Kingsrose Mining (ASX: $KRM) Receives Derogation Permit for Penikat Project

Kingsrose Mining Limited (ASX: $KRM) has received a Derogation Permit from the Ministry of the Environment for Area 1 of the Penikat project in Finland. The Permit allows exploration mapping, sampling, geophysics, and drilling, subject to certain operational conditions and the Company holding a valid exploration licence. This marks a significant milestone in the process required to obtain the exploration licence and commence drilling in Area 1 of the Penikat Project.

Executive Commentary on Permit Receipt

Fabian Baker, Managing Director of Kingsrose, expressed, 'The receipt of this Permit from the Ministry, confirming that our proposed exploration drilling will not negatively impact the integrity of the Natura 2000 area, is a positive key step in the permitting process at Penikat. Kingsrose has worked closely with local and international experts to survey the environmental values of the area and design a best-in-class low impact drilling plan. We will continue our work to meet our permitting timelines as best we can.'

Summary of Permit and Future Plans

Kingsrose Mining has successfully obtained a Derogation Permit for Area 1 of the Penikat project, allowing exploration activities including drilling, subject to operational conditions. The Company expects to receive the exploration licence during Q3 CY2024, enabling drilling to commence in December 2024. Kingsrose has committed to measures to minimize potential impacts of drilling, including conducting studies to support an application for extensions to the Permit timeframe. The Permit has been granted for an initial two years, with ongoing studies to assess potential cumulative impacts of nearby wind power projects. Kingsrose will proceed to finalize and submit the Natura 2000 Assessment for Areas 2-5 based on the learnings from the Area 1 process. This development reflects the Company's dedication to environmental stewardship and its commitment to meeting the necessary requirements for responsible exploration and drilling activities in the Penikat Project.