing. We are initially focussing on existing brownfield areas to verify historical geological data. Prior to greenfield activities, we will undertake preliminary baseline surveys, which will include environmental and cultural heritage assessment to guide the next stage of our drilling program.

Stakeholder Engagement

In January 2023, we commenced our stakeholder communications. Since these initial meetings, we have worked hard to identify key stakeholders and have continued communications. To date, this has included several smaller meetings, direct communication with individuals and a public meeting. Examples of stakeholders that we have communicated with are: Narvik Municipality, land/cabin owners near Bruvann mine, Ballangen community, UiT Narvik, Frostisen reindeer herding district.

We acknowledge that the project may be of importance to additional stakeholders and further communication is required, therefore we are planning more opportunities for engagement and welcome any interested parties making contact. If you are interested in our current or proposed works, please contact us.

Exploration Activities

Mapping by Kingsrose geologists commenced at Rånbogen on the 12^th of May and will continue across our project area throughout the summer of 2023. The purpose of this works is to better understand the geology and how the different rock-types relate to each other. This work is non-intrusive and completed on foot.

During mapping our geologists take rock samples for geochemical analysis at a laboratory. The purpose of this work is to better understand the geochemical differences in the different rock types and to identify new mineralized areas. This work is very low impact, with each rock sample being roughly the size of a fist and is completed on foot.

The purpose of geophysics is to build on information collected during mapping and sampling. This cutting-edge technology supports planning of a targeted drilling program, which will result in less overall impact.

The current ground-based geophysical surveys commenced in May 2023 and are expected to continue into August 2023.

Aerial geophysics was completed in June (via helicopter) and July (via drone).

In early July, following receipt of the preliminary geophysics results, we commenced drilling in the historical mining area. The purpose of this work will be to verify historical geological data.

Our initial drilling program is planned to consist of 5,000 metres of drilling, in approximately 20 drill holes (drill holes depths will be between 150 – 800 metres). We will use a combination of a tracked and helicopter portable drilling rig, depending on accessibility of drill sites and to minimise ground disturbance.

Drilling will initially focus on existing brownfield areas at Bruvann to verify historical geological data and look for extensions of the old mine. Drilling will then move to the Rånbogen area.

Prior to drilling at any new sites we will ensure that we communicate with interested parties, and in particular obtain permission of affected landowners.

Alongside our exploration activities this year, we will conduct preliminary baseline surveys, which will include environmental, archaeological and cultural heritage assessment to guide the next stage of our exploration program.

Kingsrose continually strives to operate at standards above industry leading practice, and continually improve our practices to ensure transparent engagement with stakeholders, and the protection of cultural and environmental values.