Arctic Minerals (ARCT) Status update summary

Leadership and company transformation

• Major leadership changes since October 2024, including a new CEO and board, following the acquisition of Rare Earth Energy Metals.

• The company is now positioned as a new entity with a refreshed management team and strategic direction.

• Board members and advisors bring extensive mining and financial experience, supporting growth ambitions.

Project portfolio and focus

• Main focus is on the Hennes Bay project in Sweden, with additional projects in Norway and Finland.

• Hennes Bay is the flagship, with a JORC-compliant resource of 55.4 million tonnes at 1% copper equivalent, including significant silver content.

• Bidjovagge (Norway) and Swan Lake (Sweden) are also in the portfolio, with Bidjovagge on hold due to political issues and Swan Lake at an early exploration stage.

Resource growth and exploration strategy

• Historical drilling and new geophysical surveys have expanded the Hennes Bay target area by 10x, with further drilling imminent.

• Plans to upgrade the resource classification and expand the deposit to 200–300 million tonnes, aiming for world-class status.

• Use of advanced airborne geophysics (MMT) has improved targeting and confirmed strong correlation with high-grade mineralization.