Kingsrose progresses permitting at exciting Penikat PGE project in Finland

The Finnish Government’s permitting authority, Tukes, has defended approval of Kingsrose’s Penikat exploration permit against an appeal
Kingsrose has submitted an Extractive Waste Management Plan to Tukes
The company plans to begin drilling during the 2025 – 2026 winter period

Special report: Kingsrose Mining is working through permitting approvals at the Penikat project in Finland to begin exploration drilling.

The company is required to obtain an enforceable Exploration Permit from Tukes, the Finnish permitting authority, and an enforceable Derogation Permit from the Ministry of Environment, which include conditions to minimise potential environmental and social impacts of drilling.

Tukes has provided a statement to the Administrative Court in response to the appeal lodged against the approval of an exploration permit to Kingsrose, defending their approval on the basis of the thorough Natura Assessment process, regional and national environmental authority reviews.

Kingsrose’s (ASX:KRM) legal counsel has submitted a legal rejoinder to the Administrative Court demonstrating compliance with Finnish law, adherence to best practice, and dismissing the appellants’ statements.

The company has submitted an Extractive Waste Management plan to further support proposed drilling with the Administrative Court now left to decide if it has sufficient information to make a decision or ask for additional details.

If the latter, the court may request further information from relevant authorities, Kingsrose or the appellant.

One of the world’s highest grade undeveloped PGE assets

Over the last three years, the ~$25m market cap explorer has undergone a corporate shift with a new team and new assets following its takeover of private UK company Element-46.

KRM now owns a portfolio of forward-facing critical minerals like PGEs, nickel and copper, which will all see demand rise to meet Paris agreement goals.

The Penikat PGE-nickel-copper deposit in southwestern Finland is one of the world’s highest-grade undeveloped PGE assets with mineralisation analogous to South Africa’s Bushveld complex.

It continues to make progress in permitting, securing both a Derogation Permit and an Exploration Permit for drilling with plans to get the drill bit spinning this year.

Drilling to begin in 2025 – 2026 winter

Environmental NGOs are active in Northern Finland, meaning most exploration permits tend to be appealed. But the quality of the asset is such that Kingsrose’s management viewed the regulatory hurdles as something worth clearing.

As well, the years from 2012-2024 have seen a great number of exploration permits awarded in Finland with an extremely low rate overturned in the Administrative Courts.

It is aiming to begin drilling late in 2025, as the Finnish winter returns.

“We were aware that exploration permitting at Penikat would be a substantial task but we believe that the potential of Penikat, as demonstrated by historical drilling, is worth the investment,” KRM managing director Fabian Baker said.

“It is a testament to the quality of our work that Tukes, ELY and the Ministry of Environment have approved our exploration plans and we hope that this appeal is dismissed in time for us to commence drilling in the upcoming winter of 2025 – 2026.”

KRM’s legal counsel remains in frequent communication with the Administrative Court and looks forward to receiving a decision in due course.

This article was developed in collaboration with Kingsrose Mining, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.