Kvelde is part of the Project Hub. On May 21, the Company announced that it has commenced its regional summer exploration program, starting at the Hulderdalen project and Kvelde being one of the four projects within the program.

Kvelde is situated approximately 4 km to the west of Hulderdalen. Kvelde consists of four contiguous licenses measuring 38 square kilometers in size. Kvelde is situated on the border of the Telemark & Vestland provinces of Norway and contains known ferrous metal and apatite occurrences. The project has been explored for REEs previously in the 1970s and 1980s by the NGU respectively. Kvelde is situated in an identical geological setting to Hulderdalen and exhibits a similar geophysical signature to the Hulderdalen and the adjacent Kodal deposit. Due to these similarities, Kvelde is being treated as a potential satellite deposit to Hulderdalen.