Arctic Minerals AB (publ) has acquired 100% of the Peräpohja copper project through a Royalty Agreement with Rio Tinto. The Peräpohja copper project consists of 24 permit and permit applications totalling 1,120 km2 (112,000 hectre). The project has till now been owned jointly by Arctic Minerals and Rio Tinto in a joint venture.

The Royalty Agreement supersedes the previous joint-venture agreement which is thereby terminated. In the Royalty Agreement, Rio Tinto will be entitled to a net smelt return of 1% of the revenue from any eventual production from the project. No up-front cash will be paid for theProject.

The Agreement gives Arctic Minerals a 100% ownership of the Project and thereby also full management of the project. In the Agreement, Arctic Minerals also receives full access to all data collected and exploration work carried out by Rio Tinto on the Project. Arctic Minerals has so far identified two possible drill targets in Peräpohja, Kulmala and Kuusi, that the Company now considers to explore further with potential target drilling during 2023.

Arctic Minerals has been exploring for copper in Peräpohja since 2017 and has found widespread copper mineralisation in both outcrops and boulders. Work to date includes drilling, geophysical surveys, prospecting for ore boulders and outcrops and geological mapping (see Press Release of 29 November 2021). The geology of the Peräpohja Schist Belt of southern Finnish Lapland has many similarities to that of the Central African Copper Belt ("CACB"), one of the world's main sources of copper and also a major source of cobalt.

Arctic Minerals' exploration target in Peräpohja is a type of mineralisation called "SSC" (Sediment-hosted Stratiform Copper), typical of that found in the CACB. The total project comprises of exploration permits and permit applications totalling 1,120 km2 (112,000 hectares).