Interim Report for the First Half Year (January - June) 2025

Interim Report for the First Half Year (January - June) 2025

The Board of Directors (the "Board") of Arctic Minerals AB (publ) ("Arctic Minerals", the "Company" or the "Parent company" and together with its subsidiaries the "Group") hereby submits an interim report for the period January - June 2025.

Significant events during the first half of 2025

• On 3 February, Arctic Minerals announced that Jonas Lindholm, an experienced Swedish-Australian entrepreneur and international business facilitator, had joined the Company's Advisory Committee

• On 26 February, Arctic Minerals announced that the Board had resolved on the record date for the reverse share split. For further information, see Reverse share split in Arctic Minerals

• On 26 March, Arctic Minerals announced a maiden Mineral Resource Estimate ("MRE") for the Hennes Bay copper-silver project ("Hennes Bay"). The MRE is

  55.39Mt at 1.0% Copper Equivalent ("CuEq") for a total 543,000t CuEq contained metal. The total metal content comprises 447,000t of copper and 37Moz of silver. For further information, see Hennes Bay project (Sweden)

• On 27 May, Arctic Minerals presented an update on Hennes Bay which detailed the immense resource growth and exploration potential beyond the initial MRE. For further information, see Hennes Bay project (Sweden)

• On 10 June, Arctic Minerals held its Annual General Meeting. For further information, see Annual General Meeting in Arctic Minerals

• On 19 June, Arctic Minerals announced the completion of a directed share issue of approximately MSEK 17.5 before transaction costs. For further information, see Arctic Minerals' Directed Share Issue

  Significant events after the period ending

• On 30 July, Arctic Minerals announced the commencement of an extensive airborne Magneto-Telluric ("MMT") survey at Hennes Bay. The MMT survey is focused on the MRE area and additional areas of interest along the prospective copper-silver horizon. For further information, see Hennes Bay project (Sweden)

• On 18 August, Arctic Minerals announced that Pierre Olsson, an experienced international financial sector advisor, had joined the Company's Advisory Committee

  Stockholm, 28 August 2025

  
  
  

  First half year (January - June) 2025

• Results after tax for the period was MSEK -8.3 (-1.7)

• Earnings per share for the period amounted to SEK -0.21 (-0.01)

• Cash and bank position amounted to MSEK 19.2 (2.8) at end of period. Some of the cash from the directed share issue announced in June 2025 (~MSEK 17.5 before transaction costs) was paid to the Company in July 2025. The total amount of the issue proceeds is therefore not fully considered in the cash and bank position as of June 2025

Message from the Chairman

In the first half of 2025, Arctic Minerals continued the rapid advancement of the Company's flagship Hennes Bay project in Sweden.

The Company successfully achieved a major milestone in March with the reporting of a maiden Mineral Resource Estimate for Hennes Bay. With a total metal content comprising 447,000t of copper and 37Moz of silver, the maiden MRE clearly demonstrated the significant potential of Hennes Bay and confirmed its status as one of the fastest growing, near surface copper-silver projects in Europe with genuine scale and substantial exploration upside.

The Company believes this initial MRE is just the beginning. It includes only one of six prospects with extensive zones of mineralisation defined by historical drilling. With limited further drilling, the other five prospects have the potential to be added to the MRE. Further, with less than 5% of the interpreted extent of the aerially extensive prospective horizon within the Company's highly prospective

402 km2 tenement package drill tested to date, the potential for substantial resource growth and new discoveries is considered immense.

Arctic Minerals' focus is to build on this very solid foundation and systematically demonstrate the full potential and value of Hennes Bay through targeted work programs and drilling.

To this end, multiple exploration activities have been initiated to rapidly expand the MRE and target high-grade bonanza copper and silver mineralised zones within the broader project area. These activities include structural field mapping and the use of modern geophysical techniques, such as the recently completed airborne magneto-telluric survey and inversion modelling of historical airborne magnetic data.

With the global push towards clean energy, coupled with protectionist moves by countries looking to secure vital materials, driving an unprecedented surge in copper and silver demand, the outlook for these commodities is extremely positive. The Nordic's and Europe are leading the way in the Green Transition, focusing efforts on internal supply of critical and strategic metals, and Arctic Minerals is confident that Hennes Bay can play a key role in the achievement of this objective moving forward.

