GT.V · 2022-04-25 12:00:00

Palladium One Announces Mineral Resource Estimate for the LK PGE-Cu-Ni Project 1.1 Million Ounces Total Precious Metals, 111 Million Pounds Copper, 92 Million Pounds Nickel and 5 Million Pounds Cobalt in Indicated AND 1.1 million Ounces Total Precious Metals,

Resource Estimates

Palladium One Announces Mineral Resource

Estimate for the LK PGE-Cu-Ni Project

1.1 Million Ounces Total Precious Metals, 111 Million Pounds

Copper, 92 Million Pounds Nickel and 5 Million Pounds Cobalt

in Indicated AND 1.1 million Ounces Total Precious Metals,

173 Million Pounds Copper, 152 Million Pounds Nickel and 8

Million Pounds Cobalt in Inferred

Toronto, Ontario--(Newsfile Corp. - April 25, 2022) -

Palladium One Mining Inc.

(

TSXV: PDM)

(OTCQB: NKORF) (FSE: 7N11

) (the "

Company

" or "

Palladium One

") is pleased to announce an

updated Indicated and Inferred Mineral Resource Estimate ("MRE") prepared the Company under the

supervision of SLR Consulting (Canada) Ltd. (formerly Roscoe, Postle Associates Inc.) disclosed in

accordance with National Instrument 43-101 ("NI43-101") for the 100%-owned Läntinen Koillismaa

("LK") Project in north-central Finland (Figure 1).

"We are pleased to report important milestones that measurably de-risk our LK PGE-Cu-Ni Project in

Finland.

Namely, a) a maiden Mineral Resource Estimate at Kaukua South and Murtolampi which

increases the Kaukua Area's indicated resources tonnes by approximately 250%; b) advanced

metallurgical testing conducted by SGS (Lakefield) which demonstrates consistently repeatable

metallurgical recoveries; and c) the ability to produce both a high-value copper and nickel concentrate

using a conventional flotation recovery process.

"These milestones substantially improve the economic potential by confirming scale and by delivering

clarity of recovery rates for various rock types.

"With a grade of 30% copper in the copper concentrate and a value of approximately US$4,200 per

tonne for the nickel concentrate, both are highly marketable, which bodes well for future concentrate

marketing negotiations.

"While continued exploration in 2022 to increase the size of LK is ongoing, we have accelerated

baseline environmental studies and plan to advance a Preliminary Economic Assessment ("PEA").

"The bulk of 2022's exploration efforts are expected to be in Canada and directed to the award winning

Tyko Ni-Cu Project.

Once drill permits are received, we plan to drill test several multi-line VTEM

anomalies where highly anomalous soil sample values of copper nickel and cobalt were discovered in

2021. To date, additional drill permits have not been received," commented Derrick Weyrauch,

President and CEO.

Highlights

In addition to the Mineral Resource Estimate ("MRE") which used US$1,700/oz palladium (Table 1a,

2b), a sensitivity analysis was completed with seven optimized open-pit constrained resource estimates,

with palladium prices ranging from US$900/oz to US$2,500/oz (Table 2a, 2b).

Mineral Resource Estimate

1.1 million ounces

Total Precious Metals

(Pd+Pt+Au) ("TMP") (0.89 g/t),

111 Million Pounds

Copper

(0.13%)

, 92 Million Pounds Nickel (

0.11%)

and 5 million Pounds Cobalt

(

65 g/t)

are

classified as

Indicated,

contained in

38.2 million tonnes

(see Table 1b).

1.1 million ounces

TMP (

0.68 g/t),

173 Million Pounds Copper (

0.16%),

152 Million Pounds

Nickel (

0.14%)

and 8 million Pounds Cobalt (

74 g/t)

are classified as

Inferred,

contained in

49.7 million tonnes

(see Table 1b).

248% increase in Indicated tonnes

and a

14% increase in Inferred tonnes

44% of the MRE is in the Indicated category.

A waste to ore ratio

("Strip Ratio")

1.48:1 in the Kaukua Area (including Murtolampi) and

a 0.58:1 Strip Ratio at Haukiaho.

The MRE assumes a Net Smelter Return ("NSR") cut-off of US$12.50 per tonne, based on a

20,000 tonne per day milling rate.

Includes three open-pits in the Kaukua Area (including Murtolampi) and one at Haukiaho, 10-

kilometers to the south of Kaukua.

Recovered, and payable metal assumptions are based on the 2022 Phase II Metallurgical Testing

Program, and preliminary indicative copper and nickel smelter quotes.

