Mineral Deposit Report Page 1 OF 11 16.02.2018 Rusamo Alternative Names: Porttivaara Occurence type: occurrence Commodity Rank Total Total production Total resource Importance measure platinum group metal 1 0,98 t 0 t 0,98 t Occurrence nickel 2 3601,26 t 1,26 t 3600 t Small deposit copper 3 5402,52 t 2,52 t 5400 t Occurrence cobalt 3 gold 3 0,23 t 0 t 0,23 t Occurrence palladium 5 0,69 t 0 t 0,69 t Occurrence platinum 5 0,29 t 0 t 0,29 t Occurrence Easting EUREF: 543709,775 Easting YKJ: 3543900 Northing EUREF: 7295347,612 Northing YKJ: 7298400 Discovery year: 1960 Province: Koillismaa (PGE, V, Ni, Fe, Cu) References: 3, 4, 6, 9 Mineral deposit type Group: Metallogenic deposit Main type: Ultramafic (magmatic) Sub type 1: Contact-type PGE References: 4 Dimension Expression: exposed Area (ha): Form: concordant Dip azim: 337 Shape: Dip: 70 Length (m): 1000 Plunge azim: Width (m): Plunge dip: Thickness (m): 5 Orientation method: Depth (m): Holder history Previous holders: Company Years Holding type Comments 2000-2002 Claim (old law) Outokumpu Oy 1975-1977 Claim (old law) 1
Mineral Deposit Report Page 2 OF 11 16.02.2018 EXPLORATION ACTIVITY North Atlantic Natural Resources AB Years Activity type Geologist Exploration result Ref 2000-2002 detailed geophysics Edward Posey and Jukka Laurikko 2000-2002 core drilling Edward Posey and Jukka Laurikko 4 Core drilling (reconnaissance drilling): 6 drill holes at Rusamo. Intersections HoleID From-To Length 2m gold 0,3ppm copper 0,35% platinum 0,3ppm palladium 0,6ppm nickel 0,24% HoleID From-To Length 0,7m gold 0,11ppm copper 0,29% platinum 0,47ppm palladium 1,05ppm nickel 0,15% Years Activity type Geologist Exploration result Ref 1996-1999 detailed geology Markku Iljina, Tuomo Karinen; Pentti Ervamaa 1996-1999 detailed geophysics Markku Iljina, Tuomo Karinen; Pentti Ervamaa 11 IP measurement lines, 9.96 line-km Outokumpu Oy Years Activity type Geologist Exploration result Ref 1980-1983 detailed geology 1980-1983 detailed heavy mineral sampling 1963-1970 core drilling 2
Mineral Deposit Report Page 3 OF 11 16.02.2018 Test mining not at Rusamo but at near-by Pärjänoja deposit; mobile concentrator at Repoharju close the Pärjänoja. 1963-1970 ore beneficiation tests Test mining not at Rusamo but at near-by Pärjänoja deposit; mobile concentrator at Repoharju close the Pärjänoja. 1963-1970 mining pilot Test mining not at Rusamo but at near-by Pärjänoja deposit; mobile concentrator at Repoharju close the Pärjänoja. 1963-1970 detailed geology Test mining not at Rusamo but at near-by Pärjänoja deposit; mobile concentrator at Repoharju close the Pärjänoja. 1963-1970 detailed geophysics Test mining not at Rusamo but at near-by Pärjänoja deposit; mobile concentrator at Repoharju close the Pärjänoja. Years Activity type Geologist Exploration result Ref 1960-1962 detailed geology Markku Iljina, Tuomo Karinen; Pentti Ervamaa 2 Sulphide bearing gabbro boulders and outcrops were found in the Koillismaa area during the preceeding field exploration work done by GTK. 1960-1962 detailed geophysics Markku Iljina, Tuomo Karinen; Pentti Ervamaa 2 3
Mineral Deposit Report Page 4 OF 11 16.02.2018 RESOURCES AND RESERVES Most recent Type: Company: Year: Date: Calc Method: Reference: Resource Outokumpu Oy 1983 Non-compliant resource estimate 6 Category: Inferred mineral resource Tonnage: 1,5 Mt nickel 0,24 % palladium 0,46 ppm copper 0,36 % platinum 0,19 ppm gold 0,15 ppm platinum group 0,65 ppm metal Cutoff: nickel Comments: PGE calculated by GTK. The cut-off grade is 0.7 % (Cu + 2xNi), it is NOT 0.7 % Ni! 4
Mineral Deposit Report Page 5 OF 11 16.02.2018 MINING Rusamo Easting EUREF: 543709,775 Northing EUREF: 7295347,612 Status: Test mining Operating years: 1967-1967 Years in production: 1 Total ore mined: 1260 t Comments: The test mining took not place at Rusamo (higher grade body) but at Pärjänoja. References: 8 Total production: Product copper nickel Product measure 2520 kg 1260 kg Other materials: Material type wastes from mineral excavation Material measure 540 t Mining activity: Year Ore mined Ore Activity type Production Other material processed 1967 1260 t 1260 t nickel 1,26 t copper 2,52 t wastes from mineral excavation 540 t 5
