Mining project

Otanmäki Mine company will be first vanadium and ilmenite producer in the EU-area


• Otanmäki Mine intends to use the funds from its IPO to initiate its mining operations in Otanmäki and Vuorokas by the end of 2026. The main products of the mines will be vanadium pentoxide (V2O5), ilmenite, and iron pellets

• The Company’s current plan is to kick-off the operations with opencast mining from which they intend to shift to underground mining at a later stage. The shift to underground mining will take place during 2027-2028

• The ore transported from the mine will be processed in the processing plant built for the ilmenite project and a vanadium factory which will be built with the funds raised in the IPO. At this stage the processing plant will be expanded to service the needs of the mining operations (including a second phase crushing facility)

• Company has studied the quantity, occurrence and mineralogy of the ore in their mining areas. According to Otanmäki Mine’s estimates, the ore reserves in their deposits total to approximately 24Mt

• The ore reserve estimates do not meet the classification in accordance with JORC or NI 43-101 codes

• In order to meet the industry requirements, the Company plans to order a new JORC compliant mineral resource estimate during 2022-2023.

Annual production

1) The estimated annual production is based on annual mining of 1.5Mt

Ore Reserves

Gravity based 3D-inversion model of Otanmäki and Vuorokas gabbro intrusions

  • Geophysical data indicates, that Otanmäki and Vuorokas intrusions couls extend to 1.5-2 km depth

Average Ore Grades

Process Flow Sheet for Ore

Process Flow Sheet for Vanadium Factory

Planned Otanmäki mine area infrasturcture


• The mineral grades of the combined ore deposits (24Mt) in Otanmäki and Vuorokas:

• Magnetite 32%, ilmenite 31%, and vanadium content in magnetite 0.63%

• The Company assumes that they will be able to mine around 1.5 – 2.0Mt per annum. Thus, even with solely the currently known ore deposits Otanmäki Mine will be able to produce critical raw materials for 12 to 16 years

• The Company owns existing mining infrastructure, such as a mine tunnel network, three hoisting towers, ventilation shafts, storage silos, service and storage facilities, and first phase crushing facilities. Moreover, the Company possesses some mining prerequisites, such as a railway and a 110kV electricity line linked to the site, around 5,000m2 of industrial space, as well as office, maintenance, storage and other buildings and housings to accommodate their miners needs

• With the above mentioned infrastructure, the Company is able to launch the mining operation substantially faster in comparison to a Greenfield investment, while saving around €15 – 20 million in investment costs

• In full operation, Otanmäki Mine will employ approximately 350 to 400 employees in its mine and processing and vanadium plants, and about 100 to 150 employees in subcontracting companies

Production Assumptions

Ore Reserves (Mt)


Annual Mining (Mt/a)


Life of Mine (a)


Initial Investment (€m)


Annual revenue (€m)


Key Production Figures

17,0 + 6,9 Mt

Ore Reserves

+ 1,5 Mt

Annual Mining

€15 – 20m

Estimated value of existing infrastructure

5 000 m²

Existing industrial floor space

450 – 550

Direct jobs

+ 16 v

Production time

€150 m/a

Estimated revenue

Project Timeline