Arctic Minerals Exploration Update

Arctic Minerals is pleased to issue an update on its exploration progress in northern and central Finland. The 2020 exploration field campaign has been focused on the Company's gold project in Nutukka in central Finnish Lapland, battery metals in the Kiiminki project in central Finland as well as the exploring for copper in the PeräpohjaSchist Belt in northern Finland. The exploring for copper in Peräpohja is carried out through the joint venture agreement with the world leading mining group Rio Tinto.

For the fall and winter season 2020/2021, Arctic Minerals in now targeting further field work on the Nutukka gold project and also ground geophysics in Kiiminki in order to optimise locations for drilling for battery metals. In the Peräpohja copper Joint Venture project, further geophysical surveys are being carried out, with the aim of optimising the location of previously identified drill targets as well as identifying potential new targets.

  • Arctic Minerals has during the field season 2020 successfully carried out a soil sampling program for gold at Nutukka. Based on the success, the Company plans to carry out further soil sampling and processing starting in September 2020, along with geological fieldwork to locate and sample further outcrops. Depending on these results, further work could include till / base-of-till sampling, further soil sampling, geophysics (magnetic surveys) and structural geological interpretation in order to identify targets for drilling.
  • The Company believes that geochemical modelling and the high lead-zinc-silver content of boulders at Kiiminki point to mineralisation in several areas. The Company plans to carry out ground geophysics this autumn in order to optimise locations of drill targets for subsequent drilling.
  • In cooperation with Rio Tinto, Arctic Minerals is currently continuing fieldwork on the Peräpohja copper Joint Venture project. Further geophysical surveys are also being carried out, with the aim of optimising the location of previously identified drill targets as well as identifying potential new targets. Currently a deep-penetrating EM (electromagnetic) ground geophysical survey is being carried out. The plan for the near future also includes high-resolution airborne geophysics, Base of Till ("BOT") sampling and diamond drilling in selected areas.

Nutukka gold project

The Nutukka gold project is located in Finnish Lapland, approximately 100 km northeast of the city center of Kittilä, Finland and approximately 20 km southwest of the old gold panning village of Tankavaara. The Nutukka exploration reservation, covering 366 km2, is situated towards the eastern end of the central Lapland Greenstone Belt of northern Finland. This belt hosts the Kittilä gold mine, the largest gold mine in Europe, operated by the Canadian company Agnico Eagle Mines Ltd and producing approximately 190,000 oz gold per year (2018). The belt has also seen a number of new gold discoveries in recent years. The Company considers that the geology of the Nutukka area has strong similarities to that of the goldfields of Western Australia and the Abitibi belt of eastern Canada, both major gold-producing regions.

The Company identified the potential of the Nutukka area through detailed study of geochemical, geophysical and other data available from GTK (Geological Survey of Finland). The area hosts a number of soil geochemical anomalies for gold but the origins of these anomalies have yet to be explained. The area lies just east of the locality called Kirakka-aapa, where the GTK conducted shallow bedrock drilling for geological mapping purposes between 2001 and 2005. This drilling intersected in one area 2 metres grading 3-5 grams per ton gold, 0.26 % nickel and 0.08 % cobalt. Another drill hole intersected a gold-copper mineralization grading 0.9 gram per ton gold and 0.8% copper over one meter.

In June 2020, the Company carried out a soil sampling program at Nutukka. A total of 34 samples were taken at a depth of 0.5 - 1.0 metre. Gold particles were observed in 17 of these samples. Of these, 7 samples contained gold particles larger than 100 microns in diameter, with a further 4 samples containing particles larger than 200 microns. The largest particles measured 700 x 250 microns. The distribution of these samples forms two distinct clusters coincident with gold-prospective geology.

Preliminary geological mapping identified several quartzitic rock outcrops near to the best soil samples. These rocks were typical of those likely to host gold mineralisation. The Company believes it likely that more such outcrops could be found by further fieldwork.

The sampling was carried out by a consulting geologist specialising in the type of gold geology which the Company is targeting at Nutukka. This geologist reports that in such geology, gold generally occurs in maximum 20% of soil samples. To find gold in 50% of samples, as was found in June, is promising high. The consultant has therefore strongly recommended more sampling, including further processing in order to identify very fine gold particles invisible to the naked eye.

