Sotkamo Silver AB announced the update of the Mineral Resource and Ore Reserve estimates of the Silver Mine. Mineral Resource Estimate ("MRE") totals to 9,242 million tons (Measured, Indicated and Inferred) at average grades of 54 g/t silver, 0,20 g/t gold, 0,23 % lead and 0,56 % zinc or 93 g/t as silver equivalent. MRE is prepared by Afry Finland Oy in accordance with the JORC 2012 code; Historic drilling data (prior to 2011) has been excluded from the dataset as it doesn't comply with the requirements of the JORC 2012 due to the lack of reliable survey and quality assurance/quality control practices of the time; Drilling conducted in 2020-2021, ca.

5,6 km, has been included in the estimation; MRE includes mineralization down to 550 to 700 meters. Ore Reserve Estimate ("ORE") totals to 1,909 million tons (Proven, Probable and Non-JORC) at average grades of 104 g/t silver, 0,29 g/t gold, 0,22 % lead and 0,52 % zinc or 129 g/t as silver equivalent: The detailed breakdown of the Ore Reserve classification is given in this release; ORE represents the portion of the MRE where the data has been sufficient to support the mine planning and the assessment reasonably justifies the eventual extraction; ORE has been prepared internally and the data from the historic drilling (prior to 2011) and the production stage sludge drilling has been used. Due to this, it can not be regarded as JORC 2012 compliant, but the management concludes that the prepared ORE gives a reliable estimate of the currently known mineable part of the Silver Mine; ORE includes to mineralization down to 450 meters (JORC-compatible) and includes stopes to 500-600 meters (Non-JORC).

Exploration potential and new drilling in 2022: The Silver Mine remains open at the depth and further exploration targets have been identified also in the already drilled depths; Until now, company have drilled ca. 6 km of new drill core in 2022 both from the surface and underground and the full year target is ca. 12 km, which is significant increase to earlier; Drilling in 2022 has been directed to a) to further define and confirm the reserve between 350 to 500 meters, i.e., the development and production area during the next few years, and b) to confirm the continuity of the ore between 600 to 700 meters and create targets for further drilling.