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1 1 NORDIC SCALE. COPPER & SILVER FOCUS. Developing the next generation of critical metal assets in the Nordics. Company presentation November 2026
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2 2 Important Information The information comprised in this document (the “Presentation”) has been prepared by the Board of Directors of Arctic Minerals AB (publ) (“Arctic Minerals” or the “Company”) and does not constitute or form part of any offer to purchase or subscribe for, any securities of the Company or its affiliates in any jurisdiction, including the United States, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision as it is provided for information purposes only and does not contain all of the information material to an investor. The Presentation contains certain forward-looking statements. Such forward-looking statements reflect the current views and opinions of the Board of Directors of the Company or are assumptions based on third party information available to the Company. Such forward-looking statements are subject to certain known and unknown risks, uncertainties associated with the Company’s growth, management, relations with clients and suppliers and other factors referenced in this Presentation. Although the Company believes that these assumptions were reasonabl e when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors, which are difficult or impossible to predict and are beyond the Company’s control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this Presentation by such forward-looking statements. The information, opinions and forward-looking statements contained in this Presentation speak only as at its date and are subject to change without notice. The Board of Directors confirms that statements, estimates and projections set out herein with respect to the anticipated future results, performance or achievements of the Company reflect various assumptions, which may or may not prove to be correct. There can be no assurance that such views are accurate, or that such estimates and projections will be realised. No representations, warranties or other assurances can, therefore, be made as to the accuracy of such statements, estimates or projections. The information contained in the Presentation has not been independently verified and does not purport to be comprehensive. No representation or warranty, express or implied, is made as to, and no reliance should be placed upon, the fairness, accuracy, completeness or correctness of the information or opinions contained in the Presentation. Neither the Company nor its affiliates, nor any or the shareholders, directors, officers, partners, advisers, employees, representatives or agents of any of the foregoing entities accepts any responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise, including in respect of direct, indirect, or consequential loss or damage) in this respect.
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3 01 05 02 03 04 3 T able of contents Introduction to Arctic Minerals Portfolio overview Hennes Bay – Flagship asset Market overview Appendix Hennes Bay Cu - Ag Swan Lake Cu – Au - Ag Bidjovagge Cu - Au Kuusi Cu – Au – PGE FLAGSHIP Advanced projects Hennes Bay | Bidjovagge Greenfield projects Swan Lake | Kuusi
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4 4 Executive summary Two Nordic advanced exploration copper-silver-gold projects with multiple near-term growth catalysts 1 32kt Copper Cu 135 koz Gold Au 162,295m Drilling completed 2.38 Mt Ore produced 23.4kt Cu, 251koz Au 3.3 Mt Resource PEA Study published 2021 Significant near surface expansion potential <5% of the prospective tenement has been drill-tested; mineralisation remains open at Dingelvik and other prospects 3 2 1 Flagship asset with a fast-growing mineral resource Hennes Bay hosts a 90.7 Mt Indicated & Inferred Resource containing 682 kt copper and 60.9 Moz silver, a 72% increase in CuEq metal on the maiden MRE 2nd advanced project with no recognised value in Market Cap Historic drilling includes 31.0m @ 1.34% Cu & 5.3 g/t Au, including 9.0m @ 2.35% Cu & 10.8 g/t Au Near-term catalysts Updated MRE released Nov 2026; Phase 2 drilling underway to expand and upgrade the