Finnmark Project

Kingsrose initiated engagement with key stakeholders and Sámi rightsholders in February 2022 and has since maintained consistent communication while expanding outreach to the broader community. Our primary objective has been to establish, understand, and nurture trust-based relationships. We acknowledge the importance of sheep herders, tourism, and recreational users of the land, and eagerly anticipate ongoing engagement with these vital interest groups.

Since the granting of the first Exploration License in 2022, we have engaged in discussions with:

• Sámi Indigenous Rightsholders
• Protect Sápmi
• Sámi Parliament
• Municipalities
• Fefo (Finnmark Estate Agency)
• The wider community through public meetings

Before finalising future plans, we will build on progress and learnings to date. We remain committed to proactively and transparently engaging with rightsholders, stakeholders, and the community.

Regarding Indigenous Peoples, Kingsrose acknowledges 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. Our dialogue with Spierttagáisá, which began in 2022, exemplifies this commitment. In 2024, we will continue to foster a relationship based on trust and respect with Spierttagáisá and other rightsholders.

*International Council on Mining and Metals (ICMM) definition “FPIC comprises a process and an outcome. An effective process ensures that Indigenous Peoples are meaningfully engaged and have sufficient information about the project and sufficient time to be involved in decisions. They can freely make decisions without coercion, intimidation, or manipulation. However, if consent is not forthcoming, despite the best efforts of all parties, in balancing the rights and interests of Indigenous Peoples with the wider population, a government might determine that a project should proceed and specify the conditions that should apply.”

We are actively working to establish a mutually agreed Process Agreement to recognise Spierttagáisá as rightsholders and formalise decision-making processes regarding our exploration activities. Additionally, Kingsrose is in the process of developing an Indigenous Peoples Policy.

In 2023, we received FPIC and cultural awareness training from Protect Sápmi as part of our ongoing commitment to engagement and cultural sensitivity.

Consent, for us, is an evolving agreement shaped by ongoing interactions. We firmly believe that local communities have the authority to make crucial decisions regarding their land, influencing the direction and value of our projects.

Kingsrose proactively collaborated with the Sámi Parliament to conduct archaeological and cultural heritage surveys in the Kárenašvárri area, aiming to gain deeper insights into significant Sámi sites. All proposed activities have been guided by the findings of this study.

In January 2023, Kingsrose obtained a special permit for a limited drilling program in Kárenašvárri. To support this permit application, Kingsrose provided funding for the Sámi Parliament to conduct a cultural heritage survey and commissioned an independent biodiversity study. However, Sámi rightsholders have expressed opposition to the drilling application in its current form. In response, Kingsrose is committed to collaborating closely to assess potential drilling impacts and develop mitigation measures, striving for mutual agreement on how to proceed with drilling activities.

1. Respect for Indigenous Rights:
   • We acknowledge and fully recognise the responsibility that comes with operating in Finnmark, particularly concerning our interactions with the Sámi rightsholders of the land upon which we operate.
2. Proactive and Transparent Communication:
   • Engagement with key stakeholders and Sámi rightsholders started in February 2022 and has been maintained consistently. This engagement will broaden as we develop new relationships in the wider Finnmark community.
   • Our primary objective is to establish, understand, and nurture trust-based relationships with all stakeholders, including sheep herders, tourism, and recreational users of the land.
3. Engagement Efforts:
   • Our team are working closely with the Finnmark community in order to understand and develop relationships.
   • The ultimate objective is to enable these communities to actively guide the shared success of our projects in the long term.
4. Future Planning and Engagement:
   • Before finalising future plans, Kingsrose will build on progress and learnings to date, remaining committed to proactive and transparent engagement with rightsholders, stakeholders, and the community.
5. Free, Prior, Informed Consent (FPIC) Principles:

   Kingsrose's engagement with Indigenous Peoples is guided by the right, principle and process of free, prior, and informed consent (FPIC*). Our partnership with Sámi rightsholders is based on this framework for engaging Indigenous Peoples. In 2024, we will continue to foster a relationship based on trust and respect with Sámi 

   *International Council on Mining and Metals (ICMM) definition “FPIC comprises a process and an outcome. An effective process ensures that Indigenous Peoples are meaningfully engaged and have sufficient information about the project and sufficient time to be involved in decisions. They can freely make decisions without coercion, intimidation or manipulation. However, if consent is not forthcoming, despite the best efforts of all parties, in balancing the rights and interests of Indigenous Peoples with the wider population, a government might determine that a project should proceed and specify the conditions that should apply.”

