KoBold Metals - Critical Metals

KOBOLD CRITICAL METALS EXPLORATION EARN-IN

On March 19, 2025, Aurion signed a definitive agreement with KoBold Exploration Finland Oy (“KoBold”), a wholly owned subsidiary of KoBold Metals Company, granting KoBold the right to earn an undivided 75% interest in an area covering approximately 35 km² (~20%) in the eastern portion of Aurion’s 100% owned 170 km² Risti Property (“the Project Area”). Aurion retains the rights to explore for and develop any portions of the Project Area where the predominant mineral in a discovery is gold or silver.

Key Terms:

• Earn-in: KoBold can earn an undivided 75% interest in commodities discovered in the Project Area (other than any discoveries that are predominantly gold or silver) by incurring USD$12,000,000 in exploration expenditures on or before the fifth anniversary of the date of signing the agreement, and KoBold commits to a USD$1,000,000 minimum exploration expenditure within 18 months.
• Joint Venture: Following satisfaction by KoBold of the earn-in requirements, a joint venture will be established with KoBold owning 75% and Aurion 25%.
• Net Smelter Returns Royalty: In case an ownership interest in the joint venture is diluted to below 10%, the ownership interest will be converted to a 2% Net Smelter Returns Royalty.
• Aurion retains full ownership rights over areas within the Project Area where the predominant mineral in a discovery is gold or silver and has the right to continue exploration activities in the Project Area during the earn-in phase and the joint venture phase as long as it holds an ownership interest.

KoBold is a privately-held US-based exploration and mining company that combines expertise in geosciences with artificial intelligence, machine learning, and data science to improve and accelerate the exploration process in search for the critical minerals necessary for the global energy transition.

Please visit the KoBold website for more information: https://www.koboldmetals.com/