Finncobalt Oy

FinnCobalt Oy owns the ground and all mining rights of the Hautalampi Cobalt-Nickel-Copper project. The Hautalampi is located at Outokumpu town in Eastern Finland and has been previously known as the Cobalt-Nickel parallel of the historic Outokumpu (Keretti) Copper mine. The production schedule of Hautalampi is based on a 12-year underground mining plan. The underground mining rate will be about tonnes per annum. The ore will be processed in the concentrator plant to be built on-site. Total LOM metal production will be 11,400 tonnes of nickel and 2,900 tonnes of cobalt in the nickel-cobalt concentrate and 9,600 tonnes of copper in the copper concentrate. Based on the extensive metallurgical test work, the concentrates are very good quality, without any harmful elements. The production schedule is based on the proven and probable ore reserves of 4.6Mt with the grades of Ni 0.28%, Cu 0.22%, and Co 0.08%. An additional resource of 4.7 Mt mineralization is a significant asset for the future development and extension of the Hautalampi life of the mine- Flotation tests - Completed in 2018 - Drilling campaign 3768m - Completed 2020 - Drilling campaign 4613m - Completed in 2021 - New mineral resource update - Completed in 2022 - Pre-feasibility study - Completed in 2023 - New mine design - Updated in 2023 - Environmental impact assessment - Approved in 2023 - Environmental permit application - Submitted April 2024 - Application Strategic project status (CRMA) EU - Submitted August 2024 - Feasibility study - Ongoing