Kingsrose Mining Limited is advancing permitting for Area 6 at its 100%-owned Penikat PGE project in northern Finland, targeting the commencement of exploration drilling in January 2027.

The company previously excised Area 6 from Area 4 in April 2026 to pursue a separate exploration permit application situated outside Natura 2000 and Mire Protection areas, establishing a more direct pathway to near-term drilling.

Statutory public consultation feedback for the Area 6 Exploration Permit application and Enforcement Order application is expected in early October 2026. The Finnish mining authority, Tukes, has advised that it intends to prioritise the application, with a regulatory determination anticipated in early December 2026.

Drilling is planned to commence following the required 37-calendar-day appeal period, subject to all necessary approvals and the absence of appeals preventing operations. The programme will mobilise a single rig to test interpreted extensions of the AP reef.

“Penikat represents a compelling exploration opportunity for Kingsrose, combining high-grade PGE mineralisation with significant scale and highly prospective areas that have yet to be tested. Our immediate focus is Area 6, where the permitting process is progressing and where we see a clear pathway towards drilling. Importantly, Area 6 sits outside the Natura 2000 area providing a more direct permitting pathway.” 

— Andy Caruso, Chief Executive Officer

The project hosts an existing JORC Exploration Target of 21 to 32 million tonnes at 4.0 to 7.4 grams per tonne 6E, based on 108 historical drill holes across the SJ and PV mineralised reefs.

“With an Exploration Target of up to 32 Mt at up to 7.4 g/t 6E, and historical drilling averaging only around 43 metres depth, we believe there is significant potential to expand our understanding of this large PGE system. The upcoming drilling programme represents an important catalyst for Kingsrose as we seek to demonstrate the quality and scale of the Penikat opportunity.” 

— Andy Caruso, Chief Executive Officer

Historical drilling at Penikat has averaged approximately 43 metres in depth, leaving the broader system open for deeper testing.

Read the full announcement: Permitting Advances Towards January 2027 Drilling at Penikat