Future Resource Expansion

LK remains open for additional resource expansion both along strike and at depth.

The MRE covers approximately 5 kilometers of the 38-kilometer marginal series contact

zone, for which reconnaissance historical drilling indicated mineralization along nearly it's

entire length.

The Company's near-term targeting includes two additional open-pit targets in the Kaukua

Area and possibly multiple open-pit targets along the 17-kilometer Haukiaho Trend.

Three areas of Target Potential have been defined for near term resource expansion

representing an additional 2.4-kilometer of strike length along the favourable marginal series

and could add between 21.6 million and 36.0 million tonnes of resource. Refer to Table 3,

Figures 4 & 5.

2022 Phase II Metallurgical Testing Program

The Phase II Metallurgical Testing Program demonstrates the ability to produce

BOTH a high-

value copper AND a high-value nickel concentrate

("Con") utilizing conventional 3-stage

flotation.

The Cons were readily and

consistently reproduced.

Locked Cycle Test results:

Locked Cycle Bulk Concentrate recoveries: 73.5% Pd, 56.1% Pt, 73.0% Au, 88.6% Cu,

30.3% Ni, and 18.6% Co (Table 5).

Copper Concentrate:

Grades of 30.0% Cu,

1.43% Ni, 0.1% Co,

38.3 g/t Pd, 13.1 g/t Pt,

11.2 g/t Au

representing a

value of US$6,300 per tonne of concentrate

(Table 6).

Nickel Concentrate:

Grades

of 4.8% Ni, 3.9% Cu, 0.2% Co,

40.8 g/t Pd, 11.0 g/t Pt, 2.9

g/t Au

representing a

value of US$4,200 per tonne of concentrate.

Rhodium values up to 1.7 g/t and 1.0 g/t were reported in both the Nickel and

Copper Concentrates respectively,

while the MRE does not include rhodium values.

Fortunately, both Cons are high in iron and sulfur and low in MgO, thereby improving

marketability.

A low mass pull of 1.2% was achieved, thereby suggestive of low transportation charges.

Other

In aggregate, there is 38 million tonnes of Indicated and 50 million tonnes of inferred in resources,

thereby providing the opportunity for a large tonnage long-life mine to be developed.

The LK project has excellent infrastructure with paved roads, power, skilled labour and is less than

180 kilometers from the port of Oulu, thereby providing the opportunity for reduced initial capital

cost estimates.

Mineral Resource Estimate:

Table 1a.

2022 LK MRE

MINERAL RESOURCE ESTIMATE - April 2022

Tonnes & Grade -

US$1,700 Pd per oz

Strip

Ratio

Tonnes

(Mt)

(g/t)

TPM

(g/t)

(%)

(g/t)

Indicated

Kaukua Area

1.50

38.2

0.61

0.22

0.07

0.89

0.13

0.11

64.56

Inferred

Kaukua Area

+Murtolampi

1.45

30.8

0.52

0.20

0.08

0.80

0.14

86.07

Haukiaho

0.58

18.9

0.27

0.11

0.10

0.48

0.18

0.14

54.30

Total Inf.

1.26

49.7

0.43

0.17

0.09

0.68

0.16

0.14

73.98

Table 1b:

2022 LK MRE In-situ contained metal

MINERAL RESOURCE ESTIMATE - April 2022

Contained Metal - US$1,700 Pd per oz

Strip

Ratio

(M oz)

TPM

(M oz)

(M lbs)

Indicated

Kaukua Area

1.50

0.74

0.26

0.08

1.09

110.7

91.6

5.4

Inferred

Kaukua Area

+Murtolampi

1.45

0.52

0.20

0.07

0.79

96.5

93.9

5.8

Haukiaho

0.58

0.16

0.07

0.06

0.29

76.4

57.5

2.3

Total Inf.

1.26

0.68

0.26

0.14

1.08

172.9

151.5

8.1

Notes:

CIM (2014) definitions were followed for Mineral Resources.

The Mineral Resources have been reported above a preliminary open pit constraining surface using a Net Smelter Return (NSR) pit discard

cut-off of US$12.5/t (which for comparison purposes equates to an approximately 0.65 g/t Palladium Equivalent in-situ cut-off, based on

metal prices only).

The NSR used for reporting is based on the following:

Long term metal prices of US$ 1,700/oz Pd, US$ 1,100/oz Pt, US$ 1,800/oz Au, US$ 4.25/lb Cu, US$ 8.50/lb Ni and US$ 25/lb Co.

