Q & A about Arctic Minerals

Question: What is the goal for Arctic Minerals?

Answer: Arctic Minerals is focusing on exploration for copper, zinc, gold and battery metals in Finland, for the purpose of finding new mineable deposits.

How does Arctic Minerals choose countries, target areas and objects for exploration?

Answer: The company chooses countries where good potential for finding mineable deposits, and where mine act and other legislation work. Finally, we choose ore types and the best target areas for finding them.

Why have you decided to focus your exploration on Finland?

Answer: There is a good exploration potential in Finland, legislation is clear, we can get excellent databases from GTK (Geological Survey of Finland), and the infrastructure is good.

Has Arctic Minerals given up the development of the Bidjovagge project in Norway?

Answer: Arctic Gold AB, the subsidiary owning the project and the mineral rights, is involved in a legal /political challenge, where the Mineral act conflicts with other legislation. The company looks for solutions for going ahead with the project but is also ready to cooperate with other companies, and even to sell the project.

Why does your company management believe that your company is the one that can find ores in Finland?

Answer: Two facts support this goal:

  1. We have succeeded earlier; The key persons were involved in making the Kevitsa project the second biggest metal mine in Finland
  2. Experience is extremely important in exploration: our management and directors have a very strong experience in exploration. Due to this, we can achieve results faster and cheaper. Many of our key persons have personally found mineable ores.

Why has Arctic Minerals chosen to look for the metals copper, zinc, gold and battery metals

Answer: As a result of the global climate change, there is a massive ongoing electrification of all mobile vehicles and equipment. Because of this, there is a huge demand for copper, zinc, cobalt and other battery metals – more than what is supply for – and this is a guarantee for a good future demand for these commodities.

Have you deliberately decided to skip certain countries and metals?

Answer: We avoid working in politically and economically instable countries, and uranium because of the strong resistance, and finally to avoid protected areas.

When you find mineable deposits, will you open mines?

Answer: We have experience of mining. A lot of finances are needed for opening a mine, and this is preferably done by bigger companies. As a junior exploration company, we prefer selling new discoveries.

Isn’t exploration a problem for the landowners, and are possible damages covered?

Answer: Exploration can partly be a temporary disturbance for a landowner. Landowners influenced by valid exploration permits are annually paid in Finland, regardless if damage or not.  Security money is deposited on closed accounts. In case of damages the landowner is compensated, and if ore is found the landowner is offered a good price for his land – or he can keep it and get annually payments. It is important to have an ongoing dialogue with the local people.

Why is it important that mines are opened in Finland and the other Nordic countries, why better than in other countries?

Answer: Many of the key persons in our company have worked also in undeveloped countries. We prefer working in the Nordic countries, where better legislation, and where also possible environmental damage is covered, and finally for creating job opportunities locally.

How long is the process from the start of the exploration until you maybe find a mineable deposit?

Answer: Exploration is both a time consuming and expensive business. Only very few projects will finally be mineable ores. If results are negative, target areas are abandoned, and new areas are chosen. 

Have you advanced equally far in all your target areas and projects? company

Answer: Of the target areas and projects, the Vihanti project is the most advanced; diamond drilling was started in late 2019. In Peräpohja and Kiiminki northeast of Oulu planning for diamond drilling is ongoing, while Nutukka in Central Lapland Greenstone Belt and Paasivaara east of Kemi are examples of new target areas.