The environmental permit application process for the talc project has progressed well. In June, we were requested to provide a response to the statements, expert memorandum, and objections submitted regarding the permit application, as well as to supplement the application. We submitted our response and the requested additional information to the Finnish Supervisory Agency on 3 July 2026.
In early September, representatives of the Finnish Supervisory Agency and other officials involved in the review process conducted a site inspection of the project area. During the inspection, they familiarized themselves with the project sites in the field and gained an understanding of the local conditions. To the Company’s knowledge, the inspection did not raise any significant questions or requirements for additional studies.
An updated concentrator scoping study prepared by Metso Oyj has also been completed. The update incorporated the results of beneficiation pilot tests conducted in 2025 at the Mintec pilot plant of the Geological Survey of Finland (GTK). Based on the updated study, the new flotation process requires less space than previously planned, and its operating costs are estimated to be approximately 10% lower than those of the earlier process design. The estimate is based on lower consumption of energy, process reagents, and wear parts, as well as reduced maintenance requirements. The project’s competitiveness is further supported by the low volume of waste rock included in the mine plan, which is significantly lower than the industry benchmarks.
We have also continued to evaluate potential utilization opportunities for the magnesite contained in the tailings, while assessing possible business models and strategic partnerships.
A total of approximately EUR 4 million has been invested in the development of the talc project in recent years. Although the project has progressed as planned, it is still too early to assess its ultimate implementation or financial impacts.
