Kuniko Unveils 40Mt Battery Metals Resource Boost at Ertelien, Eyes EU Strategic Status

Resource Expansion at Ertelien Strengthens Battery Metals Portfolio

Kuniko Limited has delivered a pivotal update in its December 2024 quarterly report, announcing a substantial expansion of its Mineral Resource Estimate (MRE) at the Ertelien Nickel-Copper-Cobalt deposit in Norway's Ringerike district. The updated JORC-compliant resource now stands at 40 million tonnes grading 0.25% Nickel Equivalent (NiEq), with 22 million tonnes classified as indicated and 18 million tonnes as inferred. This represents a marked increase in both tonnage and contained metals compared to the previous estimate released in April 2024.

The Ertelien deposit, Kuniko's flagship project, benefits from extensive 2024 exploration efforts including nearly 4,000 metres of diamond drilling and re-sampling of historical core. The resource upgrade underscores the project's potential as a near-surface source of nickel, copper, and cobalt, key metals for battery production. Contained metals now total approximately 71,000 tonnes of nickel, 49,000 tonnes of copper, and 5,600 tonnes of cobalt, with a commodity mix weighted towards nickel (56%) and copper (39%).

Promising Copper-Zinc Targets in Trøndelag

Beyond Ertelien, Kuniko's exploration in the Trøndelag Volcanogenic Massive Sulphide (VMS) district has yielded encouraging results. The company identified several high-grade copper and zinc prospects, including assays up to 5.53% copper and 8.59% zinc. Notably, the Tesskrokan prospect emerged as a priority target with a mapped 1.5-kilometre hydrothermal trend and copper grades reaching 3.03%, accompanied by gold mineralization.

Fieldwork in Trøndelag also highlighted the Nyberget project area, where geological mapping and sampling identified volcanics and exhalative cherts indicative of copper-zinc mineralization. Planned ground electromagnetic surveys aim to refine drill targets at Tesskrokan and Bustaden, setting the stage for focused drilling campaigns.

Strategic Positioning and Sustainability Commitments

Kuniko has submitted a Strategic Project application under the European Union's Critical Raw Materials Act (CRMA) for the Ringerike Battery Metals Project. This designation could accelerate permitting and unlock essential funding, reinforcing Ringerike's role as a key European battery metals supplier. The company's operations in Norway benefit from access to renewable energy, with 98% of electricity sourced sustainably, aligning with Kuniko's commitment to a net zero carbon footprint.

CEO Antony Beckmand emphasized the company's dual focus on advancing copper opportunities in Trøndelag and expanding the Ertelien resource, while maintaining high environmental and ethical standards. Engagement with local communities and stakeholders continues to be a priority, demonstrated by initiatives such as road rehabilitation at drill sites and collaboration with regional innovation networks.

Financial and Operational Outlook

As at 31 December 2024, Kuniko held A$0.9 million in cash, down from A$2.4 million the previous quarter, reflecting ongoing exploration expenditure of A$703,000. The company reported no borrowings and continues to explore strategic partnerships and funding options to support its development pipeline. With a robust portfolio covering 405 km2 in Ringerike and multiple licenses in Trøndelag, Kuniko is well positioned to capitalize on Europe's growing demand for ethically sourced battery metals.