resource, ahead of the Preliminary Economic Assessment (PEA) Hennes Bay and Bidjovagge combine established resources with multiple near-term catalysts for growth Bidjovagge – Advanced Exploration AssetHennes Bay – Flagship Asset 90.7 Mt Resource >50 km Outcropping mineralisation 682kt Copper Cu 60.9 Moz Silver Ag <5% Drill-tested 17,549m Drilling completed Past producer, shallow depth 1,621 historic drill holes for ~162,000m, ~120m depth — substantial expansion potential at depth and along strike 2 Near-term catalysts Expansion drilling permits recently awarded, MRE and PEA being updated for current metal prices (Cu +54%, Au +146% since 2021) 3
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5 5 The expertise to advance Arctic Minerals A complementary team spanning exploration, mine development, capital markets and Nordic stakeholder engagement Board & management Complementary capabilities Deep operational experience across the full mining lifecycle – from discovery to development Robert Behets Non-executive Chairman Corporate governance & capital markets Peter George Managing Director & CEO Mining leadership & resource development Joakim Lidfeldt Non-executive Director Banking & Nordic capital markets Johan Spetz Chief Financial Officer Capital markets & corporate finance Erik Lundstam Deputy CEO & Chief Geologist Geology & mineral systems expertise Bino Drummond Chief Sustainability Officer Sustainability & stakeholder engagement Advisory committee Lars-Eric Aaro Advisor Mining leadership Jonas Lindholm Advisor Nordic permitting & stakeholder engagement Pierre Olsson Advisor Project finance & structured transactions Risto Pietilä Advisor Exploration & geoscience Krister Söderholm Advisor Geology & Nordic resource expertise Significant mining leadership experience Nordic exploration & mine development Capital markets & project finance Permitting, sustainability & stakeholder expertise
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6 6 Why copper? Robust demand growth and a slow supply response support copper’s long-term price outlook Source: Company information, FactSet. Demand is broadening Electrification, power grids, data centers & transport adding substantial copper demand growth to “traditional” demand growth driven by expanding global middle class (housing, appliances, vehicles, infrastructure). 1 New supply is difficult Major discoveries are scarce & new mines take many years to permit, finance & develop 2 Price reflects tighter fundamentals Despite cyclical volatility, copper prices have risen materially over the long term as demand has expanded 3 0 4 000 8 000 12 000 16 000 2016 2018 2020 2022 2024 2026 CAGR 12.1% Copper price
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7 7 Regulatory tailwinds in our favour New reforms in Norway and Sweden — aligned with the EU Critical Raw Materials Act — are shortening the path to production Source: Company information. Coordinated Nordic and EU reform is de-risking the path from discovery to production Norway – New Minerals Act In force from 1 July 2026 – A single Directorate now coordinates all exploration and mining permits, cutting duplication and delay – Introduces an indigenous peoples' compensation — a share of extracted mineral value directed to Sámi communities in traditional Sámi areas (exact percentage yet to be set by Parliament) – Norway has signalled a priority to align with the EU's Critical Raw Materials Act via the EEA Agreement, reinforcing its long-term commitment to developing domestic mineral resources Directly benefits Bidjovagge, where Arctic Minerals is advancing Cooperation Agreements with local Sámi districts Sweden – New Mineral Strategy Announced July 2026 – Targets a 27-month permitting timeline for EU Critical Raw Materials Act Strategic Projects, with a single national contact point – Considering a state co-investment fund for strategic mining and processing projects – Proposes designating major mineralised belts as areas of national interest – Newly appointed government investigator (announced Sept 2026) is examining higher, redistributed mineral compensation — giving municipalities a direct share of mining-related revenue for the first time; findings due end Sept 2028 Directly benefits Hennes Bay, Arctic Minerals’ flagship Nordic copper-silver resource EU – 2030 Raw Materials Targets Regulation (EU) 2024/1252, Critical Raw Materials Act – Mine more in Europe: EU mines should supply at least 10% of annual demand – Process more in Europe: EU facilities should process at least 40% of annual demand – Recover more waste: recycling should meet at least 25% of annual demand – Faster permitting: EU-designated Strategic Projects get a 27-month permitting limit, subject to exclusions and extensions Underscores the strategic rationale for Nordic copper supply, including Hennes Bay and Bidjovagge
