• Administrative Court overturned the granting of Exploration Permit due to technical oversights by mining regulator
• Kingsrose's Natura assessment and studies comprehensively examined environmental impacts
• Administrative Court found Kingsrose's application had sufficient environmental impact assessment

Kingsrose Mining Limited (ASX: KRM) received a decision from the Northern Finland Administrative Court regarding the appeal which was lodged against the granting of an Exploration Permit for Area 1 of the Penikat Project, Finland. The Administrative Court overturned the granting of the Exploration Permit by the mining regulator, Tukes, due to technical oversights in their administration process. As a consequence, the Administration Court has remanded the matter back to Tukes for reconsideration. This precludes any possibility of the planned exploration drilling by Kingsrose during the present December to February winter season. The Administrative Court acknowledged that Kingsrose's Natura assessment and other studies comprehensively and thoroughly examined the natural values, environmental conditions of the exploration area, and the impacts of the planned exploration activities. The Administrative Court found that Kingsrose's application and supporting documents contained the necessary and sufficient assessment of environmental impacts as required by the Mining Act. However, the Administrative Court concluded that a procedural error had occurred as Tukes overlooked publishing the Exploration Permit Application in local newspapers, despite correctly announcing it on the Simo Municipality and Tukes websites. Additionally, the Administrative Court found that Tukes had not assessed and provided sufficient detail regarding the calculated financial guarantee according to the evaluation criteria required by the Mining Act. Kingsrose will work closely with Tukes to support improvement of the administrative processes, submit an application for a Derogation Permit and in parallel, submit a revised Exploration Permit Application.

Kingsrose remains confident that Penikat has the ability to become a world class project given it contains a significant portion of one of the highest-grade undeveloped platinum group element exploration projects globally. The Company will provide an update no later than April 2026 with progress and revised timetables.