Kingsrose Mining Limited announced results from the recently completed electromagnetic (EM) geophysical survey at Porsanger, Finnmark County, Norway. In addition to the EM survey, Kingsrose is also pleased to announce that three additional, contiguous exploration licences have been granted at the Porsanger project over newly identified ultramafic intrusions hosting nickel-copper-PGE mineralisation identified in rock-chip sampling (Figure 1). A large, shallow and highly conductive EM anomaly measuring 350 metres wide by at least 400 metres down dip (open) has been identified at the Karenhaugen intrusion, potentially representing massive sulphide mineralisation.

The location of the conductor is consistent with the mapped plunge of the intrusion, being situated immediately south and down dip of the magmatic copper-PGE mineralised outcrop at Karenhaugen, between 35 and 150 metres below surface, and open down-dip at the southern edge of the survey area. A drill permit will be submitted to drill test the conductor at the Karenhaugen intrusion. Stakeholder engagement and cultural and ecological surveys are underway to support the drilling application.

Three new exploration licences have been granted to expand the Porsanger project and cover newly identified ultramafic intrusions with indications of nickel-copper-PGE mineralisation. The new licences include two small intrusions which contain anomalous nickel-copper- PGE mineralisation including a maximum assay from preliminary rock-chip sampling of 0.21 % nickel (in sulphide), 0.15 % copper, 0.12 g/t platinum and 0.11 g/t palladium. The new licences include a layered mafic-ultramafic intrusion which outcrops over 1.4 km2 and is unexplored for magmatic copper-nickel-PGE bearing sulphide mineralisation.

Two Fixed Loop Electromagnetic (FLEM or EM) surveys were completed at the Porsvann and Karenhaugen intrusions by Geovisor Oy, a specialist contractor based in Finland who have worked on similar deposit types across the Nordic countries and for several major mining companies. Geovisor Oy also conducted data processing and interpretation, using Maxwell software. Data processing and interpretation modelled a significant, isolated, highly conductive plate at Karenhaugen measuring 350 by 400 metres, dipping gently south and located approximately 35 to 150 meters below surface.

Modelling indicates that the conductor may be open down dip and is likely to be spatially associated with the Karenhaugen intrusion, which outcrops immediately north of the plate and is mineralised at surface. No significant anomalies were identified at Porsvann however historical drilling shows that broad zones of PGE-copper mineralisation are open down dip and along strike. The source, thickness and true dip of the conductive plate at Karenhaugen is at present unknown and can only be confirmed by drilling.

Drill permit applications will be prepared in due course and it is anticipated that drilling will occur in Spring/Summer 2023.