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8 01 05 02 03 04 8 T able of contents Introduction to Arctic Minerals Portfolio overview Hennes Bay – Flagship asset Market overview Appendix Hennes Bay Cu - Ag Swan Lake Cu – Au - Ag Bidjovagge Cu - Au Kuusi Cu – Au – PGE FLAGSHIP Advanced projects Hennes Bay | Bidjovagge Greenfield projects Swan Lake | Kuusi
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9 9 Geared towards resource growth, project advancement and near-term exploration success across four Nordic copper-silver-gold assets Hennes Bay (Flagship) — Cu-Ag ADVANCED EXPLORATION Comparable geological settings • Sediment-hosted stratiform copper system — same deposit type as Kamoa-Kakula, Tenke-Fungurume, Kupferschiefer (Legnica- Głogów) & Udokan Poised for growth • 414 km² permits; 90.7 Mt @ 1.03% CuEq MRE, 30% Indicated; no drilling from 1984 until Company’s 2026 program; <5% drill- tested; MMT/MVI geophysical targets extend well beyond the MRE Recent success • Historical testwork indicates ~90% Cu & 75 –85% Ag recoveries; potential by-product Ga, Ge, V & REEs Excellent infrastructure • Rail, highway, 400 kV power & freshwater access on-site Bidjovagge Project — Cu-Au ADVANCED EXPLORATION Comparable geological settings • Similar to the Kalgoorlie “Golden Mile” district Resource estimate • Past-producing mine; 3.3 Mt @ 0.97% Cu & 1.27 g/t Au MRE (Indicated); cobalt/tellurium potential identified but not yet in MRE High-grade intersections • 18.0m @ 2.21% Cu & 33.8 g/t Au; 27.3m @ 3.11% Cu & 0.58 g/t Au; 15.0m @ 2.0% Cu & 8.55 g/t Au Drill-ready targets • Strong Au-Cu in shallow holes; geophysics shows ore- zone continuation; multiple targets identified Swan Lake Project — Cu-Au-Ag New discovery in well-endowed area • New Cu-Ag-Au system on strike between two of Europe's largest Cu-Au projects; 218 km² granted Resources along strike • Aitik: 2.2 Bt @ 0.19% Cu, 0.12 g/t Au, 1.0 g/t Ag; Laver: 1.0 Bt @ 0.21% Cu, 0.11 g/t Au, 3.0 g/t Ag Drill-ready • Identified targets for epithermal Au-Ag & porphyry Cu- Au deposits¹ Mineralised samples • Surface rock samples up to 0.7% Cu, 0.16 g/t Au & 55 g/t Ag Kuusi Project — Cu-Au-PGE Drill-ready target • Analogous to the Kilvenjärvi deposit on the same basement structure; 3 km² permit granted Strong coincident anomaly • Geophysics & geochemistry anomalies coincide; soil Cu 153 ppm vs 79 ppm background Activity Milestone Production Feasibility study Construction Concept study Advanced exploration Initial exploration Project generation Mine plan Ore reserves Measured and indicated resources Inferred resources Drill targets Conceptual targets Bidjovagge Hennes Bay Swan Lake Kuusi Project portfolio overview
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10 01 05 02 03 04 10 T able of contents Introduction to Arctic Minerals Portfolio overview Hennes Bay – Flagship asset Market overview Appendix Hennes Bay Cu - Ag Swan Lake Cu – Au - Ag Bidjovagge Cu - Au Kuusi Cu – Au – PGE FLAGSHIP Advanced projects Hennes Bay | Bidjovagge Greenfield projects Swan Lake | Kuusi