The Company therefore plans to carry out further soil sampling and processing starting in September, along with geological fieldwork to locate and sample further outcrops. Depending on these results, further work could include till / base-of-till sampling, further soil sampling, geophysics (magnetic surveys) and structural geological interpretation in order to identify targets for drilling.

Kiiminki battery metals project

The Company currently has two exploration reservations totalling 1,092 km2 at its Kiiminki battery metals prospect, northeast of the city of Oulu in central Finland. The Kiiminki area hosts a number of cobalt-copper and lead-zinc-silver-gold geochemical anomalies, coincident with geophysical anomalies. One of the geophysical anomalies is adjacent to mafic volcanic rocks which are also anomalous in gold. The area is also highly prospective for lead and zinc: previous GTK fieldwork found lead-zinc -containing boulders assaying up to 11.8% lead, 6.5% zinc, 370 grams/ton silver and 4 grams/ton gold. Currently the Company is conducting further compilation and interpretation of GTK geochemical and geophysical data, as well as geological fieldwork.

In the Martimo area of Kiiminki, geochemical data show a distinct lead-zinc-silver-gold anomaly coincident with geophysical anomalies. On the basis of these anomalies, the extent of the Martimo zone is significant - more than 10 km long and about 1 km wide. The Company believes that the geochemical anomalies in Martimo are due to the presence of lead-zinc-silver-gold mineralisation. These geochemical anomalies will be the subject of further fieldwork this year. It is also notable that, in addition to the lead-zinc-silver-gold target, there are indications that the Martimo area also hosts potential for copper-zinc mineralisation. The Company plans further geophysical work this autumn to optimise drill target location at Martimo.

Arctic Minerals has identified a second target area in the Katiska area, located 15 km to the west of Martimo and in similar geology. Katiska was identified by geophysical modelling of GTK data in an area called the "lead zone." The University of Oulu has also previously observed anomalous geophysical conductivity in the Katiska area. As at Martimo, the Company plans to carry out further geophysical work at Katiska this autumn in order to identify targets for drilling.

A third target area has been identified at Kumpusuo, some 5 km north of the Katiska target. The Company has carried out fieldwork at Kumpusuo this summer in order to investigate gold occurrences found by previous exploration some 30 years ago.

Other targets for further fieldwork are the Haukipudas area (see table below), which is the source of the highest-grade boulder samples at Kiiminki. Since the previous exploration, a number of new quarries, forest roads and clearings have greatly increased chances to find new mineralised samples. Several samples have already been taken and assays for gold, silver and base metals are pending.

Sample no.

Lead

Zinc

Copper

Cobalt

Silver

Gold

19901224

11.8%

6.5%

280 ppm

371 ppm

370 grams/ton

4.1 grams/ton

20062466

4.97%

2.99%

120 ppm

85 ppm

139 grams/ton

-

11927389

1.48%

2.00%

110 ppm

80 ppm

65 grams/ton

0.21 gram/ton

The Company's current fieldwork, together with the latest geochemical and geophysical modelling, indicate that Kiiminki is a promising target area for the discovery of base metals and gold, as well as battery metals.

Peräpohja copper Joint Venture project

The geology of the Peräpohja Schist Belt of southern Finnish Lapland has many similarities to that of the Zambian Copper Belt, one of the world's main sources of copper and also a major source of cobalt. Arctic Minerals' main exploration target in Peräpohja is a type of mineralisation called "SSC" (Stratiform Sediment-hosted Copper), typical of that found in the Zambian Copper Belt. Arctic Minerals has been exploring for copper in Peräpohja since 2017 and has found widespread copper mineralisation in both outcrops and boulders.

Fieldwork in 2018 found copper in a number of locations, together with lesser amounts of silver and gold. Samples from both bedrock and boulders contained significant grades of copper, gold and silver. The best of the boulders found in 2018 contained 5.25% copper, 0.4 gram gold per ton and 12 grams silver per ton.

As previously announced on 18 March 2020, fieldwork in 2019 found more copper-bearing boulders and outcrops, as well as significant lead concentrations (up to 2.8%) in certain areas. In one case the presence of lead was associated with significant contents of copper, gold and silver, with one sample assaying 2.4% lead, 1.2 gram/ton gold, 265 grams/ton silver and 0.5% copper.

As well as the sampling program, in 2019 the Company also carried out ground geophysical surveys (Induced Polarisation) on 10 targets. As a result of the program, the Company has identified several promising areas which are being followed up during the current field season.