Mineral Deposit Report Page 6 OF 11 16.02.2018 GEOLOGY Host rock: Serpentinite, Amphibolite, Gabbro Wall rock: Albite Quartz rock, Orthogneiss Serpentinite (Host rock) Rock type: Host rock Proportion: present Grain size: Color: References: 1, 4, 5, 6, 7 Comments: Mineralization represents 'contact style' sulphide-pge accumulation locating at the base of layered intrusion. Totally altered peridotite. Olivine bearing always orthocumulates, others ad-, meso- and orthocumulates. Ore minerals: Mineral Proportion Mineral texture Argentopentlandite minor Chalcopyrite major Dissemination, Vein The ore is disseminated in character. Some more massive sulphide veins (dm in thickness) may occur. Only very little variation in relative proportions of main sulphide minerals. Sulphides hosted by serpentinized peridotite, pyroxenite, gabbroic rocks and footwall albite-quartz rocks. Footwall rocks have also slightly more pyrite. Copper trace Covellite minor Froodite trace Gold trace Hessite trace Mackinawite minor Marcasite minor Merenskyite trace Michenerite trace Pentlandite major Dissemination, Vein The ore is disseminated in character. Some more massive sulphide veins (dm in thickness) may occur. Only very little variation in relative proportions of main sulphide minerals. Sulphides hosted by serpentinized peridotite, pyroxenite, gabbroic rocks and footwall albite-quartz rocks. Footwall rocks have also slightly more pyrite. Pyrite major Dissemination, Vein The ore is disseminated in character. Some more massive sulphide veins (dm in thickness) may occur. Only very little variation in relative proportions of main sulphide minerals. Sulphides hosted by serpentinized peridotite, pyroxenite, gabbroic rocks and footwall albite-quartz rocks. Footwall rocks have also slightly more pyrite. Pyrrhotite major Dissemination, Vein The ore is disseminated in character. Some more massive sulphide veins (dm in thickness) may occur. Only very little variation in relative proportions of main sulphide minerals. Sulphides hosted by serpentinized peridotite, pyroxenite, gabbroic rocks and footwall albite-quartz rocks. Footwall rocks have also slightly more pyrite. Sperrylite trace Sphalerite minor Violarite minor 6
Mineral Deposit Report Page 7 OF 11 16.02.2018 Other minerals: Mineral Proportion Mineral texture Amphibole present Plagioclase present Serpentine present Talc present Textures Cumulate Alteration: Distribution: Degree: Relation to mineralization: chloritic alteration Comments: Slightly more chloritized than unmineralized intrusion. Metamorphic description: Type: Facies: Degree: Relation to mineralization: Regional greenschist low metamorphic metamorphic facies grade Comments: Amphibole-chlorite-saussurite, serpentinite-magnetite +/-talc Geological age: Min P- Max P (kbar) MIn T- Max T ( C) Geological era: Paleoproterozoic (2500-1600 Ma) Max age - Minage Inferred age (Ma): Age of mineralization: (Ma): 2000-2500 N Amphibolite (Host rock) Rock type: Host rock Proportion: present Grain size: Color: References: 4 Comments: Pyroxene cumulate. Totally altered pyroxenite. Olivine bearing always orthocumulates, others ad-, meso- and orthocumulates. Textures Cumulate Disseminated Metamorphic description: Type: Facies: Degree: Relation to mineralization: Regional greenschist low metamorphic metamorphic facies grade Geological age: Min P- Max P (kbar) MIn T- Max T ( C) 7
