Terms, explained
Key concepts in gold exploration and mineral resource reporting. For investors, journalists and local residents who want to read the Company’s communications correctly.
Inferred Mineral Resource (Inferred)
The lowest level of confidence for a mineral resource. Tonnage and grade are estimated on the basis of limited sampling. An Inferred Mineral Resource must not be used as the basis for economic evaluation. The Stortjärnhobben resource of 4.6 tonnes of gold is classified as Inferred under the PERC Reporting Standard (2021 edition).
Mineral reserve
The part of a mineral resource that studies have assessed to be economically mineable. It requires a higher level of confidence than a resource. The Company currently has no mineral reserve. The strategic target of 15.5 tonnes of gold refers to a mineral resource and is a stated upgrade target, not a reported reserve.
Cut-off grade
The lowest gold grade included in the resource estimate. Material below the cut-off is not counted. Stortjärnhobben uses a cut-off of 0.8 grams of gold per tonne.
Grade (g/t)
The concentration of gold in the rock, measured in grams per tonne. The Stortjärnhobben Inferred resource has an average grade of 1.73 grams per tonne.
Top cut
A method whereby individual extremely high assay values are capped at a ceiling before the average grade is calculated. This gives a more conservative and more robust resource estimate. Stortjärnhobben uses a top cut of 20 grams per tonne.
PERC Reporting Standard (2021 edition)
The European standard for the public reporting of mineral resources and mineral reserves. It is equivalent to the Australian JORC Code and the Canadian NI 43-101. The Company’s resources are reported in accordance with the PERC Reporting Standard (2021 edition).
Competent Person (Competent Person, CP)
A qualified and experienced person who, under PERC, is responsible for the resource reporting and its accuracy. The Company’s Competent Person is Lazaros Dalampiras, MAusIMM CP.
Exploitation concession
A permit from the Mining Inspectorate of Sweden (Bergsstaten) to extract the minerals of a deposit within a defined area for a fixed period. Stortjärnhobben K nr 1 is an exploitation concession valid until 2032.
Exploration permit
An exclusive right to investigate the occurrence of minerals within an area, granted by the Mining Inspectorate of Sweden (Bergsstaten). It does not confer the right to mine. The Company holds nine exploration permits.
Trial mining
A limited test extraction to evaluate a deposit in practice. It requires an environmental permit. The Company is planning trial mining of 10,000 tonnes at Stortjärnhobben.
Troy ounce (oz)
The unit of weight in which gold is traded internationally. One troy ounce is equivalent to approximately 31.1 grams. The strategic target of 500,000 troy ounces is equivalent to approximately 15.5 tonnes.
MAR (the Market Abuse Regulation)
An EU regulation governing how listed companies handle and disclose inside information. The Company’s press releases are marked as regulatory or as inside information under MAR.
This is an English translation. In the event of any discrepancy, the Swedish version of this text shall prevail.