Arctic Minerals (ARCT) Status update summary

Corporate developments and capital raising

• Successfully recapitalized with SEK 40 million raised, exceeding initial target due to strong investor interest despite market volatility from geopolitical events.

• Board and management restructured, with new roles including a Chief Sustainability Officer to enhance stakeholder engagement.

• Focus shifted from Bidjovagge to the flagship Hennes Bay project, leveraging a strengthened team.

Project portfolio and strategic focus

• Portfolio includes four projects: two in Sweden, one in Norway, and one in Finland, with a primary focus on critical metals like copper, silver, and gold.

• Hennes Bay is the flagship, with a 55 million ton resource at 1% copper equivalent, and significant expansion potential.

• 95% of near-term efforts and capital are directed at Hennes Bay, but flexibility remains to pivot to other projects if needed.

Hennes Bay project update

• Maiden drilling campaign initiated, with phase I targeting 4,000 m to convert five additional prospects to resource compliance and expand the resource base.

• Geophysics (MMT survey) revealed targets 10 times larger than the current resource area, indicating potential for significant resource growth.

• Infrastructure is highly favorable, with access to electrified rail, ports, roads, and renewable energy.

• Stakeholder engagement and environmental baseline studies are underway to support permitting.