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11 11 Drill holes Diamond drill holes used to define the resource Mineralised horizon Copper-silver layer traced between drill holes, >50km sub-cropping at surface Open in all directions Intercepts indicate continuous mineralisation 2026 resource outlines Dingelvik plus the five satellite prospects added in 2026 MRE Potential continuity Horizon continues along-strike & down-dip; MMT/MVI targets beyond the MRE Summary Hennes Bay – Contained CuEq metal up 72%, with ample room to grow 90.7 Mt resource now defined across six prospects, with mineralisation remaining open and <5% of the tenement drill tested Source: Company information. Updated MRE: 90.7 Mt @ 1.03% CuEq (0.75% Cu & 20.9g/t Ag) for 936kt CuEq ▪ 682,000t Cu & 60.9 Moz Ag – a 72% increase in CuEq metal on the maiden 2025 MRE ▪ 30% of MRE in the Indicated category, remainder Inferred ▪ MRE reported above a 0.6% CuEq cut-off ▪ Prepared & reported in accordance with the JORC Code (2012) by an independent Competent Person ▪ Five satellite prospects now included, adding 24.8 Mt @ 1.01% CuEq Cross-section – a vertical slice through the ground Plan view – looking down from above The existing resource demonstrates potential for scale, further drilling is required to test continuity, expand the footprint and increase confidence 1 2 3 4 5 1 2 3 4 4 5
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12 12 Hennes Bay – Mineral Resource Estimate, November 2026 90.7 Mt @ 1.03% CuEq for 936 kt CuEq across six prospects – 30% now in the Indicated category Source: Arctic Minerals announcement, 2 November 2026. Reported in accordance with the JORC Code (2012) above a 0.6% CuEq cut- off. CuEq (%) = Cu (%) + 0.0134 × Ag (g/t), using US$12,000/t Cu, US$60/oz Ag and recoveries of 90% Cu and 75% Ag. Rounding may cause apparent differences. Mineral Resources that are not Ore Reserves do not have demonstrated economic viability. By classification Classification Tonnes (Mt) CuEq (%) Cu (%) Ag (g/t) CuEq (kt) Cu (kt) Ag (Moz) Indicated 27.0 1.05 0.75 22.6 283 201 19.6 Inferred 63.7 1.03 0.76 20.1 653 481 41.3 Total 90.7 1.03 0.75 20.9 936 682 60.9 By prospect (Indicated + Inferred) Prospect Tonnes (Mt) CuEq (%) Cu (%) Ag (g/t) CuEq (kt) Cu (kt) Ag (Moz) Dingelvik* 65.9 1.04 0.76 21.0 685 500 44.5 Asslebyn 7.8 1.02 0.67 26.3 80 52 6.6 Henneviken 5.7 1.41 1.11 22.5 80 63 4.1 Baldersnäs 6.6 0.86 0.64 17.1 57 42 3.6 Åsnebo 2.5 0.72 0.49 17.0 18 12 1.4 Härserud Norra 2.2 0.74 0.62 9.2 16 13 0.6 Total 90.7 1.03 0.75 20.9 936 682 60.9 *Dingelvik: 27.0 Mt Indicated, 38.9 Mt Inferred. All satellite prospects are Inferred. Six prospects open along ~20 km of strike, open at depth +72% 936kt Contained CuEq vs 2025 MRE 544kt CuEq 1.03% CuEq ~90% Cu & 75–85% Ag historical recoveries Significant Increase in Contained Metal High-Grade Resource & strong recoveries
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13 13 Hennes Bay – Conceptual mining study sets the scene for PEA and permitting Room-and-pillar mining into a central decline/conveyor corridor, with resource growth beyond Dingelvik ▪ Baseline environmental (flora, fauna, water) and cultural studies commenced early 2026 ▪ PEA work well advanced; updated MRE (Nov 2026) incorporates DP1 drilling ▪ PEA results expected 2027, after a further updated MRE from ongoing extension and infill drilling ▪ Exploitation Concession application submission expected late 2027 ▪ Definitive Feasibility Study (DFS) and Environmental Permit application work to follow A proven room-and-pillar method and a central decline/conveyor corridor support a staged, long-life underground operation ▪ Multiple decline access supports around 4 Mt annually ▪ Room-and-pillar (R&P) and long-hole stoping considered; R&P with in-mine conveyors and crushing suits Dingelvik’s broad, low- angle horizon and limits surface impact ▪ R&P method is well established at comparable Kupferschiefer copper operations in Germany and Poland ▪ Conceptual study, based on the 55.4 Mt maiden resource, indicated over 10 years of mine life ▪ 2026 MRE and further resource growth will expand the layout and extend mine life Conceptual mining study complete Conceptual mine layout Environmental, PEA and concession work Plan view — decline portal locationsRoom-and-pillar mining method Vertical section: development drives Material extracted from open rooms; pillars support the roof
