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.

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 at the Kárenašvárri prospect within the Porsanger Project, Finnmark. To support the application, the Company funded a cultural heritage survey by the Sámi Parliament and commissioned an independent biodiversity study. While initial objections were raised by Sámi rightsholders and local reindeer herding communities, the Ministry of Trade and Fisheries of Norway granted approval in January 2024 following a detailed review. On 29 November 2024, this decision was upheld by the King in Council, making the permit final and not subject to further appeal.

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. 

   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 subsequently used funding from the BHP Xplor program to secure exploration licences across the broader greenstone belt system (see: ASX Announcement 4 September 2023). The project now comprises 290 Exploration Licences covering 2,378 square kilometres of prospective geology.

On 22 May 2024, Kingsrose and BHP formally announced the formation of a strategic exploration alliance across Norway and Finland. The Alliance enables BHP to sole-fund up to US$20 million in exploration expenditure over four years, supporting a comprehensive, cross-border generative exploration program across one of Europe’s most prospective and underexplored greenstone provinces.

Historical exploration and academic studies have identified nickel-, copper-, and PGE-bearing magmatic sulphides hosted in mafic–ultramafic intrusions of Paleoproterozoic age (~2.06 Ga), correlating with the geological setting of major deposits such as Anglo American’s Sakatti project and Boliden’s Kevitsa mine in northern Finland. These intrusions extend across the Karasjok and Kautokeino Belts in Finnmark, which remain significantly underexplored due to extensive glacial till cover.

Kingsrose, through its Alliance with BHP, is systematically assessing the entire region for the presence of massive nickel-copper-PGE sulphide systems. This includes integration of regional geophysics, geochemistry, and structural targeting across one of Europe’s last remaining underexplored greenstone provinces.

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 geophysical and geochemical data compilation, integration, and re-interpretation by Kingsrose has defined a pipeline of 81 priority targets across the Alliance licence portfolio. These targets have been systematically ranked based on prospectivity criteria and refined through the 2024 airborne gravity gradiometry survey and field sampling programs.

This work, initiated under the BHP Xplor program and now progressing under the Kingsrose–BHP Alliance, is focused on identifying mafic–ultramafic intrusions with the potential to host magmatic nickel-copper-PGE sulphides. The 2025 exploration program will build on this foundation, using high-resolution EM surveys and ground-truthing to advance the highest-priority targets toward drill readiness.

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, in accordance with Article 18 of the Mining Act. At Porsanger, Kingsrose has completed baseline environmental and cultural heritage surveys at the Karenhaugen prospect. In January 2024, the Company was granted a drill permit 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 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.