KUNIKO LIMITED — Capital/Financing Update 2021

Aug 25, 2021

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ASX Release

26.08.2021

ASX: KNI

Fast Facts Issued Capital: 53,180,499 Market Cap (@$0.765): $40.683m

Exploration Underway at Skuterud and Vangrøfta Projects

Kuniko Limited (“Kuniko” or “the Company”) is pleased to advise that exploration activities have commenced at the Skuterud Cobalt and Vangrøfta Copper Projects, located in Norway.

Highlights:

• Geochemical sampling programs underway, kicking off a significant schedule of activity on the Company’s projects in Norway.

• Exploration on a suite of historical producing battery metals projects, with minimal previous modern exploration.

• The Skuterud Mine produced over one million tonnes of cobalt from 17731898, and at the time was both the world’s largest cobalt producer and the largest company in Norway.

• The Vangrøfta licence hosts the historical Fredrick IV mine, from which 30 years of small-scale production occurred up until 1908. More recent rock chip samples reported rock chip results up to 16.75% copper, 3.33 g/t gold and 0.216% cobalt from historical mine workings and dumps at the project.

• New data to augment existing data sets, and to be integrated with upcoming airborne geophysical programs, scheduled for September 2021.

Highlights

Developing Copper, Nickel, Cobalt, and other battery metals projects in Europe, for Europe Ethical Sourcing ensured .

100% commitment to electrified, net ZERO CARBON production process.

Operations in Norway, where 98% of electricity comes from RENEWABLE sources.

Corporate Directory

Kuniko Limited ACN 619 314 055

Proposed CEO Antony Beckmand

Chairman Gavin Rezos

Non-Executive Director Brendan Borg

Non-Executive Director Maja McGuire

Non-Executive Director Birgit Liodden

Company Secretary Joel Ives

• First new assay data expected in September 2021.

• New geophysical and geochemical data set expected to aid planning for drill testing of key targets.

Gavin Rezos, Chairman, commented:

“On behalf of the Board, I welcome our new shareholders. Kuniko has been positioned to meet the high demand for a sustainable supply of ethically mined battery metals sourced from within the European Economic Area (EEA) in response to the EV revolution. Norway, which has a long history of mining and is a world leader in renewable energy production, is now looking to reinvest in its mineral deposits as it transitions away from North Sea fossil fuels production to help the EEA meet this demand. Kuniko aims to extend historical battery metals resources on our project sites by applying modern exploration and processing methods, whilst applying the same ESG culture to our projects to demonstrate a zero-carbon footprint that we have learnt from Vulcan, who importantly has retained a 25.85% stake in the company.”

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www.kuniko.eu

info@kuniko.eu

Level 11, Brookfield Place, 125 St Georges Terrace Perth WA 6000

+61 8 6364 5095

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ASX Release

26.08.2021

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Exploration Activities

The geochemical sampling program at the Skuterud Cobalt Project, which on August 12, is focused on collecting soil and rock chip samples along a regularly spaced 50 x 100 m grid, supported by geological mapping and rock sampling in areas of no soil coverage and/or encountered mineralisation. As of August 22, a total of 378 soil samples and 7 rock samples have been collected at Skuterud. Initial laboratory results are expected to be received in September 2021. The sampling program will assess an approximately 9 km trend of historical cobalt workings north and south of the historic Skuterud Mine.

The Skuterud Mine produced over one million tonnes of cobalt from 1773-1898, and at the time was both the world’s largest cobalt producer and the largest Company in Norway.[1]

At the Vangrøfta Copper Project, an initial reconnaissance visit has been completed, with the teams currently at Skuterud scheduled to commence a geochemical sampling program at the end of August. Initial laboratory results are expected to be received in October 2021.

The Vangrøfta licence hosts the historical Fredrick IV mine, from which 30 years of small-scale production was undertaken up until 1908. Rock chip samples taken by Kuniko in 2018 (then known as Koppar Resources) reported rock chip results up to 16.75% copper, 3.33 g/t gold and 0.216% cobalt from historical mine workings and dumps at the project (refer ASX: VUL announcement 16 October 2018).

A significant program of airborne geophysics has been contracted and is expected to commence in early September, over the Skuterud, Vangrøfta and Undal Project areas, and will comprise magnetics, electromagnetics (EM), IP and radiometric components. Data from these surveys is expected to be available in October 2021 and will be integrated with historically available and newly collected geochemical and geological data. These activities are expected to significantly contribute to a comprehensive evaluation of the potential of the project areas and enable detailed planning of drilling for 2022.

1 Hornemann, H. H. 1936. Report on the Co mines at Modum, collected from different sources.

Brendan Borg, “ We are pleased to be off to a quick start with our evaluation of this exciting suite of battery metals Director, projects in Norway. We look forward to reporting on our significant programs of geochemical and commented: geophysical surveys across these historical production sites, as we move to define targets for drill testing”

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Figure 1: Kuniko Project Locations

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Figure 2:

Historic Skuterud Cobalt Mine Photo: Terje Bjerkegård/NGU

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ASX Release

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Figure 3:

Consultant Geologist sampling at Skuterud, August 2021

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Figure 4:

Sampling Farm at Skuterud field base, August 2021

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About Kuniko Kuniko is focused on the development of copper, nickel, and cobalt projects in Scandinavia, with a strict mandate to maintain net zero carbon footprint throughout exploration, development, and production.

Kuniko’s 262km[2] Ni-Co-Cu licence portfolio consists of the three separate project areas. The Southwest Norway tenements are Ni-Cu-Co projects in the historically important Feøy and Romsås mining districts located in south-western Norway. The South-central Norway cobalt tenements are prospective for Co-Cu-Au, part of the historically important Skuterud mining district of centralsouthern Norway, previously the largest cobalt mining area in the world. The South-central Norway copper tenements comprise of the Undal Cu-Zn-Co project and Vangrøfta Cu-Co-Au projects, located in the Trondheim region of central Norway.

Competent Information in this report relating to Exploration Results and Mineral Resource Estimates is based on Persons information reviewed by Mr. Brendan Borg, who is a Member of the Australasian Institute of Mining Statement and Metallurgy. Mr. Borg is a director of Kuniko Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Borg consents to the inclusion of the data in the form and context in which it appears.

Enquiries

Joel Ives, Company Secretary Telephone: +61 8 6364 5095 Email: info@kuniko.eu

Authorisation This announcement has been authorised by the Board of Directors of Kuniko Limited.

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