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14 14 Key takeaways from the testwork Historical testwork results Historical testing indicates strong copper and silver recoveries High copper and silver recoveries possible using standard processing technologies Crushing and grinding Flotation Copper-silver concentrate Silver concentrate grade typically 400-500 g/t Cu ~30% Cu Concentrate grade Ag Cu Most of the copper can be recovered Under the historical test conditions, ~90% (Dingelvik) to ≥90% (Henneviken) of copper reported to the concentrate Silver provides additional potential value The same process also recovered ~75-85% of the silver No specialized processing route indicated The samples responded to conventional flotation, a widely used mineral- processing method Modern testwork planned Arctic Minerals plans to validate the historical results using a larger and more representative sample set Cu ~90% Cu ~75% Ag Dingelvik recovery Ag Cu ≥90% Cu ≥85% Ag Henneviken recovery Ag
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15 15 Established regional infrastructure supports potential development Major infrastructure in place Heavy haulage roads, ports, and high-voltage power lines are already in place at Hennes Bay Transport Electric railway to Gothenburg Port or Lake Vänern ports — direct EU market access, no transshipment Well-established highway network to major towns and cities International and domestic airports nearby Power High-voltage lines on the Project itself, with access to the Swedish 98% fossil-free hydro, nuclear and wind power network Water Access to local water sources for future operations, subject to permitting and environmental studies Labour Under 2 hours from Gothenburg, closer to other major towns — just over 2 hours to Oslo, Norway
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16 16 High-grade intersections: 64.4m @ 1.0% CuEq incl. 1.7m @ 3.2% CuEq (down-hole)¹ Drill Program (DP) 1 Complete, DP2 Underway 10 of 12 holes in DP1 intersected copper mineralisation; Dingelvik extended up to 465m down-dip of historical drilling Mineralised horizon in Hole 2604. From top to bottom: Hanging wall sediments, fine grained disseminated pyrite-chalcopyrite in sediments near contact to below sandstones, creamy coloured alteration zone in sandstones with disseminated to spotty chalcocite- bornite, deeply red footwall sandstones. Mineralised horizon in Hole 2603. From top to bottom: Hanging wall sediments, wispy pyrite-chalcopyrite in altered sediments near contact to below sandstones, pinky coloured alteration zone in sandstones with disseminated to spo tty chalcocite-bornite, unmineralised footwall sandstones. ¹ As reported 29 September 2026, using the CuEq assumptions in that announcement. Down-hole widths; true widths are not known for holes drilled semi-parallel to the mineralised horizon.
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17 17 Hennes Bay – pathway towards potential development RESOURCE & EXPLORATION TECHNICAL & ECONOMIC STUDIES PERMITTING & STAKEHOLDERS 90.7 Mt Resource (Ind. & Inf.) 4,187m DP1 drilling completed, DP2 commenced DP2 results and resource upgrade Further drilling and potential resource upgrade Historical testwork and conceptual mining study Modern processing, ground, water and infrastructure studies Preliminary Economic Assessment More detailed feasibility studies Community office and stakeholder engagement Environmental baseline studies under way Consultation and preparation of applications Required mining and environmental approvals Drill results PEA Permit application Updated resource Permit decision POTENTIAL MINE-DEVELOPMENT DECISION Requires a defined resource, positive studies, regulatory approvals and financing Externally visible catalyst CURRENT POSITION NEAR-TERM WORK SUBSEQUENT MILESTONES LATER STAGE Source: Company information. Note: Illustrative pathway only. Timing and progression depend on successful exploration, studies, permitting and financing. Resource definition, technical studies and permitting progress in parallel
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18 01 05 02 03 04 18 T able of contents Introduction to Arctic Minerals Portfolio overview Hennes Bay – Flagship asset Market overview Appendix Hennes Bay Cu - Ag Swan Lake Cu – Au - Ag Bidjovagge Cu - Au Kuusi Cu – Au – PGE FLAGSHIP Advanced projects Hennes Bay | Bidjovagge Greenfield projects Swan Lake | Kuusi
