Arctic Minerals : Year-end report for the full year 2021

Second half year (July - December) 2021

· Arctic Minerals updated the mineral resource estimate for its gold-copper project Bidjovagge in Norway increasing the mineral resource classified as indicated to 3.3 million tons compared with 2.3 million tons in the 2012 estimate.

· Arctic Minerals' partner at the copper joint venture project Peräpohja in Finland, the Rio Tinto Group, carried out further diamond drilling at several locations in the Peräpohja district.

· Capitalised exploration costs for the period amounted to MSEK 0.0 (0.1).

· Profit after tax for the period was MSEK -9.6 (-15.5).

· Earnings per share for the period amounted to SEK -0.07 (-0.17).

· Cash and bank position amounted to MSEK 18.1 (2.2) at end of period.

Full year (January - December) 2021

· Capitalized exploration costs for the period amounted to MSEK 0.0 (4.3).

· Profit after tax for the period was MSEK -15.9 (-21.0).

· Earnings per share for the period amounted to SEK -0.11 (-0.23).

Significant events during the second half of 2021

· On August 6, 2021 Arctic Minerals applied for prolongation of extraction permits for the Company's gold-copper project Bidjovagge in Norway. See section Gold-copper project Bidjovagge (Norway).

· On October 1, 2021 Arctic Minerals announced that the Company had been granted prolongation of extraction permits for the Company's gold-copper project Bidjovagge in Norway. See section Gold-copper project Bidjovagge (Norway).

· On November 29, 2021 Arctic Minerals announced that diamond drilling had been carried out at its joint venture project in Finland. See section Copper joint-venture project Peräpohja (Finland).

· On December 15, 2021 Arctic Minerals presented an updated mineral resource estimate for it's gold-copper project Bidjovagge in Norway. See section Gold-copper project Bidjovagge (Norway).

Significant events after the period ending

· On January 17, 2022 Arctic Minerals announced that the Company has identified cobalt and tellurium potential on its brownfield gold-copper project Bidjovagge in Norway. See the section Gold-copper project Bidjovagge (Norway).