During the current field season 2020, the Company has found more lead-copper bearing boulders. The best boulder so far returned significant lead content, at 15.8%, as well as 1.8% copper, 84 grams/ton silver and 0.61 grams/ton gold. Another boulder contained 4.18% copper, 28.9 grams/ton silver and 0.12 grams/ton gold. Fieldwork is continuing.

On 21 January, 2020 the Company announced that it had entered into an earn-in and joint venture agreement with the Rio Tinto Group, covering further exploration of certain areas of the Peräpohja belt. On May 15, 2020 Arctic Minerals further announced that the Company had received confirmation of satisfactory due diligence from Rio Tinto on the joint venture agreement. For further information on the agreement with Rio Tinto, please see press release as from January 21, 2020 as well as from May 15, 2020.

In cooperation with Rio Tinto, Arctic Minerals is currently continuing fieldwork in Peräpohja. Further geophysical surveys are also being carried out, with the aim of optimising the location of previously identified drill targets as well as identifying potential new targets. Currently a deep-penetrating EM (electromagnetic) ground geophysical survey is being carried out. The plan for the near future also includes high-resolution airborne geophysics, Base of Till ("BOT") sampling and diamond drilling in selected areas.

Paasivaara chromite-PGE project

Paasivaara is a chromite-PGE (platinum group elements) target located approximately 14 km east of the city of Kemi and 7 km northeast of Outokumpu Oy's Kemi chromite mine. Arctic Minerals has carried out geophysical and geological modelling which indicates clear potential for chromite and PGE mineralisation. The target coincides with the same major geological fault lines observed at the Kemi mine. Also, the geophysical (seismic) anomaly on the northeast side of the mine indicates that the chromite-PGE -bearing rocks extend into the Paasivaara area. The Company plans to start exploration at Paasivaara this winter. Initial work would consist of a geophysical (induced polarisation or "IP") survey. If results are positive, this would be followed up by drilling.

Vihanti zink project

During the first quarter 2020, the Company drilled a number of holes at its three targets in the Vihanti area: Kuuhkamo, Vilminko and Vihanti Deeps to follow up on previously identified geophysical anomalies. Two holes were drilled at Kuuhkamo, two at Vilminko and one at Vihanti Deeps. The drilling did encounter indications of the ore-bearing horizon at the Kuuhkamo and Vilminko drill targets, whilst the results at Vihanti Deeps could not confirm further ore bearing horizon. The Company is continually evaluating the further merits of the project in comparison with other projects in the Company's exploration portfolio.

Certified Advisor

UB Securities Ltd, of Helsinki, Finland, (www.unitedbankers.fi) is the Company's Certified Advisor on Nasdaq First North Growth Market, Stockholm.

Other

The company's shares are listed on Nasdaq First North Growth Market, Stockholm under the trade designation "ARCT".

For further information

see the Company's website at www.arcticminerals.se or contact:

Jonatan Forsberg, CEO

(+46) 76 105 1310

jonatan.forsberg@arcticminerals.se

or

Risto Pietila, Exploration Manager

(+358) 40 029 3217

risto.pietila@arcticminerals.se

About Arctic Minerals

Arctic Minerals is a Nordic junior mining company exploring for copper, zinc, gold and battery metals in northern and central Finland. The Group also owns mineral rights in Norway.

At present, Arctic Minerals has exploration permits in the Raahe-Ladoga ore belt of central Finland, and has applied for an exploration permit in the Peräpohja schist belt in northern Finland. In addition, the Group has exploration reservations in the Peräpohja schist belt, in the Kiiminki schist belt northeast of Oulu, Paasivaara northeast of Kemi and in Central Lapland. Arctic Minerals also owns mineral rights to the closed Bidjovagge gold- copper mine in Finnmark in northern Norway.

This information is information that Arctic Minerals AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (EU) 596/2014. The information was submitted for publication, through the agency of the contact persons set out above, at 16.15 on August 26, 2020.

