Rockliden Project

Earn-in exploration project covering a land package in the Rockliden district of Sweden, a well-established volcanogenic massive sulphide (VMS) area hosting large-scale Boliden-owned VMS deposits. Entered into via November 2024 binding agreements with Mineral Prospektering i Sverige AB (MPS) on identical earn-in economics to the Skellefte Belt Project: initial US$3m commitment over 24 months, Stage 1 option US$3m for 51%, Stage 2 option US$6m plus completion of scoping studies for 75%. Activities resumed in early January 2026 alongside the Skellefte Belt Project with three rigs on-site shared across both projects. The combined exploration funding to MPS across both projects totalled EUR 3.8m in 2025 (2024: EUR 1.2m). The project remains in early exploration stage and is recognised as expenses pending advancement toward a mining permit.