Variable metallurgical recoveries for each metal were used at Kaukua and Murtolampi and fixed recoveries of 79.8% Pd, 80.1% Pt,

65% Au, 89% Cu, 64% Ni and 0% Co at Haukiaho.

Commercial terms for a Cu and Ni concentrate based on indicative quotations from smelters.

Total Precious Metals (TPM) equals palladium plus platinum plus gold

Bulk densities range between 1.8 and 3.23 t/m

Numbers may not add up due to rounding.

Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. The estimate of mineral resources may be

materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.

The quantity and grade of reported inferred resources in this estimation are conceptual in nature and there has been insufficient exploration

to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in

upgrading them to an indicated or measured mineral resource category.

Palladium Equivalent (PdEq)

Palladium equivalent ("PdEq") is calculated using US$1,700 per ounce for palladium, US$1,100 per

ounce for platinum, US$1,800 per ounce for gold, US$4.25 per pound for copper, US$8.50 per pound

for nickel, and $25 per pound cobalt consistent with the calculation used in the Company's current

Mineral Resource Estimate for the LK project. PdEq was used for wireframe construction and

metallurgical test work only, and does not include metallurgical recoveries or smelter terms, and was not

used for generation of the conceptual pit shells or Mineral Resource reporting. The Mineral Resource

tabulation is based on a unit NSR value which includes metal prices, metallurgical recoveries and

contract terms for Ni and Cu concentrates.

Mineral Resource Estimation Methodology

The Kaukua/Murtolampti drillhole

database comprises 21004 drillholes for a total of 44,139441.45 m

drilling. The Haukiaho drillhole database comprises a further 84 drillholes for a total of 13,392.3 m drilling

. An updated 3D geological model has been constructed using Leapfrog software version (Figure 4).

Kaukua

For Kaukua, Key lithological units modelled include the basement gabbro and granodiorite as well as the

intrusive or Marginal Series pyroxenite, peridotite and gabbronorite units. Major controlling structures

have been used to split the deposit into three zones with subsidiary faults, major stratigraphic units,

diabase dykes and the overburden modelled within these four zones.

Faults outline the Pit, Gap and

South Zones (sub-domains of the Kaukua deposit). A topographic surface has been generated using

Lidar data.

Grade shells have been modelled at 0.3 g/t and 0.6 g/t PdEq thresholds using the vein system modelling

in Leapfrog Geo within the geological constraints as determined.

Capping was completed on assays prior to compositing. A composite length of 6 m has been used, with

the composites within each mineralized domain assessed for the need to apply grade caps. Continuity

analysis (variography) has been completed on the composited samples within the various mineralization

domains with the resultant variograms checked against the mineralization domain to ensure geological

consistency.

A block model has been constructed in Hexagon Minesight software using a 6 m (X) by 6 m (Y) by 6 m

(Z) block size. No sub-celling or rotation of the block model has been undertaken.

The block model has been coded by lithology and mineralization domain for each element.

The later,

cross-cutting diabase dykes and overburden have been coded into the block model with the grades for

Pd, Pt, Cu, Ni, Co and Au set to background values in the block model.

The estimation of grade has been undertaken in two interpolation passes using ordinary kriging, with the

0.6 g/t PdEq mineralization wireframes used as firm-boundaries during the estimation. Dynamic

anisotropy was used to accommodate local changes in dip and strike of the mineralization. Each

subsequent interpolation pass has used an increased search ellipse size and a decrease in the

minimum number of samples required:

Pass 1 estimations have been undertaken using a minimum of three and a maximum of 8

composites into a 120 m x 120 m x 60 m search ellipse, with a maximum of 2 composites per

drillhole,

Pass 2 estimations have been undertaken using a minimum of one and a maximum of 8

composites into a 200 m x 200 m x 60 m search ellipse, with a maximum of one composite per

drillhole,

Final grade estimates for Pd, Pt, Ni, Cu, Co and Au have been validated by statistical analysis and

visual comparison to the input drillhole composite data. The estimated Pd, Pt, Cu, Ni, Co and Au grades

validate within acceptable limits to the input declustered composite grades. Therefore, the block model

accurately reproduces the input grades at a global scale. Swath plots show that there are negligible local

biases. Change of support validation shows that the kriged model grades contain a suitable amount of

internal dilution for the anticipated mining selectivity.

Blocks were classified as Indicated and Inferred in accordance with CIM Definition Standards 2014.

