Rönnbäcken is Europe's largest known undeveloped nickel resource and located in the county of Västerbotten in Sweden. According to a recently updated mineral resource estimate by the mining consulting company SRK, the Rönnbäcken project contains a mineral resource of 600 million tonnes with an average grade of 0.18% Ni, 0.003% Co and 5.7% Fe (“measured and indicated”). A preliminary economic assessment which SRK also completed predicts a production of 23,000 tonnes of nickel, 660 tonnes of cobalt and 1.5 million tonnes of iron per year for 20 years, which would be a significant proportion of Sweden's total annual use of nickel which thereby has a strategic value. Further, the Company holds an exploration permit for Orrbäcken which is considered to have potential as a nickel deposit.

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