Rare Earth Elements project

• The Company holds a Mining Act compliant ore exploration permit application for an area where two rare earth element (REE) deposits are located. The deposits are located in Kontioaho and Katajakangas, around 3 – 4 kilometres West from Otanmäki

• Since 2016, the Company has in cooperation with University of Oulu analysed the deposits’ geology, mineralogy and REE recovery procedures

• In addition to REEs, the Kontioaho deposit contains high amounts of zirconium and fluorite concentrations, as well as significant amounts of niobium

• The Company’s REE projects are currently pure exploration projects, and will require several millions of euros in exploration investments. The Company’s long term goal is to produce a REE semi-product which will be sold to further processors

Ore reserve estimate¹


Ore, Mt

REE (%)

Y2O3 (%)

ZrO2 (%)

Nb2O5 (%)













1) The ore reserve estimate is not in accordance with JORC or NI 43-101 codes
Source: Otanmäki Mine Oy

Rare Earth Elements deposits

RRautaruukki Oy has studied the REE deposits in the 1980s:


• The Kontioaho deposit is approximately 600m long and about 12m thick

• The most important REE minerals in the deposit are allanite and parisite. Other valuable minerals include zirconium, fluorite, magnetite, and pyrochlore

• The deposit contains high levels of light REE elements (so-called LREE) and significant levels of heavy REE elements (so-called HREE). In addition to these, the deposit contains niobium, yttrium, zirconium, iron, and fluorine (zircon and fluorite 5-6% of ore)


• The surface area of the Katajakangas deposit is around 250m x 850m, its thickness varies between 0.2m-1.4m.

• The most important REE minerals found in the deposit are allanite, fergusonite, and columbite

• The deposit contains high levels of LREE, and significant levels of HREE. In addition, the deposit contains some niobium, yttrium, and zirconium

Exploration License Area

Potential REE products

The applications of finished rare earth element products include strong magnets, powerful lamps, various lasers, use as catalysts in chemical reactions, as colour pigment in glass industry, as supra conductors, etc. The main applications of niobium include strong alloy metals (steels), supra conductive magnets, and electro-chemical products.


Zircon is used in ceramic, fireproof materials and chemical industry. Fluorite uses include manufacture of fluoric acid and use in steel and aluminium industry


The most important REE mineral


The most important fluorine mineral


The most important zirconium mineral


An important oxide mineral of iron

Surplus Mineral Matter

Potassium feldspar, plagioclase, quartz etc. Can be utilized in infrastructure construction

Lulepotten Cu-Au-Ag-project in Sweden

• In 2019, the Company signed an earn-in agreement with the Swedish Olandbrava Exploration. The Company’s share of the deposit is 50%. The following exploration permits are valid for the area:

Ballek 101: Expiring 7th June 2022 and Ballek 201: Expiring 21ist February 2023

• In 2020, the Company prepared a new mineral resource estimate with the Geological Survey of Finland. Studies on the deposit have been performed by various operators since the 1960s
• The Company has obtained a Swedish Mining Act compliant work plan permit from the Norrbotten authorities. The work plan permit is valid until 30th of April 2022. The plan covers i.e. additional drillings in the area. In event some drillings are initiated before 31st of December 2022, Otanmäki Mine Oy’s ownership in the deposit will increase to 75%.
• The Company’s objective is to capitalize the deposit in the next 2 to 3 years in order to finance the Company’s other operations
• Prior to selling the asset, the Company intends to ensure the deposit’s marketability by studying it and upgrading the deposit’s mineral resource classification (Indicated Class; top 100m). The Company will not be mining or processing any materials during this project
• The deposit is approximately 1.5km long. Its width varies between 10 – 50m, and at some places reaches a depth of at least 600m. The ultimate depth dimension of the deposit is still unknown

• In a mineral resource estimate performed in 2020, only a 500m long part of the deposit has been modelled (see picture below)

Lulepotten Mineral Resource Estimate


3 500 000

Cut-off Cu (%)


Cu (%)


Au (g/t)


Ag (g/t)


Tonnes Cu

25 000

Oz (Au)

31 000

Oz (Ag)

1 200 000



3D-model of the Lulepotten deposit

Mineral assemblages of the Lulepotten deposit