Blocks were classified to the Inferred category if the block fell within 80 m of a composite. Indicated

category blocks were classified using a drill-spacing of 50 x 50 m in the Pit area and 100 x 50 m in the

South area.

Murtolampi

A grade shell has been modelled at a 0.3 g/t PdEq

threshold using the vein system modelling in

Leapfrog Geo within the geological constraints as determined.

Capping was completed on assays prior to compositing. A composite length of 6 m has been used, with

the composites within each mineralized domain assessed for the need to apply grade caps. The

variogram modelled for Kaukua was used at Murtolampti as there are an insufficient number of

composites to model a robust variogram.

A block model has been constructed in Hexagon Mineplan

software using a 6 m (X) by 6 m (Y) by 6 m

(Z) block size. No sub-celling or rotation of the block model has been undertaken.

The block model has been coded by lithology and mineralization domain for each estimation of grade

has been undertaken in two interpolation passes

The estimation of grade has been undertaken in two interpolation passes using ordinary kriging.

Anisotropy directions were selected based on the geometry of the mineralization. Each subsequent

interpolation pass has used an increased search ellipse size and a decrease in the minimum number of

samples required:

Pass 1 estimations have been undertaken using a minimum of three and a maximum of 8

composites into a 120 m x 120 m x 60 m search ellipse, with a maximum of 2 composites per

drillhole,

Pass 2 estimations have been undertaken using a minimum of one and a maximum of 8

composites into a 200 m x 200 m x 60 m search ellipse, with a maximum of one composite per

drillhole,

Final grade estimates for Pd, Pt, Ni, Cu, Co and Au have been validated by statistical analysis and

visual comparison to the input drillhole composite data. The estimated Pd, Pt, Cu, Ni, Co and Au grades

validate within acceptable limits to the input declustered composite grades. Therefore, the block model

accurately reproduces the input grades at a global scale. Swath plots show that there are negligible local

biases.

Haukiaho

Key lithological units modelled include the basement, gabbro/peridotite/pyroxenite and diabase. A fault

divides the mineralization into eastern and western blocks. A topographic surface has been generated

using Lidar data.

A grade shell has been modelled at a 0.25 g/t PdEq thresholds using the vein system modelling in

Leapfrog Geo within the geological constraints as determined.

Capping was completed on assays prior to compositing. Several historic drillholes are missing Au, Pt

and Pd assays. Linear regression (RMA) with high correlation coefficients against Cu and Ni assays has

been used to assign Au, Pt and Pd grades to these drillholes. A composite length of 5 m has been used,

with the composites within each mineralized domain assessed for the need to apply grade caps.

A block model has been constructed in Hexagon Mineplan

software using a 10 m (X) by 10 m (Y) by 10

m (Z) block size. No sub-celling or rotation of the block model has been undertaken.

The block model has been coded by lithology and mineralization domain for each element.

The later,

cross-cutting diabase dykes and overburden have been coded into the block model with the grades for

Pd, Pt, Cu, Ni, Co and Au set to background values in the block model.

The estimation of grade has been undertaken using inverse-distance weighting to the power of three in

two interpolation passes, with the 0.25 g/t Pd-equivalent mineralization wireframes used as a hard-

boundary during the estimation. Dynamic anisotropy was used to accommodate local changes in dip

and strike of the mineralization. Each subsequent interpolation pass has used an increased search

ellipse size and a decrease in the minimum number of samples required:

Pass 1 estimations have been undertaken using a minimum of three and a maximum of 8

composites into a 200 m x 200 m x 50 m search ellipse, with a maximum of 2 composites per

drillhole,

Pass 2 estimations have been undertaken using a minimum of two and a maximum of 8

composites into a 300 m x 300 m x 50 m search ellipse, with a maximum of two composites per

drillhole,

Final grade estimates for Pd, Pt, Ni, Cu, Co and Au have been validated by statistical analysis and

visual comparison to the input drillhole composite data. The estimated Pd, Pt, Cu, Ni, Co and Au grades

validate within acceptable limits to the input declustered composite grades. Therefore, the block model

accurately reproduces the input grades at a global scale. Swath plots show that there are negligible local

biases. Change of support validation shows that the kriged model grades contain a suitable amount of

internal dilution for the anticipated mining selectivity.

Blocks were classified as Inferred in accordance with CIM Definition Standards 2014. Blocks were

classified to the Inferred category if the block fell within 120 m of a composite.

Table 2a:

2022 LK MRE Sensitivity to Palladium Price - Grade

SENSITIVITY TO CUTOFF GRADE - Mineral Resource Estimate - March 2022

Pd Price

(US$/oz)

Strip

Ratio

Tonnes (Mt)

(g/t)

TPM

(g/t)

(%)

(g/t)

Total

Indicated

900

1.69

26.8

0.67

0.24

0.08

0.98

0.14

0.12

67.9

$1,400

1.54

35.2

0.62

0.22

0.07

0.91

0.13

0.11

65.2

$1,600

1.51

37.3

0.61

0.22

0.07

0.90

0.13

0.11

64.8

$1,700

1.50

38.2

0.61

0.22

0.07

0.89

0.13

0.11

64.6

$1,800

1.48

39.1

0.60

0.21

0.07

0.88

0.13

0.11

64.4

$2,000

1.54

46.5

0.58

0.21

0.06

0.85

0.12

0.11

65.6

$2,500

1.44

55.3

0.55

0.19

0.06

0.80

0.12

0.11

66.4

Total

Inferred

900

1.39

31.2

0.47

0.18

0.10

0.75

0.18

0.15

75.2

$1,400

1.29

43.8

0.44

0.17

0.09

0.70

0.16

0.14

74.4

$1,600

1.27

47.7

0.43

0.17

0.09

0.69

0.16

0.14

74.0

$1,700

1.26

49.7

0.43

0.17

0.09

0.68

0.16

0.14

74.0

$1,800

1.24

51.2

0.42

0.16

0.09

0.67

0.16

0.14

73.5

$2,000

1.30

56.6

0.42

0.16

0.08

0.67

0.15

0.14

73.7

$2,500

1.23

68.1

0.40

0.15

0.08

0.64

0.15

0.13

73.2

Notes:

Total Precious Metals (TPM) equals palladium plus platinum plus gold

Only the Palladium Price is varied, all other commodity prices remained fixed at the 2022 MRE price deck.

Each Palladium price point is tabulated using a conceptual pit specific to that price point.

Table 2b:

2020 LK MRE Sensitivity to Palladium Price - contained metals

RESOURCE SENSITIVITY TO PALLADIUM PRICE (US$ / OZ)

IN-SITU CONTAINED METAL- Mineral Resource Estimate - March 2022

Pd Price

(US$/oz)

Strip

Ratio

(M oz)

TPM

(M oz)

(M lbs)

Total

Indicated

900

1.69

0.58

0.21

0.07

0.85

83.3

67.9

4.0

$1,400

1.54

0.70

0.25

0.08

1.03

104.4

85.6

5.1

$1,600

1.51

0.73

0.26

0.08

1.07

108.8

89.9

5.3

$1,700

1.50

0.74

0.26

0.08

1.09

110.7

91.6

5.4

$1,800

1.48

0.75

0.27

0.08

1.11

112.5

93.4

5.5

$2,000

1.54

0.87

0.31

0.09

1.27

127.0

112.1

6.7

$2,500

1.44

0.97

0.34

0.11

1.42

143.8

133.6

8.1

Total

Inferred

900

1.39

0.47

0.19

0.10

0.75

120.6

102.8

5.2

$1,400

1.29

0.62

0.24

0.13

0.99

158.9

137.4

7.2

$1,600

1.27

0.66

0.26

0.13

1.06

169.7

147.4

7.8

$1,700

1.26

0.68

0.26

0.14

1.08

172.9

151.5

8.1

$1,800

1.24

0.70

0.27

0.14

1.11

179.1

156.2

8.3

$2,000

1.30

0.77

0.30

0.15

1.21

192.6

170.9

9.2

$2,500

1.23

0.88

0.34

0.17

1.39

220.8

200.6

11.0

Notes:

Total Precious Metals (TPM) equals palladium plus platinum plus gold

Only the Palladium Price is varied, all other commodity prices remained fixed at the 2022 MRE price deck.

Each Palladium price point is tabulated using a conceptual pit specific to that price point.