Mineral Deposit Report Page 8 OF 11 16.02.2018 Geological era: Paleoproterozoic (2500-1600 Ma) Max age - Minage Inferred age (Ma): Age of mineralization: (Ma): 2000-2500 N Gabbro (Host rock) Rock type: Host rock Proportion: present Grain size: Color: References: 4 Comments: Plagioclase-pyroxene cumulate. Metamorphozed to plagioclase-amphibole rock. Signs of contamination. Olivine bearing always orthocumulates, others ad-, meso- and orthocumulates. Textures Cumulate Disseminated Metamorphic description: Type: Facies: Degree: Relation to mineralization: Regional greenschist low metamorphic metamorphic facies grade Geological age: Min P- Max P (kbar) MIn T- Max T ( C) Geological era: Max age - Minage Inferred age (Ma): Age of mineralization: (Ma): Paleoproterozoic (2500-1600 Ma) 2436-2436 2436 N Radiometric age: Method: Age: Error (Ma): Mineral: Reference: 2436 1 Albite Quartz rock (Wall rock) Rock type: Wall rock Proportion: present Grain size: Color: References: 1 Comments: Metasomatized basement gneiss. Other minerals: Mineral Proportion Mineral texture Albite present Quartz present Textures Disseminated 8
Mineral Deposit Report Page 9 OF 11 16.02.2018 Metamorphic description: Type: Facies: Degree: Relation to mineralization: Regional greenschist low metamorphic metamorphic facies grade Geological age: Min P- Max P (kbar) MIn T- Max T ( C) Geological era: Paleoproterozoic (2500-1600 Ma) Max age - Minage Inferred age (Ma): Age of mineralization: (Ma): 2000-2500 N Orthogneiss (Wall rock) Rock type: Wall rock Proportion: present Grain size: Color: Metamorphic description: Type: Facies: Degree: Relation to mineralization: Regional greenschist low metamorphic metamorphic facies grade Geological age: Min P- Max P (kbar) MIn T- Max T ( C) Geological era: Paleoproterozoic (2500-1600 Ma) Max age - Minage Inferred age (Ma): Age of mineralization: (Ma): 2000-2500 N Figures 9
Mineral Deposit Report Page 10 OF 11 16.02.2018 Koillismaa layered complex: 10
Mineral Deposit Report Page 11 OF 11 16.02.2018 REFERENCES 1. Alapieti, T. 1982. The Koillismaa layered igneous complex, Finland : its structure, mineralogy and geochemistry, with emphasis on the distribution of chromium.. Bull. 319.http://tupa.gtk.fi/julkaisu/bulletin/bt_319.pdf 2. Ervamaa, P. 1962. Posiolla, Taivalkoskella ja Pudasjärvellä suoritetut malmitutkimukset vuosina 1960-1961. 9 s., 1 l. Geologian tutkimuskeskus, arkistoraportti, M17/Pso,Tk,Pud-60-61. http://tupa.gtk.fi/raportti/arkisto/m17_pso_tk_pud_60_61_1.pdf 3. Iljina M. and Hanski E. 2005. Layered mafic intrusions of the Tornio-Näränkävaara belt. In: Lehtinen, M., Nurmi, P.A., Rämö, O.T. (Eds.), Precambrian Geology of Finland - Key to the Evolution of the Fennoscandian Shield. Elsevier B.V., Amsterdam, pp. 101-138. 4. Iljina, M. 2004. Mineral exploration report of relinquished claims of Koskiaho 1-2, Kuusi 4-23, Maaselkä 1-14, Murto 1-2 and Portti 1-37. Extended English summary. M 06/3543/2004/1/10. http://tupa.gtk.fi/raportti/valtaus/3543/m06_3543_2004_1_10.pdf 5. Iljina, M., Karinen, T. and Räsänen, J. 2001. The Koillismaa Layered Igneous Complex : general geology, structural development and related sulphide and platinum-group element mineralization. In A. Piestrzynski et al. (eds). Proceedings of the sixth Biennial SGA-SEG meeting, Balkema Publishers, Lisse, pp 649-652.http://tupa.gtk.fi/karttasovellus/mdae/references/6_Haukiaho/iljtkl.pdf 6. Lahtinen, J. 1983. Yhteenveto Koillismaan kerrosintruusiokompleksin platinatutkimuksista. Outokumpu Oy Report, 001/3541, 3543, 4523/JJL/83/5. 22 p. 22 app. (in Finnish) http://tupa.gtk.fi/raportti/arkisto/001_3541_3543_4523_jjl_83_5.pdf 7. Lahtinen, J. 1985. PGE-bearing copper-nickel occurrences in the marginal series of the Early Proterozoic Koillismaa layered intrusion, northern Finland. In: Papunen, H. & Gorbunov, G. I. (eds.) Nickel-copper deposits of the Baltic Shield and Scandinavian Caledonides. Geological Survey of Finland. Bulletin 333, 161-178.http://tupa.gtk.fi/julkaisu/bulletin/bt_333_pages_161_178.pdf 8. Puustinen, K. 2003. Suomen kaivosteollisuus ja mineraalisten raaka-aineiden tuotanto vuosina 1530-2001, historiallinen katsaus erityisesti tuotantolukujen valossa., Report M 10.1/2003/3. 578 p. (in Finnish)http://weppi.gtk.fi/aineistot/kaivosteollisuus/sisallys.htm 9. Puustinen, K., Saltikoff, B. & Tontti, M. 1995. Distribution and metallogenic types of nickel deposits in Finland. Tutkimusraportti - Report of Investigation, 132. http://tupa.gtk.fi/julkaisu/tutkimusraportti/tr_132.pdf 11