Numedal is part of the Project Hub. The Project Hub secures the Company prospective projects on a national scale, that meet its ambitions of contributing to the development of the European supply of critical metals and maximizing the first-mover advantage in Norway. It also serves as a potential catalyst to pursue non-dilutive financing options, as we aim to bolster our exploration efforts without compromising the integrity of our core projects or the shareholder structure through either project deals, sales, or soft funding. Furthermore, the Project Hub functions as a de-risking mechanism by providing flexibility in project development within the Company.

The Company is committed to establishing strong relationships throughout Norway with municipalities, local communities, and other stakeholders.

The Company anticipates that exploration activities will be carried out by the NGU on a regional basis, which will include:

·      Regional and local-scale geophysical survey.
·      Soil and stream sediment sampling programs.
·      Geological mapping and reporting.

These activities, whether conducted on the Company’s license areas or other, are expected to provide valuable insights that will assist the Company in further evaluating its projects.

The Project Hub is dedicated to a systematic identification and assessment strategy to further evaluate the projects through specifically designed fieldwork programs and desktop studies during the year 2024 and onwards. Once the projects have been evaluated, the Company will decide whether to advance the projects. The projects will be advanced either directly by the Company’s in-house geological teams or together with strategic partners, through exploration and development joint ventures or option agreements. In this regard, a project could be designated a main project.

Further project information will be shared about individual projects as management makes decisions.