The Company’s first priority remains the award of the Exploitation Concession for Kallak North. The introduction of a strategic partner or investor who understands the value of Kallak as a high-quality asset, which could be in production within four to five years, is an ongoing consideration, but does not preclude the Company from continuing to advance the project in the meantime through studies and permitting, continuing to add value.

Fennoscandian, the Company’s 100 per cent. owned graphite business, is pursuing a strategy to develop a ‘resource footprint’ of natural flake graphite that can provide ‘security of supply’ and enable Finland to achieve its ambition of self-sufficiency in battery manufacturing.  The Company is a recipient of Business Finland funding, which is supporting Fennoscandian to move downstream, and develop its knowledge in processing and manufacturing value-added graphite products.

The Company owns approximately 46.1 per cent. of Vardar, a UK registered exploration company with a focus on the metal endowed Balkan region.  Vardar holds exploration licences for the Mitrovica and Viti projects in Kosovo.  Both projects are located within the Tethyan Belt, a major orogenic metallogenic province for gold and base metals which extends from the Alps (Carpathians/Balkans) to Turkey, Iran and Indochina, and contains several world class discoveries.  The Tethyan Belt of south east Europe can be regarded as Europe’s chief copper-gold and lead-zinc-silver province.

The Company’s asset portfolio is diversified by commodity, geography and the development stage of its various projects, and features metals in demand to facilitate an economic green transition and for addressing the climate emergency.