Mineral potential and on-going activity in Fennoscandia

Pekka A. Nurmi, PhD, Prof. Director, Science and Innovations Geological Survey of Finland with contributions by

Pasi Eilu, Kaj Lax, Henrik Schiellerup

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The Nordic Countries Offer Great Opportunities on Top of Europe

• Norway, Sweden and Finland are located in an ancient shield area, similar to Canadian and Australian shields

• Active major mines • Fennsocandian Shield is yet

under-explored • Potential for many commodities: base metals, ferrous metals,

gold, platinum metals, high-tech metals (In, Li, Nb,

REE, Sb, Ta, Te,...), industrial minerals, diamonds, …

Major deposits in Fennoscandian Shield

Current Exploration Interests in Fennoscandia

Au,Ni,REE

Au, Co,PGE

Ni,Au

Au,Cu,Grf

Au,Cu,Ni,Zn

Au,Li,Ni,Zn

Au

Au,Cu,PGE

Cu,Au,Ni,PGE

Cu,Zn,Au

Ti

Cu,Zn,Au,Be

REE,Nb,Cu,F,P

Cu,Zn,Au

Cu, Au,REE,Grf Cu,Au

Cu,Zn,Pb

REE

GTK 2016 4

Why to Explore in the Nordic Countries?

• Significant potential for new discoveries • Excellent geodata and infrastructure • Long mining tradition, know-how and services • Strict but clear mining and environmental legislation • Moderate exploration costs • Favorable and secure investment environment • Low corporate tax • Downsream industry and proximity to major markets

Mines & Projects

Resource Company

Tellnes 100 Mt TiO2 (ilmenite) Titania

Ørtfjell 200 Mt Fe Rana Gruber

Skaland 600 kt C (flake) Skaland Graphite

Nussir 700 kt Cu, Ag, Au Nussir ASA

Engebø 6 Mt TiO2 (rutile) Nordic Mining

NORWAY Major mines and exploration highlights

Tellnes TiO2

Plus numerous mines in carbonates, silica, olivine, and nepheline syenite

Ørtfjell Fe

Engebø TiO2

Nussir Cu

Skaland graphite

Nussir – the largest copper deposit found in Norway

Nussir: JORC compliant 66 Mt @1.16 % Cu, 0.13 g/t Au, 18.4 g/t Ag Ulveryggen: JORC compliant 7.7 Mt @ 0.81 % Cu Granted permit to deposit tailings into the local fjord

Engebøfjellet rutile/eclogite deposit

154 Mt @ 3.8 % TiO2

Sweden Major mines

Mine Resource Company Kiruna 455 Mt Fe LKAB Malmberget 240 Mt Fe LKAB Aitik 5.7 Mt Cu, 11 Moz Au, 95 Moz Ag Boliden Garpenberg 3.8 Mt Zn, 1.7 Mt Pb, 60 kt Cu, 1.2

Moz Au, 403 Moz Ag Boliden

Zinkgruvan 2.2 Mt Zn, 0.9 Mt Pb, 0.2 Mt Cu, 72.5 Moz Ag

Lundin Mining

Kristineberg 0.9 Mt Zn, 31.5 Moz Ag, 0.1 Mt Cu, 0.3 Moz Au, 75 kt Pb

Boliden

Renström 0.5 Mt Zn, 41 kt Cu, 100 kt Pb, 0.6 Moz Au, 31 Moz Ag

Boliden

Kankberg 0.6 Moz Au, 1.6 kt Te Boliden Björkdal 0.7 Moz Au Mandalay Gruvberget 21 Mt Fe LKAB Maurliden 58 kt Zn, 7 kt Cu, 5 kt Pb, 74 koz Au,

0.26 Moz Au Boliden

Kiruna

Malmberget

Garpenberg

Zinkgruvan

Aitik

Lovisa

Björkdal Maurliden

Gruvberget

Kankberg

Kristineberg Renström

Exploration highlights Sweden

Project Resource Company

Laver 2.3 Mt Cu, 3.9 Moz Au, 106 Moz Ag Boliden Norra Kärr 190 kt REO, Pre-Feasibility Study Tasman Metals

Viscaria 609 kt Cu; Open at depth; Scoping Study; Exploitation Permits

Avalon Minerals

Fäboliden 743 koz Au; Exploitation Permit Dragon Mining

Nautanen 227 kt Cu, 329 koz Au, 2.6 Moz Ag

Boliden

Storuman 2.8 Mt Fluorite; Exploitation Permit Tertiary Minerals

Leveäniemi 145 Mt Fe; Exploitation Permit LKAB

Mertainen 136 Mt Fe; Exploitation Permit LKAB

Kallak 41 Mt Fe Beowulf

Vindel-gransele

145 koz Au Botnia Exploration

Norra Kärr

Fäboliden

Storuman Vindelgransele

Laver

Mertainen Leveäniemi

Viscaria

Nautanen Kallak

Source: Boliden.com

Porphyry Style Deposit

Grid: 500 m

Measured Resource: 1.1 Mt at 0.20% Cu, 0.11 g/t Au, 18 g/t Mo Indicated Resource: 512.4 Mt at 0.22% Cu, 0.13 g/t Au 36 g/t Mo Inferred Resource: 550.6 Mt at 0.21% Cu, 0,10 g/t Au, 33 g/t Mo

Laver

GTK 2016 11

High proportion of heavy REE

Source: Tasman Metals

500 m

Norra Kärr Probable mineral reserve: 23.6 Mt at 0.592 % REO

Mine Resource Company

Kittilä Mine 7.8 Moz Au Agnico-Eagle

Kevitsa 765 kt Ni, 1 Mt Cu First Quantum

Kemi 42 Mt Cr2O3 Outokumpu

Talvivaara 4.5 Mt Ni, 10 Mt Zn Terrafame

Pyhäsalmi 100 kt Cu, 280 kt Zn First Quantum

Siilinjärvi 61.5 Mt P2O5 Yara

Kylylahti 67 kt Cu, 170 koz Au Boliden

Finland Major mines

Siilinjärvi P

Kemi Cr

Pyhäsalmi Cu-Zn

Kittilä Au

Talvivaara Ni

Kylylahti Cu,Zn

Kevitsa Ni

Finland Exploration highlights

Project Resource Company

Kittila New lode 650 koz Au; Deposit open at 1.9 km depth

Agnico-Eagle

Sakatti Included in the 2016 core portfolio of the company

Anglo American

Suhanko 9.5 Moz Pd, 2.4 Moz Pt Gold Fields

Rompas–Palokas

6 m @ 617 g/t Au; 9.0 m @ 10.2 g/t Au

Mawson Resources

Sotkamo Ag 11 Moz Ag in reserves Sotkamo Silver

Kaustinen 114 kt Li2O Keliber

Hammas-lahti

5.6 m @ 3.2 % Cu; 3.5 m @ 11.5 % Cu

FinnAust Mining

Rompas Au

Kaustinen Li Sotkamo Ag

Kittila Au extensions

Hammaslahti Cu,Zn

Suhanko Pd

Sakatti Ni,Cu

Sakatti Included in the core portfolio of the company as one of the "long term growth projects" (AngloAmerican media release 16 Feb 2016)

• Discovery 2009

• 134 holes drilled

• >1500 long Cu-Ni-PGE deposit

• High grade

• Mafic-ultramafic host

Source: AngloAmerican

0.20 % Cu cut-off envelope

Rompas–Palokas

Source: Mawson Resources 500 m

25 m

• Discovery 2012

• 5 km long mineralised trend

• 77 short holes, total 2700 m

• 6 loger holes, total 1300 m

• Ongoing drilling: geochem, IP, condictivity targets

The Finnish Network for Sustainable Mining • Founded in 2014, as the forum for dialogue and

cooperation between the mining industry and its key stakeholders (NGOs, reindeer herders, landowners, labour unions and mining companies)

• Active and constructive cooperation

• Creates: tools, indicators, management and evaluation systems

• Toolbox for local actions for mining and mineral exploration companies

• Finnish TSM (Towards Sustainable Mining) sustainability standard for mining

• Standard for mineral explaration under preparation The Finnish mining industry and its key stakeholders gathered in May 2014 at the Tytyri mine in Lohja to discuss initial plans to establish the Finnish Network for Sustainable Mining.

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