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 Aitik Boliden photo mine; Copper Aitik 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 Cu,Au,Ni,PGE Cu,Au Cu, Au,REE,Grf

Au,Ni,REE

Cu,Zn,Au,Be Au,Cu,PGE Au, Co,PGE Cu,Zn,Au Cu,Zn,Au Ni,Au

Ti Au,Cu,Grf

Au,Li,Ni,Zn Au,Cu,Ni,Zn

REE,Nb,Cu,F,P Au Cu,Zn,Pb REE 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

GTK4 2016 NORWAY Major mines and exploration highlights

Nussir Cu

Skaland graphite

Mines & Resource Company Projects Ørtfjell Fe Tellnes 100 Mt TiO2 (ilmenite) Titania Ørtfjell 200 Mt Fe Rana Gruber Engebø Skaland 600 kt C (flake) Skaland Graphite TiO2 Nussir 700 kt Cu, Ag, Au Nussir ASA

Engebø 6 Mt TiO2 (rutile) Nordic Mining Plus numerous mines in carbonates, silica, olivine, and nepheline syenite

Tellnes TiO2 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 Gruvberget Resource Company Aitik Kiruna 455 Mt Fe LKAB Maurliden Kristineberg Björkdal Malmberget 240 Mt Fe LKAB Renström Aitik 5.7 Mt Cu, 11 Moz Au, 95 Moz Ag Boliden Kankberg Garpenberg 3.8 Mt Zn, 1.7 Mt Pb, 60 kt Cu, 1.2 Boliden Moz Au, 403 Moz Ag Zinkgruvan 2.2 Mt Zn, 0.9 Mt Pb, 0.2 Mt Cu, Lundin 72.5 Moz Ag Mining Garpenberg Kristineberg 0.9 Mt Zn, 31.5 Moz Ag, 0.1 Mt Cu, Boliden Lovisa 0.3 Moz Au, 75 kt Pb Zinkgruvan Renström 0.5 Mt Zn, 41 kt Cu, 100 kt Pb, 0.6 Boliden Moz Au, 31 Moz Ag 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, Boliden 0.26 Moz Au Sweden Viscaria Mertainen Exploration highlights Nautanen Leveäniemi Kallak Project Resource Company

Storuman Laver Laver 2.3 Mt Cu, 3.9 Moz Au, 106 Moz Ag Boliden Vindelgransele Norra Kärr 190 kt REO, Pre-Feasibility Study Tasman Metals Fäboliden Viscaria 609 kt Cu; Open at depth; Scoping Avalon Minerals Study; Exploitation Permits Fäboliden 743 koz Au; Exploitation Permit Dragon Mining Nautanen 227 kt Cu, 329 koz Au, Boliden 2.6 Moz Ag Storuman 2.8 Mt Fluorite; Exploitation Permit Tertiary Minerals

Norra Kärr Leveäniemi 145 Mt Fe; Exploitation Permit LKAB Mertainen 136 Mt Fe; Exploitation Permit LKAB Kallak 41 Mt Fe Beowulf Vindel- 145 koz Au Botnia gransele Exploration Laver Porphyry Style Deposit 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

Grid: 500 m Source: Boliden.com Norra Kärr Probable mineral reserve: 23.6 Mt at 0.592 % REO

High proportion of heavy REE

500 m 11 GTK 2016 Source: Tasman Metals Finland Major mines

Mine Resource Company Kittilä Mine 7.8 Moz Au Agnico-Eagle

Kittilä Au Kevitsa Ni Kevitsa 765 kt Ni, 1 Mt Cu First Quantum

Kemi 42 Mt Cr2O3 Outokumpu

Kemi Cr Talvivaara 4.5 Mt Ni, 10 Mt Zn Terrafame Pyhäsalmi 100 kt Cu, 280 kt Zn First Quantum Talvivaara Ni Pyhäsalmi Siilinjärvi 61.5 Mt P2O5 Yara Cu-Zn Kylylahti 67 kt Cu, 170 koz Au Boliden

Siilinjärvi P Kylylahti Cu,Zn Finland Exploration highlights Project Resource Company Kittila New lode 650 koz Au; Agnico-Eagle Deposit open at 1.9 km depth Kittila Au Sakatti Included in the 2016 core Anglo extensions Sakatti Ni,Cu portfolio of the company American Rompas Au Suhanko 9.5 Moz Pd, 2.4 Moz Pt Gold Fields Suhanko Pd Rompas– 6 m @ 617 g/t Au; Mawson Palokas 9.0 m @ 10.2 g/t Au Resources Kaustinen Li Sotkamo Sotkamo Ag 11 Moz Ag in reserves Sotkamo Silver Ag Kaustinen 114 kt Li2O Keliber Hammas- 5.6 m @ 3.2 % Cu; FinnAust Hammaslahti Cu,Zn lahti 3.5 m @ 11.5 % Cu Mining 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 0.20 % Cu cut- off envelope • Mafic-ultramafic host

Source: AngloAmerican Rompas–Palokas

• 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

25 m

Source: Mawson 500 m Resources 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 The Finnish mining industry and its key • Standard for mineral explaration under preparation stakeholders gathered in May 2014 at the Tytyri mine in Lohja to discuss initial plans to establish the Finnish Network for Sustainable Mining. Nordic Geological Surveys Promote Mining

• The Nordic Geological Surveys are here at the PDAC to help you! Booth 542 • We have information on: • exploration opportunities and mining • geology and geoscientific data • mining and environmental legislation • operational conditions Booth 405 • services and contacts

Welcome to meet us at our Booths! Booth 409