Kingsrose Mining : Exploration Update for the Porsanger PGE-Cu-Ni Project

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ASX Announcement

8 July 2022

KINGSROSE ANNOUNCES EXPLORATION UPDATE FOR THE PORSANGER PGE-

COPPER-NICKEL PROJECT, NORWAY

Kingsrose Mining Limited (ASX: KRM) ("Kingsrose" or the "Company") wishes to provide an update on exploration activities at its 100% owned Porsanger PGE-Copper-Nickel project in Finnmark County, Norway. The Company has commenced a ground-based fixed loop electromagnetic (FLEM) geophysical survey targeting the Porsvann and Karenhaugen intrusions, completed a resampling program on historical drill core (results are pending) and submitted a drill permit application for the Porsvann target.

Highlights

• First FLEM survey conducted within the Porsanger area, targeting 'feeder-conduit type' massive sulphide PGE-copper-nickel mineralisation at depth, underlying broad historical drilling intervals of disseminated PGE ± copper mineralisation from surface such as 53 metres at 0.8 g/t palladium, 0.3 g/t platinum and 0.1 % copper from 2.9 metres (PV-02).
• The survey will target the Porsvann and Karenhaugen intrusions, covering 1.2 km2 to a depth of at least 500 metres.
• Modelling of geophysical data will generate targets for drilling and a drill permit application has been submitted for the Porsvann area.
• The FLEM survey is being undertaken during a period of favourable climatic conditions and at a time which does not impact reindeer husbandry activities. Commencement of the survey is evidence of Kingsrose and local stakeholders collaborating successfully.
• The Company has submitted 313 samples of quarter cut drill core, collected from nine historical holes at the Porsvann and Karenhaugen intrusions, for palladium, platinum, gold, rhodium and multielement analysis to verify historical data and analyse for a wider suite of precious and base metal content. Results are pending.

Fabian Baker, Kingsrose Managing Director, commented "Porsanger represents an intriguing exploration area. The broad zones of intrusion-hostedPGE mineralisation discovered in historical drilling, and widespread copper mineralisation in overlying sediments have been known for some time, however we believe the two may be related and that there is potential to discover higher grade massive sulphide-hosted PGE-copper-nickelmineralisation in the area. It is also of interest that recent rock age dating suggests the intrusions formed at the same time as Anglo American's Sakatti massive sulphide deposit to the south in Finland.

Operating responsibly and in collaboration with local stakeholders is of the highest importance to Kingsrose, and we are pleased that this cooperation has led to conducting this geophysical survey at a time and in a manner that is respectful of the local environmental and land use. We hope to continue this cooperation and to carry-out a maiden drilling programme later this year or in the spring of 2023, to test targets identified by the ongoing surveys."

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FLEM Survey

Kingsrose has engaged Finnish geophysics contractor Geovisor Oy to conduct a ground-based fixed loop time-domain electromagnetic (FLEM) survey to explore for the potential presence of massive sulphide mineralisation up to 500 metres below surface. Two surveys covering the Porsvann and Karenhaugen ultramafic intrusions are planned, over areas of 0.55 and 0.66 km2 respectively. Any prospective electromagnetic conductors identified by the survey will then be drill tested.

Porsvann and Karenhaugen Historical Drilling

Kingsrose is targeting massive sulphide hosted PGE-copper-nickel mineralisation at Porsanger, associated with mafic-ultramafic dykes, sills and small intrusions at the Porsvann and Karenhaugen prospects (Figure 1). This type of mineralisation has not been targeted in the area before, yet mapping and recent age dating suggests the intrusions formed at the same period as Anglo American's Sakatti nickel-copper-PGE deposit in Finland.

The Porsvann intrusion is exposed over an area of 400 by 75 metres, and the intrusion at Karenhaugen is exposed over 480 by 150 metres (Figures 2 and 3). Rock chip sampling by Kingsrose and previous operators has demonstrated that elevated PGE, copper and nickel grades are present across the majority of the outcropping strike length of each intrusion, associated with disseminated sulphides.