Stockholm, 28 August 2025 Robert Behets

Non-Executive Chairman Arctic Minerals AB (publ)

Nordic Mineral Exploration and Development Company

Arctic Minerals is a mineral exploration and development company focused on copper and critical metals in the Nordics (Sweden, Norway and Finland).

As at 30 June 2025, Arctic Minerals holds 15 exploration permits in Sweden totalling 620 km2 (62,000 ha), two exploration permits totalling 21.0 km2 (2,100 ha) in Finland, and nine extraction permits totalling 8 km2 (800 ha), and 17 exploration permits totalling 30 km2 (3,036 ha) in Norway.

Projects in Sweden

Arctic Minerals has two projects located in Sweden, one of Europe's major mining economies (Figure 1). The country has a long mining history and is home to one of Europe's largest copper producers, with proximity to end markets.

Sweden has an extensive infrastructure network (roads, rail, ports, air, communications), hydro and nuclear base load power.

The country ranks in the Top 20 mining jurisdictions globally, with a government that is supportive of mining, low taxes (20.6% corporate tax rate) and royalties (0.2%). The government has a stated ambition to be a leader in the Green Industrial Revolution with an acceptance that mining is required to provide critical and strategic metals.

In terms of exploration potential, Sweden has massive metal endowment and little to no modern exploration has been undertaken outside of known deposits. Arctic Minerals' first-class team of explorers and developers have extensive

operating experience and recent success in Sweden.

Figure 1 - Hennes Bay and Swan Lake Project Locations

Hennes Bay project (Sweden)

The Company's 100% owned Hennes Bay project, comprising 13 granted exploration permits covering approximately 402km2, is located in the Dalsland region of southwest Sweden (Figure 2).

Figure 2 - Hennes Bay project located in the Dalsland region of Sweden

The project is located in a largely unexplored part of the Grenville Orogeny - mountain building system which gave rise to world class sediment-hosted copper deposits including Kamoa-Kakula and Tenke-Fungurumi (Democratic Republic of Congo) and White Pine (USA).

Copper mineralisation occurs primarily as chalcopyrite disseminations at the contact between a quarzitic sandstone and overlying shales of the 1.2-1.0Ga Dalgroup formation.

The sedimentary rocks are generally weakly folded, resulting in a gentle dip and undulous geometry of the ore horizon throughout most of the region. Both historic and recent fieldwork have identified the copper mineralised horizon at numerous locations throughout the project area, confirming the large scale of the system.

Fieldwork and assessment of historic data have shown the copper mineralisation to be of variable thickness, ranging from several meters to locally up to 11.5m. Reassaying of historic drill core has further highlighted the presence of several critical metals e.g. gallium, germanium, vanadium, and rare earth elements, that were previously not tested for.

The Dalgroup Formation is locally covered by thin sheets of granitic thrusts that often form prominent topographic highs in the region. Historic drilling through the thrusts and recent fieldwork have demonstrated the copper mineralisation at the Dingelvik prospect continues underneath these granites, thereby further extending the project's scale (Figure's 3 and 4).

Figure 3 - Hennes Bay: Cross section at the Dingelvik prospect showing the extensive 'blind' potential for continuity of mineralisation underneath the granite nappe.

Figure 4 - Hennes Bay: Dingelvik prospect historic drilling.

In March 2025, Arctic Minerals presented a maiden MRE for Hennes Bay at 55.39Mt at 1.0% CuEq (0.8% Cu & 20.8g/t Ag) for a total 543,000t CuEq contained metal (above a 0.8% CuEq cut-off). The total metal content comprises 447kt of copper and 37.0Moz of silver.

The Company engaged Cube Consulting, a highly regarded Australian independent consulting firm, to prepare and report the maiden MRE for Hennes Bay in accordance with the JORC Code (2012).

The MRE is based on the Dingelvik prospect where 62 drill holes for 8,822m of drilling were completed by 1984 by SGAB. Arctic Minerals has completed detailing relogging and reassaying of the drill core, and resurveying of drill hole collars, for a representative subset of historical drill holes to demonstrate the veracity of the historical data.

Table 1. Hennes Bay Maiden JORC Compliant Mineral Resource Estimate and cutoff grade sensitivity

The MRE doesn't include five other outcropping prospects (Asselbyn, Henneviken, Baldersnäs, Åsnebo and Härserud Norra) with extensive zones of mineralisation defined by historical drilling.