Arctic Minerals har genomfört kärnborrning i Joint Venture-kopparprojektet med Rio Tinto

Arctic Minerals har genomfört kärnborrning vid Peräpohjas Joint Venture-kopparprojekt i Finland. Kärnborrning har genomförts i tre målområden och resulterat i värdefull information för att prioritera målområden och utveckla en geologisk modell i mer detaljerad skala. I planerna för 2021 ingår nu borrning med en lätt borrigg för att provta de djupaste delarna av moränen (Base-of-Till), vidare undersökning och provtagning av borrkärnor samt ytterligare geologiskt fältarbete. Ytterligare kärnborrning kan också komma att utföras. Bolaget har för projektet ansökt om totalt 13 nya malmletningstillstånd täckande 487 km2.


Arctic Minerals has carried out diamond drilling in the Peräpohja copper Joint Venture project with Rio Tinto

Arctic Minerals has carried out deep diamond drilling at its Peräpohja copper Joint Venture project in Finland. The drilling program has been carried out at three different targets and resulted in valuable information for the prioritization of target areas and for a target scale 3D geological model. Further plans for 2021 include drilling with a light drill rig in order to carry out deeper sampling of Base-of-Till, additional logging and sampling of archive core and also additional geological fieldwork. Further deep diamond drilling may also be carried out. The Company has applied for in total 13 new exploration permits totalling 487 km2 in the Peräpohja copper project.


Positiva resultat från guldprojektet Nutukka i Finland och fortsatt prospektering med lätt borrigg

Nya resultat från provtagningen bekräftar ett kluster av guldbärande jordprov, troligen av lokalt ursprung. Baserat på de positiva resultaten från prospekteringen2020 har Arctic Minerals ansökt om malmletningstillstånd i Nutukka, där klusterområdet ingår. Bolaget planerar nu att genomföra undersökningsborrning med lätt borrigg under sommarfältsäsongen 2021, med målet att provta de djupaste delarna av bottenmoränen och av bergytan. Även magnetiska mätningar med hjälp av drönare planeras. Fortsatt prospektering kan också komma att omfatta undersökningsdikning med grävare liksom än mer moränprovtagning.


Positive sampling results from the Nutukka gold project in Finland and further exploration with a light drill rig

New sampling results confirm cluster of gold-bearing soil samples likely to be of local origin. Following the overall positive results from the exploration in 2020, the Company has applied for an exploration permit at Nutukka, including the cluster areas. The Company now plans for drilling with a light drill rig during the 2021 summer field season in order to carry out deeper sampling of base of till and top of bedrock. Also planned is a magnetic survey to be carried out by drone. Further exploration work may also include trenching with use of an excavator, as well as further soil sampling.




Bokslutskommuniké får helåret 2020

Styrelsen i Arctic Minerals AB (publ) ("Arctic Minerals", "Bolaget" eller "Moderbolaget" och med dess dotterbolag "Koncernen") ("Styrelsen") avger härmed bokslutskommuniké för helåret januari - december 2020.


Year-end report for the full year 2020

The Board of Directors of Arctic Minerals AB (publ) ("Arctic Minerals", the "Company" or the "Parent company" and together with its subsidiaries the "Group") (the "Board") hereby submits the year-end report for the full year January - December 2020.


Kommuniké från extra bolagsstämma i Arctic Minerals AB (publ)

Extra bolagsstämma i Arctic Minerals AB (publ) ("Bolaget") hölls idag den 4 januari 2021 i Östersund.


Report from the extraordinary general meeting of Arctic Minerals AB (publ)

An extraordinary general meeting of Arctic Minerals AB (publ) (the "Company") was held today on 4 January 2021 in Östersund.


Kallelse till extra bolagsstämma i Arctic Minerals AB (publ)

Aktieägarna i Arctic Minerals AB (publ), org. nr 556569-3602, ("Bolaget") kallas härmed till extra bolagsstämma den 4 januari 2021 kl. 14.30 i Bolagets lokaler på Köpmangatan 22 i Östersund.


Notice of Extra General Meeting in Arctic Minerals AB (publ)

The shareholders of Arctic Minerals AB (publ), reg. no. 556569-3602, (the "Company"), are hereby convened to the extra general meeting to be held on 4 January 2021, at 14.30 CET at the Company's premises at Köpmangatan 22 in Östersund.