Shallow historical drilling at the Porsvann and Karenhaugen intrusions intercepted broad zones of PGE mineralisation (Tables 1 and 2, Figures 2 and 3). Mineralisation comprises disseminated PGE-copper- nickel bearing sulphide with occasional sulphide veinlets located toward the base of each intrusion (Figure 4).

The PGE tenor and endowment of the intrusions indicates that sulphur saturation was achieved, and that the sulphide interacted with a large enough magma volume to upgrade its PGE content. This indicates that there is a permissive environment for accumulation of larger bodies of massive sulphide mineralisation within the intrusion conduits.

TABLE 1: Significant intercepts from historic drilling at the Porsvann and Karenhaugen Prospects, within the

Porsanger Project

Hole ID	From (m)	To (m)	Interval (m)	2E (g/t)	Pt (g/t)	Pd (g/t)	Cu (%)
Porsvann Prospect
PV-01	67.0	110.2	43.2	1.2	0.4	0.9	0.1
PV-02	2.9	55.8	53.0	1.1	0.3	0.8	0.1
PV-03	58.0	62.0	4.0	0.8	0.2	0.6	0.0
PV-04	16.0	90.9	74.9	0.9	0.2	0.7	0.1
Karenhaugen Prospect
KH-01	30.9	36.0	5.1	1.2	0.3	0.9	0.3
KH-02	6.1	14.7	8.6	0.9	0.2	0.7	0.1
and	29.0	42.1	13.1	0.7	0.1	0.5	0.2
KH-03	36.0	47.0	11.0	0.9	0.2	0.7	0.1
KH-05	13.2	57.6	44.4	0.4	0.1	0.3	0.1
Notes:

1. All tabulated data have been rounded and as a result minor computational errors may occur. 2. Intervals reported using a 0.5 g/t 2E cut-off. 3. 2E = Pt+Pd

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TABLE 2: Historical drill collar data

Hole_ID	Project	mE_UTM35	mN_UTM35	Elev_UTM35	Length	Az	Dip
KH-01	Karenhaugen	432132.2322	7770541.429	225	83	24	-60
KH-02	Karenhaugen	432047.366	7770482.081	227	83	24	-60
KH-03	Karenhaugen	432100.5517	7770563.794	227	60	0	-60
KH-04	Karenhaugen	432047.366	7770473.193	226.5	84	24	-60
KH-05	Karenhaugen	432154.4547	7770570.963	227	61	24	-60
PV-01	Porsvann	423649.3858	7768460.442	84	130	300	-60
PV-02	Porsvann	423575.1238	7768446.965	88	70	300	-60
PV-03	Porsvann	423562.0788	7768493.996	90	67	300	-60
PV-04	Porsvann	423599.9932	7768385.328	85	93	300	-60

FIGURE 1: Porsanger exploration licences, planned FLEM survey areas, geology, and thematic rock chip data.

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FIGURE 2: Porsvann prospect geology, historical drill holes and thematic rock chip data. Arrows indicate where the intrusion is open down dip.

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FIGURE 3: Karenhaugen prospect geology, historical drill holes and thematic rock chip data. Arrows indicate where the intrusion is open down dip.

FIGURE 4: Examples of both interstitial and vein hosted sulphide at the Porsvann and Karenhaugen intrusions, Porsanger. A. Disseminated interstitial and stringer type, medium- to coarse-grainedchalcopyrite-pyrrhotite hosted in medium-grained pyroxenite. From a 0.1 m interval which assayed 2.3 g/t Pd, 0.6 g/t Pt and 1.0 % Cu (KH-02 from 37.2

1. B. Disseminated interstitial medium- to coarse-grainedchalcopyrite-pyrrhotite hosted in coarse-grained pyroxenite. From a 0.5 m interval which assayed 2.9 g/t Pd, 1.1 g/t Pt and 0.3 % Cu (PV-02 from 48.1 m) C. Vein hosted, massive chalcopyrite-pyrite and coarse-grained disseminated sulphide. From a 1.0 m interval which assayed 1.5 g/t Pd, 0.4 g/t