Hennes Bay MRE is interpreted as the distal part of a sediment-hosted stratiform copper system ("SSC") with less than 5% of the aerially extensive target horizon having been drill tested within the 402km2 tenement package.

SSC mineral systems favor the formation of very large deposits and mineral districts, and represent the most important source of copper produced in the world after porphyry copper deposits, and account for 20-25% of the global production and reserves.

Surface outcrops of the same mineralised contact have been mapped and sampled (grab sample results including 1.78% Cu & 40 g/t Ag) up to 17km from the MRE (Figure 5).

Figure 5 - Hennes Bay: Historical resource areas (yellow) represent <5% drill testing of prospective target horizon

A first pass interpretation of historical airborne geophysical data over the entire Dalsland formation provided substantial insights to the stratigraphy and structural evolution in the region which have been incorporated into the Company's conceptual geological model and exploration targeting criteria for Hennes Bay. Interpretation of whole rock lithogeochemistry from drill core and outcrops was also completed to aid in distinguishing key stratigraphic markers, as well as to give a preliminary assessment of vectoring methodologies.

In the Company's view there is potential for substantial resource growth and new discoveries, as well as the potential to vector in towards more proximal and higher grade and/or thicker zones of mineralisation within the larger SSC system.

The focus of ongoing work at Hennes Bay is on resource growth and advancing the project systematically through the various feasibility study stages, commencing with a preliminary economic assessment ("PEA").

Resource growth will be the product of additional field mapping, geophysical surveys utilising modern technologies, and targeted drilling aimed at extending the maiden MRE at Dingelvik, upgrading the other five prospects with extensive zones of mineralisation defined by historical drilling, and discovering new higher grade and/or thicker zones of mineralization within the broader project area.

As noted above, the Company has developed a conceptional geological model for Hennes Bay, which includes interpreted controls on the distribution, thickness and grade of mineralisation. This geological modelling, combined with the results of field structural mapping and geophysical surveys, will generate a suite of priority targets to be drill tested commencing in 2025.

Multiple exploration initiatives are currently underway including:

• Extensive airborne Magneto-Telluric ("MMT") survey focusing on the MRE area (Dingelvik) and additional areas of interest along the prospective copper horizon

• Inversion modelling of historical airborne magnetic data covering the project area

• Structural field mapping within same area to be covered by the airborne MMT survey, to aid with interpretation

  The results from these activities are anticipated in the September quarter 2025 and will inform target generation and drill prioritisation.

  Swan Lake project (Sweden)

  The Swan Lake project, comprising two granted exploration permits covering approximately 218km2, is located in the Southern Norrbotten region in northern Sweden (Figure 6).

  Northern Sweden has a well-established mining industry, with multiple base and precious metal mines currently operating in the Northern Norrbotten and Skellefte Field ore districts. The Swan Lake project is located between these two historic ore districts, 20km northwest of the emerging industrial town of Boden.

  Access to the project is excellent through a network of sealed and well-maintained forest roads. Notably, the ore train connecting the mining operations in Kiruna and Gällivare with all-year port facilities in the coastal city of Luleå runs through the centre of the project area.

  The tenements form part of an earn-in agreement ("EIA"). Arctic Minerals has an initial 51% interest and has the right to earn up to 80% by spending a total of A$800,000 on the tenements. Pursuant to the EIA, the Company is responsible for sole funding all joint venture activities on the tenements up to completion of a feasibility study.

  The project is located within the Proterozoic Norrbotten volcanic belt surrounded by granitic intrusions that host the giant Aitik and Laver porphyry copper-gold deposits owned by Boliden (Figure 6). The Aitik mine, which has been in operation since 1968, is one of Europe's largest copper producers.

  Recent research has shown that much of the Svecofennian age mineralisation in both ore districts appears to be controlled by deep, crustal-scale deformation zones that dissect large parts of northern Scandinavia. While historic mining and exploration activities to date have centered around the known ore districts, the continuation of these structures outside the known mining areas remains largely unexplored.

  
  
  

  Figure 6 - Swan Lake project in the highly prospective Southern Norrbotten copper-gold district

  On a local scale, the project is characterised by a large-scale alteration system that has been delineated over tens of square kilometres and contains a historic occurrence of Cu-Au-Ag-Mo mineralisation, as well as high-grade boulders of similar metal assemblage. A dumortierite-quartzite occurrence, previously drilled and trial mined to investigate its potential use as ornamental or gemstone, is now interpreted to represent the upper parts of a porphyry-epithermal system, directly linked to stockwork Cu-Au-Ag-Mo mineralisation. Recent fieldwork has uncovered polyphase quartz sulphide stockwork veining in the area.

