Hautalampi Cobalt-
Nickel-Copper
Mine Project

FinnCobalt Oy (formerly Vulcan Hautalampi Oy) is a private Finnish company, which owns the ground and all mining rights of the Hautalampi Cobalt-Nickel-Copper Mine project. The Hautalampi Mine project is located in Outokumpu town and has been previously known as the Cobalt-Nickel parallel of the historic Outokumpu (Keretti) Copper mine. Outokumpu Oyj developed the Hautalampi Mine from 1985 to 1986: 11 kilometres of diamond drilling, a boxcut, 2.1 kilometres of drifting, including the decline and the ventilation rise, was done but the project was ceased due to a sudden collapse of the cobalt price. The project was further developed between 2007 and 2009 by drilling an additional 10 kilometres and preparing a complete Feasibility Study.

The recent development includes core drilling for metallurgical sampling 2017-2018, which was followed by the flotation test work by GTK Mintec laboratories. Commercial grade Cu- and Ni-Co-concentrates were produced.  Further Ni-Co-concentrate leaching test work aiming for battery chemicals production was done by Outotec Oyj. All test work succeeded well and confirmed that Hautalampi mineralisation is suitable for battery chemicals production.

FinnCobalt Oy has completed some 9300 meters during years 2020-2021. Based on this and earlier drilling (total some 86 500 meters) AFRY Finland Oy has prepared an updated mineral resource estimate of the project.

The deposit has an Environmental Permit for underground mining in force. Autumn 2020 the company decided to commence a totally new Environmental Impact Assessment for the project including underground mining and on-site ore processing.  Mining Concession proceedings were completed in October 2022.

FinnCobalt Oy is owned by Alandra Oy (20%), Kiviralli Oy (20%), Tetra Ekberg Oy (20%) and Eurobattery Minerals AB (40%). Eurobattery Minerals has informed, that it plans to acquire the remaining 60% of FinnCobalt Oy during the first half of 2023.