Kuniko Limited - Developing Ethical Sources of Battery Metals in Scandinavia and Canada

About Kuniko Limited

Kuniko Limited (ASX: KUN) is a mineral exploration company focused on the development of copper, nickel, cobalt, lithium and other critical battery metals projects in Norway and Canada. The company holds over 1000 sq km of exploration licenses across Norway and is committed to sustainable and ethical mining practices with a focus on net zero emissions. Kuniko aims to provide local and sustainable sources of key battery metals to serve the rapidly growing European electric vehicle and energy storage markets.

The company is led by an experienced management team including CEO Antony Beckmand, Chairman Gavin Rezos, and technical advisors Dr. Benedikt Steiner and Joel Ives. Kuniko operates with the highest ESG standards and is driven by principles of ethical sourcing, environmental stewardship and community engagement. With operations in Norway, where 98% of electricity comes from renewable hydropower, the company is well-positioned to supply responsibly produced battery metals.

Highlights from Skuterud Cobalt Project

Kuniko's flagship Skuterud Cobalt Project in Norway has seen significant advancements through two successful drilling campaigns at the Middagshvile prospect. Skuterud was once the world's largest cobalt mine, producing over 1 million tonnes of cobalt ore historically. Kuniko's recent drilling has confirmed extensions of mineralization and revealed new shallow high-grade cobalt discoveries.

Key highlights include:

• Successful 2022 and 2023 drilling campaigns with cobalt mineralization intersected in multiple holes
• Assay results showcase substantial progress in expanding shallow and deeper mineralized zones
• High-grade cobalt intercepts including 1.0m @ 1.08% Co in KNI_MDV011
• Extension of mineralization towards the north, enhancing potential for further growth
• New mineralized horizons and notable cobalt-copper discoveries
• Strategic field mapping aiding targeting of additional zones

The results affirm Skuterud's prospectivity and potential to host significant cobalt resources. With mineralization open along trend, Kuniko is well-positioned to continue expanding the project through further exploration and drilling.

Advancing Towards a Maiden Resource

The success of the latest drilling provides a strong foundation for advancing the Skuterud Cobalt Project towards a maiden resource estimate. Key upcoming work will involve:

• Integrating historical data to refine the geological model
• Detailed mapping around historic mine workings to identify extensions
• Additional reconnaissance across the broader tenement package
• Further drill testing of prospective targets and mineralized horizons
• Metallurgical testwork to determine optimal processing methods

By systematically exploring and evaluating the known cobalt mineralization, Kuniko aims to deliver a maiden resource within 12 months. This would be a major milestone for the company and its shareholders.

Kuniko's CEO Antony Beckmand commented: "The success of this second drilling program is a testament the dedication of our team. Skuterud's potential is becoming increasingly evident, and we look forward to further exploration and the value we can unlock."

Developing a New Cobalt District in Norway

The promising results from Skuterud are a strong indication that Kuniko's extensive landholding in Norway could host a brand new cobalt district. With over 360 sq km of exploration ground at its neighboring Ringerike project, the company sees potential for additional near-mine discoveries.

Prolific historic mining combined with supportive policy and renewable energy gives Kuniko a prime opportunity to supply ethically-sourced cobalt and other battery metals into the booming European EV market. The company estimates its projects could provide 10-15% of forecasted European cobalt demand in the near future.

Sustainability at the Core

Kuniko operates according to strict ESG principles focused on ethical sourcing, community engagement and environmental stewardship. The company's net zero mandate aligns with consumer demand for responsibly produced battery metals.

With in-country expertise and partnerships, Kuniko aims to create lasting benefits for local communities surrounding its projects. This includes collaborations on conservation, sustainability initiatives and opportunities for skills training and employment.

By developing modern resources projects to the highest ESG standards in low-carbon jurisdictions like Norway, Kuniko seeks to be a global leader in sustainable metal production.

Conclusion

With multiple high-grade cobalt drill results and extension of mineralization, Kuniko's Skuterud Cobalt Project shows strong potential to become a core asset. Upcoming work programs could quickly advance the project towards maiden resources to benefit shareholders.

Leveraging its sizable Norwegian land package, Kuniko is positioned to be a major new supplier of ethically sourced battery metals into Europe's booming EV market. With sustainability and community relationships as central pillars, the company aims to create value for stakeholders by developing modern, climate-smart mines in tier-1 jurisdictions.

Investors interested in the battery metals and renewable energy revolution should keep an eye on Kuniko as it advances key assets like Skuterud. Through operational excellence and adhering to the highest ESG standards, the company has a clear pathway towards building a globally significant battery metals business.