Finnmark Project

Kingsrose entered the Finnmark region with the acquisition of the Porsanger Project in September 2021 and subsequently used funding from the BHP Xplor program to secure exploration licenses across the broader greenstone belt system (see: ASX Announcement 4 September 2023). The project now comprises 413 Exploration Licenses covering 3,802 square kilometres of prospective geology.

From 2024-2026, the alliance has undertaken a major greenfield exploration project, conducting systematic generative exploration across the Karasjok and Kautokeino Greenstone Belts. These two belts represent the continuation of the Central Lapland Greenstone Belt (“CLGB”) in Northern Finland, which is host to significant gold deposits including the Kittilä Mine (>3,000,000 oz Au produced, >6,300.000 oz Au reserves and resources)1 and the Ikkari deposit (>4,000,000 oz Au resources)2, both now under the control of Agnico Eagle, and Europe’s largest nickel-copper-PGE deposit, the Sakatti discovery (93.7 Mt @ 0.40% Cu, 0.21% Ni, 0.48 g/t 3E resources)3 owned by Anglo American.

The extension of the CLGB into Northern Norway was the foundation of Kingsrose’s exploration strategy in the region, and the alliance work to date has continued to support the prospectivity of Karasjok and Kautokeino for world class deposits of copper, nickel, PGEs, and gold.

Work to date on the Finnmark Project by the Alliance has produced proprietary datasets for over 200 kilometres of strike of the Karasjok and Kautokeino Greenstone Belts including:

Geophysics:

• 13,065 line-km HeliTEM helicopter born EM surveys identifying 23 high priority conductive targets

• 6,730 line-km of airborne gravity gradiometry surveys combined with existing detailed magnetics to map inferred mafic-ultramafic intrusions

Geochemistry:

• 626 outcrop and float rock chip samples

• 570 traditional and ionic leach soil samples

• 15 new mafic/ultramafic intrusion age dates

From the work completed in 2024 and 2025, Kingsrose has identified over 30 high priority Cu-Ni-PGE targets across both belts that warrant follow-up ground geophysics surveys to identify drill targets. By combining the newly acquired datasets, this work has also indicated that parts of the Kautokeino Belt are prospective for gold. Kingsrose geologists, supported by BHP’s technical team and industry-leading consultants, have developed a new tectonic framework and 3D model of Northern Fennoscandia. The 3D modelling has not only enhanced understanding of the major structural corridors controlling the emplacement of magmatic Cu-Ni-PGE sulphides across Northern Fennoscandia, but also orogenic Au mineralisation. Kingsrose now intends to develop a strategy to target both of these systems. 

See the ASX Announcement 22 May 2024 for more information.

1 Agnico Eagle Mines Limited website and news release dated 12th February 2026

2 Agnico Eagle Mines Limited news release dated 20th April 2026

3 Anglo American Ore Reserves and Mineral Resources Report 2025

Located to the north of the project area within the municipality of Porsanger, the 2.06 Ga Karenhaugen and Porsvann intrusions were drilled in the 1990s by the Norwegian Geological Survey as part of a copper exploration program. The historical drilling intercepted broad, low to moderate grade, palladium-dominant PGE mineralisation with copper and rare nickel mineralisation within the outcropping intrusions.

In 2024, regional geophysics, ionic leach soil sampling, and prospecting under the Kingsrose–BHP Alliance identified new mafic–ultramafic intrusions and shallow conductors interpreted as potential massive sulphide targets. Outcropping high-grade copper-gold-PGE veins were discovered in multiple locations, considered indicative of underlying magmatic systems. These features are now being used to vector drilling toward priority targets, including a modelled conductor at Karenhaugen.

Kingsrose is advancing a systematic, belt-scale exploration program across the Finnmark region, targeting mafic–ultramafic intrusions prospective for massive nickel-copper-PGE sulphide deposits. Building on initial geophysical and geochemical interpretations, the program is led by high-resolution airborne surveys, supported by geological mapping, surface geochemistry, and ground-based EM to refine and prioritise a pipeline of drill-ready targets 

Kingsrose has partnered with the Norwegian Geological Survey (NGU) to co-fund a research initiative focused on the fertility and distribution of magmatic systems within the Karasjok Greenstone Belt, Finnmark. This collaboration supports detailed geochemical and geochronological studies of mafic–ultramafic intrusions to enhance regional prospectivity modelling. The outcomes of this work will directly inform the Kingsrose–BHP Alliance targeting strategy by improving understanding of intrusion fertility, mineral system architecture, and regional metal endowment. 

A special permit is required for invasive exploration work in Finnmark County, including drilling. At the Kárenašvárri prospect, part of the Porsanger project, the Company was granted a special permit to drill in January 2024. The special permit to drill was granted with conditions following a detailed assessment by the Ministry of Trade and Fisheries. On 29 November 2024, this decision was upheld by the King in Council, making the approval final and no longer subject to appeal. For future drilling of new targets, additional special permits will be required. 

The information in this website that relates to the Exploration Results at the Porsanger project was first reported by the Company in compliance with the 2012 edition of the JORC Code in ASX announcements dated 11 October 2022, 25 August 2022, and 7 July 2022. 

The information in this report that relates to the Exploration Results at the Karasjok and Kotalahti Belts was first reported by the Company in compliance with the 2012 edition of the JORC Code in ASX announcements dated: 22 May 2024 and 4 September 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 on this website that relates to Exploration Results is based on information compiled by Mr Peter Dodds, who is a Member of the Australasian Institute of Mining and Metallurgy and is Head of Exploration of 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 report of the matter based on his information in the form and context in which it appears 

We respect the rights of Indigenous Peoples to self-determination, to practise traditional culture, the right to protection of land, biodiversity, water and air, and the right to protect cultural artefacts (both tangible and intangible).

We acknowledge that free, prior, and informed consent (FPIC) is a right, a principle, and a process. FPIC is derived from the right to self-determination, which is a cornerstone principle of Indigenous People’s rights. FPIC is an enduring commitment from all parties to more than just engagement or dialogue, but rather a collaborative process to work towards understanding perspectives and allow for an informed decision, which is reached through the customary decision-making processes.

Reindeer husbandry is a central element of Sámi culture, and the right to practise it is protected by the Norwegian and international law. The Reindeer Husbandry Act stipulates that the Sámi people have the right to practise reindeer herding in Finnmark (and other areas in Norway) where their ancestors have done so since time immemorial.

Reindeer migration in Finnmark follows a well-established seasonal rhythm that has been practised by Sámi herding families for centuries. Reindeer husbandry in Finnmark involves extensive seasonal migrations between coastal, inland, and upland grazing areas, driven by the availability of pasture and the changing Arctic seasons.

Prior to planning any exploration activities, our Sámi-led team contact potentially affected rightsholders to confirm that our activities will not impact reindeer husbandry. Consent, for us, is an evolving agreement shaped by ongoing interactions. We firmly believe that local communities, especially rightsholders, have the authority to make crucial decisions regarding their land, influencing the direction and value of our projects.

Finnmark contains a wide range of recorded tangible Sámi archaeological heritage. However, only a small percentage of the County's total area has been archaeologically surveyed, meaning further unrecorded sites are extremely likely to exist. 

Intangible cultural heritage among the Sámi is expressed through language, song, storytelling, traditional crafts, and oral histories that convey values and beliefs, with particular mountains, springs, lakes, and landscape features held as sacred. 

To protect of tangible and intangible cultural values, we will work with Sámi Parliament to assess areas where drilling is proposed. This is a key component of the special permit process (see below) and was completed in 2022 for the Kárenašvárri prospect.