Kingsrose Boosts Finnish Nickel Assets with Jakon Buy, Uncovers High-Grade Copper in Norway

Strategic Expansion in Finland

Kingsrose Mining Limited (ASX: KRM) has made a significant stride in its European exploration strategy with the acquisition of the Jakon project in Central Finland. This 205 km² tenure, acquired from Rio Tinto under the BHP exploration alliance, sits within the prolific Kotalahti nickel belt and is adjacent to the historic Hitura nickel-copper mine. The Jakon project is considered underexplored for high-grade sulphide mineralisation, with historical drilling confirming multiple substantial nickel-copper sulphide zones, including intercepts of up to 3.7% nickel over 0.5 metres.

This acquisition bolsters Kingsrose’s presence in Central Finland to nearly 1,200 km² under the BHP alliance, positioning the company to leverage its generative exploration program backed by one of the world’s largest mining companies.

Exploration Highlights and Technical Progress

During the March quarter, Kingsrose continued systematic exploration across its Finnmark, Norway, and Central Finland projects. Over 1,300 geochemical samples were collected, revealing high-grade copper in polymetallic sulphide veins with assays reaching 29.7% copper, alongside gold, silver, and platinum group elements. These findings provide vectors towards potential deeper magmatic sulphide accumulations, a promising indicator for future drilling targets.

In Norway, exploration activity at the Råna project was paused due to current nickel market conditions, but the company remains optimistic about its prospectivity and is evaluating the best path forward. Meanwhile, airborne electromagnetic surveys commenced at the Finnmark Exploration Alliance project, setting the stage for an active summer field season.

Permitting and Regulatory Developments

Permitting efforts at the Penikat project in Finland advanced, albeit with challenges. The Finnish regulator Tukes submitted a defence to an appeal against the exploration permit, supporting Kingsrose’s compliance with environmental regulations, including Natura 2000 assessments. The statutory review of additional Natura 2000 reports is ongoing, with planned drilling targeted for December 2025 to January 2026. Kingsrose’s proactive engagement with environmental authorities, municipalities, and local stakeholders underscores its commitment to sustainable exploration practices.

In Norway, the company secured a Special Permit to drill at the Karenhaugen prospect within the Porsanger area, with approvals upheld by the King in Council. Strong relationships with local Sámi reindeer herding communities continue to be a cornerstone of Kingsrose’s social licence to operate.

Financial Position and Corporate Updates

Kingsrose ended the quarter with a cash balance of A$24.66 million, down slightly from A$27.08 million at the end of 2024. Exploration expenditure of A$2.14 million was predominantly funded by BHP under the alliance agreements, effectively preserving Kingsrose’s capital. Operating cash flow turned positive at A$2.9 million for the quarter, reflecting disciplined cost management and alliance funding receipts received shortly after quarter-end.

Corporate governance remains robust, with payments to related parties including executive remuneration disclosed transparently. The company holds a strong capital structure with over 753 million fully paid ordinary shares on issue, supplemented by options and performance rights.

Outlook and Strategic Focus

Looking ahead, Kingsrose is poised to accelerate exploration activities in its Fennoscandian portfolio, leveraging the technical expertise and financial backing of BHP. The upcoming summer field season will be critical for advancing geophysical surveys and sampling programs, particularly at Finnmark and Jakon. The resolution of permitting appeals at Penikat will be a key milestone, potentially unlocking drilling campaigns that could define new critical mineral resources.