The Sweden Strategic Metals Project is a group of seven Exploration Permits covering a total area of 11,012Ha in the historical Tungsten mining field of Bergslagen, near the city of Grängesberg. These include the Yxsjöberg, Gubbo, Hörken, Högfors, Sandudden and Gänsen Prospects.

The prospects have indicative rock sample grades varying from 0.25% to 0.44% of Tungsten Trioxide (WO3). The majority of deposits in the area occur as scheelite skarns. The Yxsjoberg prospect covers the historic Yxsjoberg Mine which produced 5 million tonnes grading 0.38% Tungsten (equivalent to 24,800t of WO3) between 1897 and 1989.

The deposit consists of three orebodies developed to 420m depth using horizontal cut and fill mining. In 2011‐12 Tumi Resources Limited reported remaining ore at Yxsjoberg of approximately 0.5Mt grading approximately 0.35% WO3 with approximately additional 4.6Mt of tailings (possibly grading approximately 0.19% WO3) for re‐working (TSXV:TM, 28 November 2012).

The mineralization at Yxsjoberg consists of a tungsten‐copper‐beryllium‐fluorite assemblage and these other metals will be considered for commercialty in the Company’s work programs.

The Fraser Institute Annual Survey of Mining Companies, 2019 (www.fraserinstitute.org) ranked Sweden number 10 in the world for mining investment based on its Investment Attractiveness Index. Sweden has a long history of mining and metal refining and today is one of the European Union’s leading ore and metal producers. Furthermore, the Bergslagen area has been identified by the Geological Survey of Sweden as being an important location for future exploration for critical metals and minerals, which are the European Union denominated materials needed in green technology such as electric cars, windmills and solar power plants.

A large proportion of Tungsten is used for the production of hard materials including tungsten carbide, which is the main component of cement carbide. Tungsten is dense and has the highest melting point of any metal. It is used in filaments in light bulbs, and in electric contacts and arc‐welding electrodes. It is essential for a wide range of modern technologies as it has several unique characteristics suitable for modern technical applications that cannot be substituted, including in the military, aerospace and automotive industries, and radiation shielding.

Roskill’s Tungsten supply and demand analysis suggests that five new Tungsten mines of greater than 1,000 tonnes per year capacity will be required by 2024, rising to nine by 2029 (Roskill Tungsten: Outlook to 2029, 14th Edition report).