Dragon Mining Limited Announces Significant Increases in Mineral Resource and Ore Reserve Estimates for Finland and Sweden Projects

Date: 20 March 2026

Key Highlights

• Total Mineral Resource estimate (as at 31 December 2025): 16,000 kt at an average grade of 3.1 g/t gold, containing 1,600 koz of gold — an 8% increase in tonnes and a 10% increase in ounces compared to the previous report.
• Total Ore Reserve estimate: 6,300 kt at an average grade of 2.7 g/t gold, containing 540 koz of gold — a substantial 41% increase in tonnes and a 35% increase in ounces compared to the prior estimate.
• Major increases driven by new drilling and higher gold prices.
• All estimates compiled and reported according to the JORC 2012 Code.

Detailed Corporate Update

Dragon Mining Limited has completed its annual update of Mineral Resource and Ore Reserve estimates for its key gold mining projects in Finland and Sweden, reflecting significant growth in both categories.

1. Substantial Growth in Mineral Resources and Ore Reserves

• The updated Mineral Resource now stands at 16,000 kt @ 3.1 g/t gold for 1,600 koz of contained gold. This update represents a notable increase compared to the figures reported in June 2025.
• The updated Ore Reserve is now at 6,300 kt @ 2.7 g/t gold for 540 koz — a remarkable rise in both tonnes and ounces, underlining the strong underlying project economics and future mine life extension.
• Ore Reserves are inclusive in Mineral Resources and not reported as additional figures.

2. Project-Level Breakdown

Vammala Production Centre (Southern Finland)

• Jokisivu Gold Mine:
  • Mineral Resource: 3,800 kt @ 3.3 g/t gold for 400 koz (as of 31 December 2025).
  • Ore Reserve: 3,100 kt @ 2.2 g/t gold for 230 koz (as of 31 December 2025).
  • Year-on-year: 43% increase in tonnes and 57% in ounces for Mineral Resources; 151% increase in tonnes and 157% in ounces for Ore Reserves.
  • Increases attributed to additional drilling and higher gold price assumptions.
  • Current mine life extended to approximately 10 years based on the new reserve base.
• Kaapelinkulma Gold Mine:
  • Mineral Resource: 180 kt @ 3.8 g/t gold for 22 koz (as of 1 May 2025).
  • These figures remain unchanged since the previous update.
• Orivesi Gold Mine:
  • Mineral Resource: 270 kt @ 5.3 g/t gold for 46 koz (as of 1 May 2025).
  • Figures unchanged; company confirms no new material information affecting estimates.

Svartliden Production Centre (Northern Sweden)

• Fäboliden Gold Mine:
  • Mineral Resource: 11,000 kt @ 3.0 g/t gold for 1,100 koz (as of 1 May 2025).
  • Ore Reserve: 3,300 kt @ 3.0 g/t gold for 310 koz (as of 1 May 2025).
  • Figures unchanged; ongoing process for full-scale mining approval.
• Svartliden Gold Mine:
  • Mineral Resource: 490 kt @ 3.7 g/t gold for 59 koz (as of 1 May 2025).
  • Figures unchanged; company confirms no new material information affecting estimates.

3. Methodology and Reporting Standards

• All estimates have been prepared and reported in accordance with the JORC 2012 Code, ensuring investor confidence in the quality and reliability of the figures.
• Cut-off grades for the various mines are based on updated operating costs, process recoveries, and consensus forecast gold prices, reflecting a prudent approach to economic assessment.
• Bulk density measurements, sampling protocols, and QA/QC processes described in detail — supporting the credibility of the estimates.

4. Price-Sensitive Considerations for Shareholders

• Significant increases in Ore Reserves and Mineral Resources at Jokisivu are likely to extend mine life and underpin future revenue, which may positively impact share valuation.
• Higher gold price assumptions have played a major role in resource and reserve growth, but also introduce sensitivity to future gold price movements.
• Ongoing regulatory processes at Fäboliden for full-scale mining approval represent a key catalyst and potential risk: successful approval could unlock further project value.
• Environmental monitoring continues, especially regarding the protected flying squirrel population at Jokisivu, and could affect future permitting or operational flexibility.
• All necessary infrastructure for continued operation is in place, and the company maintains positive relationships with local communities and compliance with environmental permits.

5. Operational and Financial Overview

• Ore processing: Jokisivu ore is processed at the Vammala Plant in Finland, with concentrate shipped to the Svartliden Plant in Sweden for doré production. The process has operated successfully for years, with average metallurgical recovery at ~88%.
• Operating history: Jokisivu has been in operation since 2009, with 3.7 million tonnes grading 2.8 g/t gold mined to date.
• Economic modelling: The company’s financial models assume a gold price of USD 3,500/oz (for Jokisivu) and USD 2,300/oz (for Fäboliden), with mine plans remaining cash flow positive at these levels. The project break-even gold price is estimated at USD 1,640/oz.
• Minimal royalties and all regulatory approvals are in good standing, with only minor appeals outstanding on the most recent Jokisivu environmental permit.

6. Upcoming Catalysts and Risks

• Approval of full-scale mining at Fäboliden remains a significant catalyst for future growth.
• Further infill drilling and exploration at Jokisivu and Arpola could continue to grow resources and reserves.
• Environmental monitoring and compliance, including ongoing flying squirrel habitat studies, will remain a focus and could impact future permitting.

Conclusion

Dragon Mining’s 2025 year-end update reveals material upgrades to its resource and reserve base, particularly at the flagship Jokisivu Gold Mine. These developments are price sensitive, as they support a longer mine life, enhanced production potential, and improved project economics. Investors should monitor regulatory developments at Fäboliden and environmental compliance at Jokisivu as near-term catalysts and risks.

Disclaimer: The above is a news summary prepared for informational purposes only and does not constitute investment advice. Investors should consider their own circumstances and consult with a professional advisor before making any investment decisions. The author has relied on company disclosures and cannot guarantee the accuracy of all estimates or future performance.

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