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19 19 20,5 27,5 0 5 10 15 20 25 30 Expected mine supply from existing and announced projects 2035 primary supply requirement 2035 IEA copper-market comparison Copper demand is outrunning the project pipeline Electrification and next-generation technologies require more copper, while new supply remains slow to develop Source: IEA, Global Critical Minerals Outlook 2026; IEA copper-market commentary, March 2026; S&P Global Market Intelligence ~7.0 projected supply gap Million tonnes per year Expected supply covers approximately 75% of requirements ~17 years on averageDiscovery Production ~7.0 Mt Projected 2035 primary copper supply gap Only 5% Of copper discoveries made over the past 35 years occurred in the last decade ~17 years Average development time from discovery to production Declining ore quality and rising project costs further constrain new supply Credible, scalable copper discoveries become more valuable as the supply pipeline struggles to keep pace
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20 20 2026 global silver market outlook Silver demand continues to exceed supply 2026 is forecast to mark a sixth consecutive year with a market deficit Source: Silver Institute / Metal Focus, World Silver Survey 2026, 2026 figures are forecasts. Where demand comes from Why silver supply cannot respond quickly ~640 Moz – Used in industrial products Silver is used in electronics, solar panels, vehicles, power grids and data center equipment ~258 Moz – Bought as bars and coins Physical investment demand is forecast to increase by 18% in 2026 ~28% ~72% From mines primarily developed for silver Produced alongside copper, gold, lead or zinc Most mined silver is a by-product: output therefore depends largely on investment and production decisions in other metal markets MINE PRODUCTION ONLY (NOT TOTAL SUPPLY) Total supply Total demand 1,066.4 Moz 46.3 Moz deficit 1,112.6 Moz Demand is expected to exceed newly supplied and recycled silver, requiring metal to be drawn from existing inventories
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21 01 05 02 03 04 21 T able of contents Introduction to Arctic Minerals Portfolio overview Hennes Bay – Flagship asset Market overview Appendix Hennes Bay Cu - Ag Swan Lake Cu – Au - Ag Bidjovagge Cu - Au Kuusi Cu – Au – PGE FLAGSHIP Advanced projects Hennes Bay | Bidjovagge Greenfield projects Swan Lake | Kuusi
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22 22 Resource nationalism is accelerating across the copper supply chain In under two years, the EU, Indonesia, China, the DRC and the US have each moved to keep critical copper feedstock at home As producing nations restrict what leaves their borders, owning supply inside your own bloc becomes more valuable, not less Source: Indonesia copper concentrate export ban — Ministry of Finance (1 Jan 2025). EU Waste Shipment Regulation (EU) 2024/1157 & Critical Raw Materials Act (EU) 2024/1252 — European Commission. China smelter output cuts — CSPT via SMM (28 Nov 2025). DRC copper/cobalt export ban — government order (29 Jun 2026). US scrap export restriction — Defense Production Act memorandum (30 Jul 2026). Concentrate context — IEA, Fastmarkets. What the EU wants by 2030 10% Mine more in Europe EU mines supply at least 10% of demand 40% Process more in Europe EU facilities process at least 40% of demand 25% Recover more waste EU facilities recycle 25% of demand as scrap Faster permitting: Strategic Projects get a 27-month permitting limit The same pattern, playing out worldwide 1 2024–2027 — European Union Waste Shipment Regulation phases in restrictions on scrap-copper exports outside the OECD 2 January 2025 — Indonesia Bans copper concentrate exports outright, forcing smelting and refining onshore 3 November 2025 — China (CSPT smelters) Smelters cut output 10%+ and cap purchases to defend margins as TC/RCs go negative 4 June 2026 — DR Congo Bans copper and cobalt concentrate exports to force in-country processing 5 July 2026 — United States Defense Production Act restricts exports of recoverable copper from e-waste and batteries Why now: as treatment charges collapse toward zero, every bloc has an incentive to keep feedstock at home
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23 23 NORDIC SCALE. CRITICAL METALS. Building the next generation of copper and silver assets in the Nordics. Empowering the green energy transition with Nordic copper, silver and critical metals For further information: • Contact Peter George, Managing Director and CEO, peter.george@arcticminerals.se