This press release is a translation of the Swedish original. If there is any inconsistency between the Swedish and English versions, the Swedish version shall prevail.
Arctic Minerals AB (publ) ("Arctic Minerals" or the "Company") is pleased to advise that an Underground Mining Conceptual Study (the "Study") has confirmed the technical viability for a large-scale underground mining operation at the Hennes Bay Project ("Hennes Bay" or the "Project").
The 100% owned Project is located in the province of Dalsland in Sweden. The Company engaged independent global mining experts, Deswik Mining Consultants, to undertake the Study as part of the ongoing Preliminary Economic Study ("PEA"). The full report is available on Arctic Minerals' website www.arcticminerals.se.
Highlights:
- Study has confirmed the technical viability for a large-scale underground mining operation at Hennes Bay
- Study was conducted on the maiden 'starter' Mineral Resource Estimate ("MRE") which was based solely on the Dingelvik deposit and totalled 55.39Mt at 1.0% Copper Equivalent
- Primary stoping method proposed in the Study is Room and Pillar, allowing the incorporation of equipment and technologies aimed at setting a new benchmark for the "Underground Mine of the Future":
- a modern mechanised mining fleet allowing high-speed and high-volume mining through an abundance of available working fronts
- tight control on dilution by mining to the natural limits of the sediment-hosted stratiform copper mineralisation
- very high standards in safety, energy and cost efficiency
- Detailed mine design has sub-divided the MRE into four separate mining areas, each with its own twin-decline access and ventilation system:
- the shallow dip of the mineralisation has allowed each twin-decline to be designed in 'ore', maximising utilisation of stoping equipment and allowing a significantly faster pay-back on capital
- provides greater operational flexibility and reliability
- For the purpose of the Study, each haulage decline has been benchmarked as being limited to a haulage rate of 0.75-1.0 million tonnes per annum ("Mtpa") which, in combination with potential mine plan stope widths and stoping methods, would provide for a maximum haulage rate of between 3.0 and 4.0 Mtpa
- Each haulage decline has the potential to be expanded to allow for the use of bigger equipment and/or conveyor systems should larger volumes of ore movement be required
- Planned work to progress the PEA includes:
- Preliminary metallurgical test work to confirm historical recoveries and ore characteristics
- Process flowsheet design studies
- Geotechnical and hydrogeological studies
- Preliminary infrastructure studies
- Tailings storage facility design and location studies
- Infill drilling to convert the Inferred MRE at Dingelvik into the Indicated category
Arctic Minerals' focus is to build on the very solid foundation provided by the 'starter' MRE and underground conceptual mining study at Hennes Bay and systematically demonstrate the full potential and value of Project through targeted work programs and drilling.
Director Peter George commented:
The Study results from the independent mining experts at Deswik Mining Consultants clearly demonstrate the potential for a large-scale underground mining operation at Hennes Bay. The conceptual mining study is a critical component of the ongoing PEA work program.
The Study has confirmed the technical viability of mining the Dingelvik deposit and presented the Company with the fantastic opportunity to develop the "Underground Mine of the Future" utilising a combination of proven technologies and modern energy efficient equipment.
Combine this with the massive resource growth and exploration upside potential at Hennes Bay and I strongly believe that the Project has the potential to be a multi-decade mining operation that will benefit the local communities of Dalsland and Sweden long into the future.
Certified Advisor
UB Corporate Finance Oy, of Helsinki, Finland, (www.unitedbankers.fi) is the Company's Certified Advisor on Nasdaq First North Growth Market, Stockholm.
Other
The Company's shares are listed on Nasdaq First North Growth Market, Stockholm under the trade designation "ARCT".
For further information
see the Company's website at www.arcticminerals.se or contact:
Risto Pietilä, CEO
(+35) 840 029 3217
risto.pietila@arcticminerals.se
Peter George, Director
peter.george@arcticminerals.se
About Arctic Minerals
Arctic Minerals is a mineral exploration and development company exploring for copper, gold and critical minerals in the Nordics (Sweden, Norway and Finland). Stay up to date with the latest developments for Arctic Minerals via the Company's social media at X, Facebook, LinkedIn, Instagram and YouTube.
This information is information that Arctic Minerals AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (EU) 596/2014. The information was submitted for publication, through the agency of the contact person set out above, at 08.15 a.m. CEST on 1 September 2025.
