Interim report for the first half year (January - June) 2023

First half year (January - June) 2023

• Arctic Minerals has identified molybdenum mineralization in Kivijärvi, northern Finland.
• Arctic Minerals has identified copper mineralization in Tavast, central Finland.
• Arctic Minerals has secured working capital of MSEK 5.3 through a directed share issue to strategic investors.
• Profit after tax for the period was MSEK -5.9 (-7.3).
• Earnings per share for the period amounted to SEK -0.04 (-0.05).
• Cash and bank position amounted to MSEK 6.7 ( 14.6) at end of period.

Significant events during the first half of 2023

• On January 19, 2023 Arctic Minerals announced, through a press release, that the Company has identified a new copper target Tavast in a previously unexplored and sparsely populated part of central Finland. Boulders assay up to 4.4% copper. See further Copper project Tavast (Finland).
• On January 30, 2023 Arctic Minerals updated, through a press release, on the Company's exploration at the gold project Nutukka in Finland. In addition to existing permits at the Nutukka gold project, Arctic Minerals has also applied for the exploration permit Pulteri, covering 21 km². See further Gold project Nutukka (Finland).
• On February 17, 2023 the Board appointed Risto Pietilä as new CEO of the Group, see Organisation.
• On April 25, 2023 Arctic Minerals announced, through a press release, that the Board has updated the strategy for the Company's gold projects in Norway and Finland. The gold price is currently on historical high levels both in terms of USD and EUR. In the updated strategy, focus is on the Company's existing gold portfolio consisting of Bidjovagge and Katterat in Norway and in addition, the gold project Nutukka in Finland.
• On May 20, 2023 Arctic Minerals announced, through a press release, that the Board had proposed a set-off issue of up to approximately MSEK 2.5 directed to four of the Company's creditors, for the Annual General Meeting to resolve upon. See further Annual General Meeting in Arctic Minerals.
• On June 14, 2023 Arctic Minerals announced, through a press release, that the Company has identified a new project in Finland where molybdenum has been identified. See further the Molybdenum project Kivijärvi (Finland).
• On June 30, 2023 the Annual General Meeting in Arctic Minerals was held. See further Annual General Meeting in Arctic Minerals.

Significant events after the period ending

• On July 4, 2023 Arctic Minerals announced, through a press release, the outcome of the directed set-off issue that was resolved by the Annual General Meeting. The directed set-off issue was fully subscribed for a total amount of approximately MSEK 2.5. See further Annual General Meeting in Arctic Minerals.

Certified Advisor

UB Securities Ltd, of Helsinki, Finland, (www.unitedbankers.fi) is the Company's Certified Advisor on Nasdaq First North Growth Market, Stockholm.

Other

The Company's shares are listed on Nasdaq First North Growth Market, Stockholm under the trade designation "ARCT".

For further information

See the Company´s website at www.arcticminerals.se or contact:

Risto Pietilä, CEO

+46 35840 029 3217
[email protected]

The following documents can be retrieved from beQuoted
Press-release-Arctic-Minerals-half-year-report-2023.pdf
Arctic-Minerals-half-year-report-2023.pdf

About Arctic Minerals

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