Fennoscandian mineral opportunity update

-Precious Metals-Juhani Ojala, GTK

Henrik Schiellerup, NGU

Johan Söderhielm, SGU

16.3.2018

Operating Gold Mine 2017

Gold PGE Silver in Fennoscandia: Arctic Ocean

Fennoscandian Mineral Deposits application,

Ore deposits database and Metallogenic map

Kittilä 7.8 Moz Au

Björkdal 0.7 Moz Au

Kankberg 0.6 Moz Au

Kutema 0.6 Moz Au

Jokisivu 0.4 Moz Au

Pampalo 0.3 Moz Au

PGE producing Mine 2017

Kevitsa 2.9 Moz PGE0.9 Moz Au

Ag Mine development 2017

Known resource base

16.3.2018

Significant deposits and occurrences: Arctic Ocean

Bidjovagge (Au-Cu) 0.12 Moz Au

Kolsvik ~0.1 Moz Au

St Jonsfjorden ?oz Up 55 g/t outcrop

Laiva 0.6 Moz Au

Kaapelinkulma 21 koz Au

Pahtavaara 0.16 Moz Au

Fäboliden 1 Moz Au

Taivaljärvi (Ag-Pb-Zn) 12 Moz Ag

Suhanko 12,2 Moz PGE

Reinfjord, PGE ?oz, 1m@1,3 g/t PGE reef

Gallujavri, PGE ?oz up to 3,6 g/t outcrop

Ag

Au

PGE

GOLD IN NORWAY

Main known deposits are

• Bidjovagge 1.36Mt @2.74 g/t Au, 1.21 % Cu

• Kolsvik 0.85 Mt @ 3-10 g/t Au

•

•Number of showings, Karasjok and Kautokeino Greenstonebelts continuations of Central Lapland Greenstone Belt in Finland which host Kittilä Mine, Suurikuusikko > 9 Moz deposit

REINFJORD Cu-Ni-PGE

• Exploration licenses held by Nordic Mining

• Located at volcanic conduit (Norilsk analogy)

• 4 drill holes, 3 intersected Cu-Ni-PGE reefs

• A Cu-zone 20-40 metres thick with peak values at 0.12 wt% Cu over 7 meters at RF-1.

• PGE-reef in the middle of Cu-zone with 1.3 g/t over 1 m (RF-1) and 0.3 g/t over 5 m (RF-4)

St Jonsfjorden

Lövliefjella up to Au 7 g/t

Holmeslet up to Au 55 g/t

Boulders Au upto 25 g/t

Au up to 2 g/tAu up to 2 g/t

Boulders Au upto 6 g/t

Au up to 0.2 g/t

Au up to 0.1 g/t

Fäboliden Gold ResourceOrogenic gold

Reserve and Resources (JORC)

Probable Reserve1.16 Mt @ 3.1 g/t

Indicated Resource4.768 Mt @ 2.8 g/t

Inferred Resource5.864 Mt @ 3.1 g/t

Total 1,12 MozDragon Mining Ltd 2016

http://www.dragonmining.com/faboliden

Fäbodtjärn Gold Resource

Resources (FRB)

Indicated Resource 111 Kt @ 8.5 g/t

Inferred Resource85 Kt @ 5.9 g/t

Botnia Exploration AB 2015

http://www.botniaexploration.com/projekt/stenberget-nr-3/

• Mining concession granted• Testmining completed 2017

2118 t @ 7.4 g/t

Barsele Gold Orogenic gold + VMS

Resource Estimates (NI 43-101)

Central-Avan-SkiråsenIndicated 547,000 oz AuInferred 627,000 oz Au

Norra VMS ZoneIndicated 11,000 oz Au 107,000 oz AgInferred 16,000 oz Au 126,000 oz Ag 1,777,000 lbs Cu2,871,000 lbs Zn

Agnico Eagle Mines Ltd (55%) andBarsele Minerals Corp (45%) 2015

Since 2015 > 100,000 meters drilled

http://barseleminerals.com/s/Presentations.asp

• Emerging projects Au

Exploration projects

10

Project Resource/Intercepts/Assays Investigatedby

Rompas–Palokas

• A new style of gold-bearing system at SouthRajapalot, 900 m long that remains open

• 31.7 m @ 8.4 g/t Au (1/3/2018)

Mawson Resources

Risti • 36 rock samples which assayed greater than 31 g/t Au (1 ounce/t)

• 2018 first drill results: incl. 3 m @ 3.9 g/t, 1m@ 10.1 g/t

AurionResources Ltd.

Rompas Au

Risti Au

Photo: www.aurionresources.com

Exploration potential

• GTK has undertaken statistical estimation of undiscovered, and potentially recoverable metal resources in Finland since 2008

• Au, PGM, Ni, Cu, Zn, Cr for 10 different deposit types

• V, Fe, P, REE, Li, Co under assessement

• USGS three-part quantitative assessment method: 1. evaluation and selection of descriptive and grade-tonnage

models of the deposit types2. delineation of permissive tracts 3. estimation of the number of undiscovered deposits within

each tract• the estimated number of deposits is combined with the

grade and tonnage distributions from the deposit models to assess the total undiscovered metal endowment

The results of the assessment should not be confused with formal industrial standard resource or reserve estimates

Undiscovered resources

• No direct correlation between the size of the belt and totalgold endowment

• There appears to be a log normal size distribution of theorogenic gold districts with prolonged exploration history

• Central Lapland Greenstone Belt (CLGB) data is very skewedcompared to the other belts due to Suurikuusikko Kittilä mine

Comparison

Thank you!