   We are actively working to establish a mutually agreed Process Agreement to recognise Sámi rightsholders and formalise decision-making processes regarding our exploration activities. Additionally, Kingsrose is in the process of developing an Indigenous Peoples Policy.

Kingsrose entered the Finnmark region with the acquisition of the Porsanger project in September 2021 and used funding from the BHP Xplor program to secure Exploration Licences across the remainder of the prospective greenstone belts (see more: ASX announcement 4th September 2023). The project comprises 290 Exploration Licences over an area of 2,378 square kilometres. 

Historical exploration and academic studies have identified nickel-, copper- and PGE-bearing magmatic sulphides within mafic-ultramafic intrusions of the same geological age (2.06 Ga) as Anglo American’s Sakatti project and Boliden’s Kevitsa mine in Finland. The geological belts of Finnmark are underexplored and largely covered by glacial till, presenting Kingsrose the opportunity to assess the entire region for massive nickel-copper-PGE sulphides.

See the ASX Announcement 22 May 2024 for more information.

The Finnmark project spans a large area in the county of Finnmark, Northern Norway, extending southward from the towns of Lakselv and Alta in the north, beyond the towns of Karasjok and Kautokeino in southern Finnmark. The region is served by domestic airports in Lakselv and Alta and the national E-6 and E-45 roads. Prospects are reached by ATV trails, snowmobile tracks and footpaths which cross much of Finnmark. The area is typified by rocky hills, moorland and forested, shallow but steep sided gullies dissected by a network of streams, ponds and lakes.

Extensive desk-based geophysical and geochemical data compilation and re-interpretation by Kingsrose has led to the definition of 81 targets which have been ranked and prioritised. The objective of this work, completed under the BHP Xplor program, was to identify mafic-ultramafic intrusions with potential to host magmatic sulphides.

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. A ground electromagnetic survey completed by Kingsrose has identified a 350m by 400m, shallow conductive body at Karenhaugen, immediately down dip from mineralised outcrop. In January 2024, Kingsrose was granted drilling permits to test this conductive body.

Kingsrose is building on initial targeting work by planning exploration work programs to further identify prospective intrusions and explore for massive sulphide nickel-copper-PGE deposits. Exploration will be driven by airborne geophysical programs, followed up with non-invasive surface work such as geological mapping and sampling, surface geochemical sampling and ground geophysics. 

Kingsrose has entered a partnership with the Norwegian Geological Survey (NGU) in which Kingsrose is part-funding a research project on the fertility and distribution of magmatic systems in the Karasjok Greenstone Belt, Finnmark. Kingsrose funding is used to conduct detailed geochemical and geochronological studies on mafic-ultramafic intrusive systems in the belt.

A special permit is required for invasive exploration work in Finnmark County, including drilling, in accordance with Article 18 of the Mining Act. At Porsanger, Kingsrose has completed baseline habitat and cultural surveys at the Karenhaugen prospect and in January 2024 was awarded a drill permit with certain conditions as announced on the 9th of January 2024.

For future drilling of new targets additional special permits will be required. The special permit may be refused if the consideration of Sámi interests goes against the application being granted. 

At Kingsrose, we consider proactive and open dialogue with all our stakeholders and local communities a priority. We have started discussion with the local community and local reindeer herding district in advance of any investigations taking place in the area.

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 Andrew Tunningley, who is a Member and Chartered Professional (Geology) of the Australasian Institute of Mining and Metallurgy and is Head of Exploration of 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 report of the matter based on his information in the form and context in which it appears.