Climate Change Data

Environmental Metrics

ESG Focus Areas

• Climate Change
• Biodiversity
• Water Management
• Community Engagement
• Indigenous Rights
• Governance
• Health and Safety

Environmental Achievements

• Proactive engagement of water specialists to monitor baseline water quality before drilling.
• Planning for closed-loop systems to reduce environmental contamination.
• Waste management in line with Finnish and Norwegian governance.

Social Achievements

• Prioritizing hiring of local employees and contractors.
• Providing general education to local communities on exploration and mining.
• Commitment to gender parity in the long term.

Governance Achievements

• Clear and transparent ownership structure.
• Good gender diversity in leadership positions.
• In-country accounting firms engaged to ensure correct tax payments.

Climate Goals & Targets

Environmental Challenges

• Historically, Sami reindeer herders' rights haven't been fully respected.
• Potential for water contamination from historic mining sites.
• Uncertainty regarding the Norwegian Mining Act's rewrite.
• Potential for less government support for mining under the new Norwegian government.
• Growing resource nationalism in Norway.
• Multiple layers of decision-making in Norway and Finland.
• Need for robust ESG targets and accountability.

Mitigation Strategies

• Actively managing areas of opportunity with minority groups.
• Voluntary undertaking of surveys (such as surface water sampling) to ensure that potential issues such as acid mine drainage remain in check.
• Planning for closed-loop drilling and capped drillholes.
• Engagement of independent experts to assist with surface water geochemical surveys.
• Communication in Norwegian and English (with plans to include Sami language).
• Ongoing stakeholder engagement and consultation.
• Planning to increase social and environmental programs as projects advance.

Supply Chain Management

Responsible Procurement

• Prioritizing local procurement.

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather events (floods, excessive snowfall)

Transition Risks

• Changes in government support for mining.
• Resource nationalism.

Opportunities

• Potential for renewable energy sources (hydroelectric).

Reporting Standards

Frameworks Used: ICMM Performance Expectations

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Governance Achievements

• Adopted an industry-standard ESG disclosure system (Digbee ESG®), achieving a BB rating.

Climate Goals & Targets

Environmental Challenges

• Uncertainty created by the global COVID-19 pandemic impacting stock markets, currencies, and business activities.
• Volatility of stock markets and precious and base metals eroding investor confidence and making equity financing difficult.
• Remote locations of some properties present challenges with infrastructure access (surface access, skilled labor, fuel, power).

Mitigation Strategies

• Evaluating all financing options available at both the corporate and project level.
• Seeking additional equity funding or alternative financing options.
• Securing joint venture partners where appropriate to minimize dependence on equity capital.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: Digbee ESG®

Environmental Metrics

Climate Goals & Targets

Environmental Challenges

• Lack of confidence in historical deviation survey data hindering higher-level mineral resource classification.
• Need for better understanding of cobalt distribution within the deposit.

Mitigation Strategies

• Attempting to re-enter historical drill holes to obtain reliable downhole survey data.
• Undertaking a follow-up drill program with larger diameter core for metallurgical testwork and to investigate deeper mineralization.
• Evaluating the possibility of constructing an adit for access and deeper drilling.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: NI 43-101