Arctic Minerals styrelse har beslutat att genomföra riktade nyemissioner om sammanlagt högst cirka 39,5 MSEK

Styrelsen i Arctic Minerals AB (publ) ("Arctic Minerals" eller "Bolaget") har beslutat, under förutsättning av extra bolagsstämmas godkännande, att genomföra en riktad kontantemission av högst 40 965 652 aktier, vilket tillför Bolaget högst 30 724 239 SEK före avdrag för emissionskostnader (den "Riktade Nyemissionen"). Styrelsen har även beslutat, under förutsättning av extra bolagsstämmas godkännande, om en riktad kvittningsemission till tre av Bolagets fordringshavare om högst 11 713 337 aktier, vilket medför att Bolagets skuld minskar med högst 8 785 002,75 SEK ("Kvittningsemissionen"). Teckningskursen i båda emissionerna uppgår till 0,75 SEK per aktie och har fastställts genom en accelererad bookbuilding-process inom ramen för den Riktade Nyemissionen.


Arctic Minerals' board of directors has resolved on directed share issues of up to approximately MSEK 39.5 million

The board of directors of Artic Minerals AB (publ) ("Arctic Minerals" or the "Company") has resolved, conditional upon approval at a subsequent extraordinary general meeting, on a directed new share issue with payment in cash of up to 40,965,652 shares, which will raise proceeds to the Company of up to SEK 30 724 239 million before issue costs (the "Directed New Share Issue"). Further, the board of directors has resolved, conditional upon approval at a subsequent extraordinary general meeting, on a directed new share issue with payment through set-off to three of the Company's creditors of up to 11,713,337 shares, which will result in the Company's debts decreasing by up to SEK 8,785,002.75 million (the "Set-Off Issue"). The subscription price in both new share issues amount to SEK 0.75 per share and has been determined through an accelerated book building process in connection with the Directed New Share Issue.


Arctic Minerals offentliggör avsikt att genomföra en riktad nyemission av aktier genom ett accelererat bookbuilding-förfarande

Arctic Minerals AB (publ) ("Arctic Minerals" eller "Bolaget") offentliggör härmed sin avsikt att genomföra en riktad nyemission av aktier om cirka 30,7 MSEK till svenska och internationella professionella investerare (den "Riktade Nyemissionen"). Bolaget överväger även möjligheten att i samband med den Riktade Nyemissionen genomföra en kvittningsemission av aktier, till samma emissionskurs som i den Riktade Nyemissionen, om cirka 8,8 MSEK till vissa av Bolagets fordringshavare.


Arctic Minerals announces its intention to carry out a directed new share issue through an accelerated bookbuilding process

Arctic Minerals AB (publ) ("Arctic Minerals" or the "Company") hereby announces its intention to carry out a directed new share issue of approximately MSEK 30.7 to Swedish and International professional investors (the "Directed New Share Issue"). In connection with the Directed New Share Issue, the Company is also considering the possibility of carrying out a directed new share issue with payment through set-off, applying the same subscription price as in the Directed New Share Issue, of approximately 8.8 MSEK to certain creditors in the Company.


Arctic Minerals uppdaterar om pågående guldprospektering vid Nutukka guldprojekt i Finland

Vid fortsatt provtagning har jordprov med förhöjda guldhalter påvisats. Guldet är troligen av lokalt ursprung.


Arctic Minerals provides update on gold exploration at the Nutukka gold project in Finland

Follow-up sampling finds cluster of gold-bearing soil samples likely to be of local origin.


Arctic Minerals har påträffat ytterligare kopparrika malmblock vid kopparprojektet i Peräpohja

Arctic Minerals har påträffat ytterligare kopparrika malmblock vid kopparprojektet i Peräpohja i södra finska Lappland. Några av malmblocken innehåller också signifikanta halter av guld, silver och bly. Planering pågår nu för kommande kärnborrning i utvalda områden i Peräpohja. Med Peräpohja kopparprojekt avses det samarbete (Joint Venture) Bolaget ingått med Rio Tinto Group, ett av världens största gruvbolag, se pressmeddelande från den 21 januari 2020.


Arctic Minerals finds more copper-rich samples at Peräpohja copper project

Arctic Minerals is pleased to announce that it has found more copper-rich samples at its Peräpohja copper project in southern Finnish Lapland. Some of the samples also showed significant contents of gold, silver and lead. In addition, planning activities to commence diamond drilling at selected areas in Peräpohja are also under way. The Peräpohja copper project is the subject of an earn-in and joint venture agreement with the Rio Tinto group, one of the world's largest mining companies (see Press Release of 21 January 2020).


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