Table 3:

2022 LK Target Potential

LK Target Potential - April 2022

Target Potential

Tonnes

Low

(Mt)

Tonnes

High

(Mt)

TPM

Low

TPM

High

Cu Low

Cu High

Ni Low

Ni High

(g/t)

(%)

Kaukua Far East

8.1

13.5

0.6

0.9

0.09

0.13

0.08

0.12

Haukiaho East

13.5

22.5

0.4

0.6

0.12

0.19

0.09

0.15

Total

21.6

36.0

0.5

0.07

0.11

0.17

0.09

0.14

Table 4:

Commodity Price Assumptions used in the MRE

COMMODITY PRICES - Mineral Resource Estimate - April 2022

Unit of

Measure

3-Year

Trailing

Average

(1)

2-Year

Trailing

Average

(1)

Spot

Price

(2)

Prices Used in

Mineral Resource

Estimation

Percentage of

Spot Price

Palladium

US$/oz

2,132

2,305

2,358

1,700

72%

Platinum

US$/oz

964

1,007

1,011

$ 1,100

109%

Gold

US$/oz

1,713

1,829

1,947

1,800

92%

Copper

US$/lbs

3.42

3.82

4.67

4.25

91%

Nickel

US$/lbs

7.73

8.43

15.04

8.50

57%

Cobalt

US$/lbs

19.39

21.71

37.11

67%

(1) Source:

As of April 19, 2022.

As quoted on the LBMA & LME for precious & base metals, respectively.

(2) Source: S&P Capital IQ. 2026 estimates used as a proxy.

Metallurgical testing (2022 Phase II program) results:

Variability testing for five main lithologies and a Master Composite of similar grade to the Kaukua

resource area was conducted.

Results:

Concentration by conventional floatation produces a saleable bulk concentrate with no

deleterious elements, irrespective of lithology.

A clean, high value saleable Copper Concentrate can be produced.

A clean, high value saleable Nickel-PGE Concentrate can be produced.

A detailed floatation metallurgical program was conducted by the Company on the Kaukua & Kaukua

South deposits. Both deposits posses very similar geology and mineralization, and bulk sample of

approximately 1 metric tonne from 22 holes comprising both Upper and Lower Zone mineralization was

shipped to SGS Lakefield in Canada in summer of 2021. This sample was blended to produce a

representative composite sample of the Lower Zone mineralization with grade of 1.66 g/t PdEq (0.63 g/t

Pd, 0.22 g/t Pt, 0.10 g/t Au, 0.13% Cu, 0.14% Ni, 88 g/t Co) (Table 5). In additional, ten individual

samples (five high and five low grade) consisting of the four dominant rock types that comprise the

Lower zone plus a fifth for the Upper zone were analysed for variability testing.

Results from the current metallurgical program have highlighted very consistently reproducible recovery

rates form the Kaukua/Kaukua South mineralization. Copper and PGE recovery being only slightly

affected by changes in grade, only nickel recovery is significantly affected by grade, as the percentage of

silicate nickel increases as grade decreases.

Historical test work in 2011 on the Kaukua deposit was also performed by SGS Lakefield. This earlier

composite sample had a similar bulk composition to the current metallurgical sample but was higher

grade 2.38 g/t PdEq (0.94 g/t Pd, 0.31 g/t Pt, 0.08 g/t Au, 0.22% Cu, and 0.20% Ni). Results from this

earlier test were consistent with result from the current test and further confirm the consistency of the

floatation recovery.

In addition to a Bulk Con, a split copper and nickel con were produced. Both of which are highly saleable

(Table 6). The Copper Con is particularly high-grade with 30% Cu and high PGEs. The Copper Con

represents 30% by weight of the Bulk Con with the Nickel Con comprising 70%. In addition, the Bulk Con

had a low 1.2% mass pull, and low deleterious elements including <6% MgO in the nickel concentrate.

The LK project is located 160 north east of the Port City of Oulu, thereby significantly decreasing

potential shipping costs. In addition, Finland has domestic copper and nickel smelting capacity further

potentially reducing shipping costs.

Table 5:

Locked Cycle Test Results for Lower Zone Composite Sample.

LOCKED CYCLE METALLURGICAL TEST RESULTS

- April 2022

Products

Mass

Pull

Assay

% Distribution/Recovery

g/t

Cu Cleaner Con

0.35

38.3

13.1

11.2

30.0

1.43

0.1

21.0

18.8

45.2

67.9

3.4

2.0

Ni 3

Cleaner Con

0.82

40.8

11.0

2.9

3.9

4.85

0.2

52.5

37.3

27.8

20.7

27.0

16.6

Calc. Bulk Con

1.17

40.1

11.6

5.4

11.7

3.83

0.2

73.5

56.1

73.0

88.6

30.3

18.6

Rougher Con (1)

13.1

3.85

1.11

0.57

1.08

0.46

81.6

64.7

79.8

94.0

39.8

Sample Head (Calc.)

100

0.63

0.24

0.09

0.15

0.01

100

(1)

The Rougher Con is from an Open Circuit test for comparison purposes, as Rougher Con results are not available from the Locked Cycle test as it

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