Climate Change Data

Environmental Metrics

ESG Focus Areas

• Energy Management including Green House Gas Emissions
• Water Management
• Biodiversity Impacts
• Rights of Indigenous Peoples
• Community Relations
• Business Ethics and Transparency

Social Achievements

• The Vardar team maintains a proactive approach to engagement with stakeholders.
• The Company works closely with the communities in which it operates, sharing its plans and ideas for the projects being developed, and listening to any concerns and addressing any issues raised.

Governance Achievements

• The Company formally adopted the Quoted Companies Alliance Corporate Governance (“QCA Code”) in September 2018.

Climate Goals & Targets

Environmental Challenges

• Not obtaining an Exploitation Concession at Kallak North
• Revocation of licences
• Lack of control and oversight on entity spend
• Prices for iron ore, graphite, and other commodities may affect the viability of the Company’s projects
• Long term adverse changes in Commodity prices
• Not discovering an economic mineral deposit
• Unable to raise sufficient funds to invest in project portfolio and cover corporate costs

Mitigation Strategies

• In July 2015, the CAB supported the Company’s application, and in October 2015 the Mining Inspectorate recommended that the concession be awarded.
• In all cases the Company diligently manages its licences to ensure full compliance.
• Budgets are provided by the entity on request and at the investment stage. Funds invested are designated for specific project use.
• Early studies and testwork give confidence that the Company is allocating capital appropriately.
• The Company identifies and invests in high quality projects that are attractive to the market.
• The Company will manage capital and operating expenditures to maximise shareholder returns.
• Effectively communicate to the market. Raise capital in a timely manner, as record of accomplishment shows. Ensure forecasting is accurate, and expenditure controls are in place to optimise cash resources.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: SASB

Environmental Metrics

ESG Focus Areas

• Sustainability
• Corporate Governance
• Stakeholder Engagement
• Long-term Time Horizon
• Transparency and Accountability
• Water Management
• Energy Management
• Biodiversity Impacts
• Community Relations
• Security, Human Rights, & Rights of Indigenous Peoples
• Business Ethics & Transparency

Environmental Achievements

• Not disclosed

Social Achievements

• Not disclosed

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Not disclosed

Mitigation Strategies

• Not disclosed

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Sustainability Accounting Standards Board (SASB) for Metals and Mining sector

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Corporate Governance
• Stakeholder Engagement
• Long-term Time Horizon
• Transparency and Accountability
• Sustainable Development Goals
• Equator Principles

Environmental Achievements

• Kallak project designed to leverage renewable power and operate in harmony with nature
• Grafintec project powered by renewable electricity
• Focus on sustainable and secure supply chains

Social Achievements

• Commitment to partnership and collaboration with communities
• Plans to conduct surveys to map current and future workforce needs in Jokkmokk Municipality
• Kallak project expected to create hundreds of jobs

Governance Achievements

• Published ESG Policy available on company website
• Focus on transparency and accountability in actions and communications

Climate Goals & Targets

Environmental Challenges

• Not disclosed

Mitigation Strategies

• Not disclosed

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Focus on sustainable and secure supply chains
• ESG certified supply chain for Grafintec

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Sustainability Accounting Standards Board (SASB) for Metals and Mining sector

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Affordable and Clean Energy
• Decent work and economic growth
• Industry, innovation and infrastructure
• Responsible production and consumption
• Climate Action
• Life on Land

Environmental Achievements

• Initiated Environmental Impact Assessment (EIA) for Kallak and GAMP projects.
• Monitoring weather and climate conditions to adapt activities.

Social Achievements

• Opened an office in Jokkmokk to engage with local communities.
• Regular meetings with local politicians and business leaders in Jokkmokk.
• Participation in the OECD’s ‘Linking the Indigenous Sami People with Regional Development in Sweden’ project.

Governance Achievements

• Consolidated 100% ownership of Vardar Minerals Ltd.
• Strengthened the Board with the appointment of Mikael Schauman.

Climate Goals & Targets

Environmental Challenges

• Political risk (geopolitical events, China's export controls)
• Climate emergency (potential impact on operations)
• Licence awards subject to appeals and conditions
• Raising sufficient funds
• Long-term adverse changes in commodity prices
• Failure to discover an economic mineral deposit

Mitigation Strategies

• Actively monitors geopolitical developments and engages advisors.
• Portfolio of assets focused on European market, aligned with EU's Critical Raw Materials Act.
• Operates in low-risk countries (Nordics) and Kosovo (EU accession).
• Monitors weather and climate conditions and will adapt activities.
• Mining operations will have Net Zero Emissions.
• Tightly manages expenses and completed capital raises.
• Invests in high-quality projects attractive to the market.
• Manages capital and operating expenditures to maximize shareholder returns.
• Diligently manages licenses to ensure full compliance.
• Monthly status reports for monitoring purposes and action.

Supply Chain Management

Climate-Related Risks & Opportunities

UN Sustainable Development Goals

• Goal 7
• Goal 8
• Goal 9
• Goal 12
• Goal 13
• Goal 15

The Company's projects contribute to these goals through sustainable production of critical raw materials, responsible resource management, and climate action initiatives.

Environmental Metrics

ESG Focus Areas

• Sustainability
• Transparency and Accountability
• Stakeholder Engagement
• Environmental Stewardship
• Corporate Governance
• Innovation and Technology
• Carbon Neutrality
• Green Transition
• Energy Management
• Water Management
• Biodiversity Impacts
• Security, Human Rights & Rights of Indigenous Peoples
• Community Relations
• Business Ethics & Transparency

Environmental Achievements

• Not disclosed

Social Achievements

• Not disclosed

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Not disclosed

Mitigation Strategies

• Not disclosed

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Sustainability focus
• Local/optimised/seamless/ESG certified supply chain

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: SASB

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed