In August 2025, Akkerman Finland Oy (“AFOy”) entered into an agreement with Inmet Finland Oy (“IFO”), a 100%-owned subsidiary of First Quantum Minerals Ltd. and parent company of Pyhäsalmi Mine Oy (“PMO”), for the purchase of the Lippikylä exploration permit. The acquisition forms part of collaboration between both companies in the search of potential ore extensions and sattellite deposits around the renowned 75Mt Pyhäsalmi massive sulfide deposit.
Background
The Lippikylä permit area (2,4 km2) is located directly south of the Pyhäsalmi Mine fence. IFO applied for the area in December 2024. The decision by IFO to apply for this new area followed an internal review of all available historic exploration at PMO. This study revealed several untested residual gravity anomalies. During Q1 2025, IFO tested one of these gravity anomalies with a single 500m-deep hole. The hole revealed two mineralized horizons of intensely altered felsic volcanics with anomalous zinc and copper content. The source of the gravity anomaly, however, remains unclear. The results imply increased potential for blind satellite deposits in the Lippikylä area, previously believed to be occupied by sterile mafic volcanics overlying the Pyhäsalmi deposit.
Pyhäsalmi mine
The Pyhäsalmi mine, one of the deepest copper-zinc mines in Europe (1,444 meters), operated from 1962 as an open-pit before going underground in 1967. The mine processed up to 1.4Mt of ore annually in its final decade, with average mill head grades of approximately 1.0% copper and 1.9% zinc, producing up to 15,000 tonnes of copper and 32,000 tonnes of zinc per year. Mining operations ended in 2022.
Next steps
Based on these promising results, AFOy will plan a follow-up drilling program in the Lippikylä area. Details of the plan will be based on analysis of all data and information provided by IFO as part of the transaction. It will also incorporate the ongoing work on the Greater-Lehto permit east of the Mine, acquired from PMO in November 2024. Meanwhile, the Lippikylä application process will be advanced in order to obtain all permits needed to start the drill program.
Location of Greater-Lehto and Lippikylä Exploration Permit Applications east and south of the Pyhäsalmi Mining Concession (PMO).