  Based on the interpretation of geological mapping, rock-chip and soil sampling and ground geophysical surveys completed, the project area is considered highly prospective for epithermal altered lithocap gold-silver and porphyry copper-gold style mineralisation.

  Planned work programs at Swan Lake through until the end of 2025 includes field mapping, extension of soil sampling coverage, drone magnetics, and target prioritisation for electromagnetic ("EM") and induced polarization ("IP") geophysical surveys.

  These work programs will substantially enhance the exploration database, leading to the generation of initial priority drill targets to be tested in 2026.

  Bidjovagge gold-copper project (Norway)

  Arctic Minerals holds a 100% interest in mining and exploration permits at the past-producing Bidjovagge gold-copper mine, located in the Kautokeino municipality of northern Norway (Figure 7). The deposit hosts an Indicated MRE (2021) of 3.3Mt @

  1.27g/t gold and 0.97% copper. Total contained metal is 134,000oz of gold and 32,200t of copper. Potential for cobalt and tellurium has also been identified.

  The Company considers that there is excellent potential to substantially increase the MRE with further exploration. Recent study of old drill cores has identified three new areas with exceptionally high grades of gold and copper mineralisation.

  Historical intersections include:

• 18.0m @ 2.21% Cu & 33.8g/t Au

• 27.3m @ 3.11% Cu & 0.58 g/t Au

• 15.0m @ 2.0% Cu & 8.55g/t Au

Recent analysis of geophysical data also indicates the continuation of the ore zone in several directions.

Figure 7 - Bidjovagge gold-copper project location

Tavast copper project (Finland)

Tavast is located in a previously unexplored and sparsely populated part of central Finland. The exploration permit is located approximately 120km southeast of Oulu. The area has previously only seen sparse boulder-hunting, carried out by a prospector some 25 years ago. This prospector found boulders assaying up to 4.2% copper and also some gold-silver bearing boulders with up to 5.1g/t gold and 35g/t silver.

Kuusi copper-gold-PGE project (Finland)

Arctic Minerals owns 100% of the exploration permit Kuusi in Finnish Lapland. The Company has been exploring for copper in Peräpohja since 2017 and has found widespread copper mineralisation in both outcrops and boulders. Work to date includes drilling, geophysical surveys, prospecting for ore boulders and outcrops and geological mapping.

Financial development and earnings

During the period January - June 2025, the Group's expenses amounted to MSEK 8.7 (1.7) and result after tax to MSEK -8.3 (-1.7). Expenses are mainly due to Arctic Minerals' exploration activities in Sweden, Norway and Finland.

Financial position and cash flow

The Group's shareholders' equity as of 30 June 2025 amounted to MSEK 111.7 (47.0). Cash and cash equivalents at the same time amounted to MSEK 19.2 (1.8).

The change in cash and cash equivalents during the period January - December 2025 consists of cash flow from operating activities after changes in working capital of MSEK -11.4 (-1.8) and cash flow from financing activities to MSEK 17.6 (0.0).

Some of the cash from the directed share issue announced in June 2025 (~MSEK 17.5 before transaction costs) was paid to the Company in July 2025. The total amount of the issue proceeds is therefore not fully considered in the cash and bank position as of June 2025.

Financing

Arctic Minerals is a mineral exploration company without any revenues and is therefore depends upon external financing.

Parent Company

For the period January - June 2025, total income is MSEK 0.2 (0.2), expenses MSEK

7.4 (0.5) and result after tax MSEK -7.2 (-0.3).

Number of outstanding shares

The number of outstanding shares in the Company at the end of the period is 40,002,719 (166,485,291). After the Directed Share Issue announced in June 2025 but registered at the Companies Registration Office (Sw. Bolagsverket) in July 2025, the total number of outstanding shares in the Company is 43,337,038. See also Reverse share split in Arctic Minerals (below).

Reverse share split in Arctic Minerals

At the Extraordinary General Meeting of Arctic Minerals in December 2024, it was resolved on a reverse share split of the Company's shares, whereby ten (10) existing shares shall be consolidated into one (1) share (Sw. sammanläggning 1:10) (the "Reverse Share Split"). The Board was further authorised to determine the record date for the Reverse Share Split. The Board resolved that the record date for the Reverse Share Split was to be on 5 March 2025. Following the Reverse Share Split, the number of shares and votes in the Company was 40,002,719, each share with a quota value of SEK 0.04. After the Directed Share Issue announced in June 2025 but registered at the Companies Registration Office (Sw. Bolagsverket) in July 2025, total number of outstanding shares in the Company is now 43,337,038.

The Company share

The Company's shares are listed on Nasdaq First North Growth Market, Stockholm under the trade designation "ARCT".

Warrants

The Company has a total of 32,088,729 outstanding warrants of series TO5. 10 warrants of series TO5 entitles the holder to subscribe for one new share in Arctic Minerals. For more information, please see the Annual Report 2024, which is available on the Company's website.

Annual General Meeting in Arctic Minerals

Arctic Minerals Annual General Meeting was held on 10 June 2025 (the "AGM"). Robert Behets, Peter Walker, Peter George and Krister Söderholm were all re-elected to the Board. Robert Behets was elected chairman of the Board.

For more information on resolutions adopted by the AGM, refer to the Communique dated 10 June 2025.

Directed share issues in Arctic Minerals

During the period, the Company has carried out a directed issue of shares of approximately MSEK 17.5 before transaction costs (the "Directed Share Issue").

Through the Directed Share Issue, the number of outstanding shares in the Company increased by 3,334,319 shares, from 40,002,719 shares to 43,337,038 shares.

Transactions with related parties

During the period, no material transactions with current related parties have taken place that goes beyond the ordinary course of business and on market-based terms.

Annual Report

The Annual Report for 2024 is available on the Company website.

Accounting Principles

This interim report has been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Accounting Standards Board's general advice BFNR 2012: 1 Annual Report and Consolidated Accounts (K3). Applied accounting principles in the interim report are consistent with the accounting principles applied in the preparation of the Group and the Annual Report for 2024.

Risks

Mineral exploration is a high-risk activity where only a few of the evaluated projects lead to producing mines. To mitigate this risk, the Company will undertake systematic and staged exploration and testing programs on its projects and, subject to the results of these exploration programs, the Company will then progressively undertake a number of technical and economic studies with respect to its projects prior to making a decision to mine. However, there can be no guarantee that the studies will confirm the technical and economic viability of the Company's projects or that the projects will be successfully brought into production.

Arctic Minerals is a mineral exploration company with no revenues of its own. The Board continuously works to secure long-term financing for the Company and ensure continued operations. The Company is dependent on external financing to complete the development of its projects into full-scale mines or to sell the projects. If sufficient funding for continued operations is not obtained, there is a risk that this could impact the business.

There are permit and political risks in Norway regarding the Bidjovagge project. However, the Company believes that the prospects for Arctic Minerals to receive positive information in the long term regarding the possibilities of obtaining the necessary permits are realistic and thus considers that the value of the asset can be justified.

For more information on significant risks and uncertainties, please see the Annual Report 2024, which is available on the Company's website.

Upcoming reports

As from fiscal year 2013, the Company reports only half and full year. The year-end report for the full year 2025, will be published on 19 February 2026.

The Board of Directors and the CEO confirm that the year-end report provides a true and fair view of the Group's operations, financial position and results, as well as the significant risks and uncertainties faced by the Group.

This Year-end report has not been audited by the Company's auditor. Stockholm, 28 August 2025

Robert Behets Peter Walker

Chairman Director

Peter George Krister Söderholm

Director Director

Risto Pietilä CEO

Certified Advisor

UB Corporate Finance Oy in Helsinki, Finland, (https://www.unitedbankers.fi) is the Company's Certified Adviser on Nasdaq First North Growth Market, Stockholm.

For further information

see the Company's website at https://www.arcticminerals.se or contact:

Risto Pietilä, CEO Peter George, Director risto.pietila@arcticminerals.se peter.george@arcticminerals.se

+35 840 029 3217

About Arctic Minerals

Arctic Minerals is a mineral exploration and development company exploring for copper, gold and critical minerals in the Nordics (Sweden, Norway and Finland). Stay up to date with the latest developments for Arctic Minerals via the Company's social media at X, Facebook, LinkedIn, Instagramand YouTube.

The information was submitted for publication, through the agency of the contact person set out above, at 09.00 a.m. CEST on 28 August 2025.